Thermoset Composites Market

The thermoset composites market is driven by lightweight demand, sustainability goals, aerospace growth, and automotive efficiency.

LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 23, 2023 /EINPresswire.com/ -- The global thermoset composites market size is expected to grow at more than 6.77% CAGR from 2023 to 2029. It is expected to reach above USD 79.41 Billion by 2029 from a little above USD 44.04 Billion in 2022.

Thermoset composites, which are made of polymers with thermoset matrices with high strength and moderate impact-toughness, are particularly strong and durable. As a result of their thermoplastic core, thermoset composites are not subject to chemical instability. Glass, graphite, and aramid fibres serve as the foundation for these. When heated, thermoset composites can be moulded again without degrading, and when cooled, they solidify into the desired form. Typically, epoxy or polyester resins are used to create thermoset composite components, and glass fibres are added for reinforcement. Due to its exceptional physical characteristics and surface look, these are a desirable replacement for metals and thermoplastics. In high-temperature and dynamic uses, thermoset composites maintain their stability, a benefit in the quickly evolving manufacturing industry.
Creators have almost limitless creative freedom when creating shapes and forms with thermoset composites. Both the expense per cubic inch and the price of raw materials are lower with it.

The major factor propelling the thermoset composites market is the rise in demand for lightweight materials. The market for thermoset composites is anticipated to grow as a result of rising demand for these materials across a range of end-use sectors, including aerospace and defense, infrastructure and building development, and construction. Thermoset composites for the automotive sector provide a low coefficient of thermal expansion, superb dimensional stability, high impact strength, comparatively low weight, receptiveness to paint, and other crucial composite properties.

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Industry Development:

• 18 May 2020: Huntsman Corporation today announced that it has completed the acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets.

• 13 April 2022: SGL Carbon presents carbon fiber materials and fiber composite solutions for automotive series production and industrial applications.

Asia-Pacific accounted for almost 40% of the market holding largest market share.

The global thermoset composites market is anticipated to be dominated by Asia-Pacific with the largest share during the forecast timeframe. This is primarily due to rising utilization in the electronics and construction sectors of the region’s emerging economies, including India, China, and the ASEAN nations. Due to growing investments in the electronics industry, China is anticipated to have the largest market in the area. The demand for thermoset composites is also expected to increase as a result of rising infrastructure investments in the region. In addition, the construction sector in India has recently experienced significant growth, which is expected to increase demand for thermoset composites there. The demand for thermoset composites will rise across all of the nations in this area as a result of increased investment in wind energy. As a result, over the course of the projection period, Asia-Pacific is anticipated to rule the thermoset composites market.

Key Factors Influencing the Thermoset Composites Market include:

• End-use Industries:

Automotive: Thermoset composites are used to manufacture lightweight and strong components, contributing to fuel efficiency and overall performance.

Aerospace: The aerospace industry utilizes thermoset composites for their high strength and low weight, enhancing fuel efficiency and performance.

Construction: Composites are employed in construction for applications such as bridges, pipes, and structural components due to their durability and corrosion resistance.

Wind Energy: The wind energy sector relies on thermoset composites for manufacturing turbine blades because of their strength and fatigue resistance.

• Advancements in Material Technology:

Ongoing research and development activities focus on creating advanced thermoset composite materials with improved properties, such as enhanced strength, better heat resistance, and reduced production costs.

• Regulatory Environment:

Environmental regulations and standards may impact the thermoset composites market. Compliance with eco-friendly and sustainable practices is becoming increasingly important.

• Market Trends:

Growing interest in bio-based and recycled thermoset composites as part of sustainable and environmentally friendly initiatives.
Increasing demand for lightweight materials in various industries to improve energy efficiency and reduce carbon footprint.

• Global Economic Factors:

Economic conditions, including global economic growth and regional economic stability, can influence the demand for thermoset composites in different industries.

• Supply Chain Dynamics:

Factors such as raw material availability, production processes, and distribution networks play a crucial role in the thermoset composites market.

Thermoset Composites Market Technological Trends

• Advanced Manufacturing Techniques:

Automation and Robotics: Integration of automation and robotics in manufacturing processes to enhance efficiency, precision, and consistency in producing thermoset composite components.

3D Printing/Additive Manufacturing: Exploring the use of 3D printing technologies for creating intricate and customized thermoset composite structures, enabling design flexibility.

• Nanotechnology Integration:

Incorporation of nanomaterials, such as nanofibers or nanotubes, into thermoset composites to enhance mechanical properties, thermal conductivity, and overall performance.

• Smart Composite Materials:

Development of smart composites with embedded sensors and actuators for real-time monitoring of structural health, temperature, and other relevant parameters.

• Recyclability and Sustainability:

Research and development efforts focused on developing recyclable and sustainable thermoset composites to address environmental concerns and promote circular economy practices.

• Improved Resin Systems:

Advancements in resin formulations, including epoxy, polyester, and vinyl ester resins, to enhance properties such as toughness, heat resistance, and chemical resistance.

Thermoset Composites Market Key Players

• Hexcel Corporation
• Huntsman International LLC
• JEC Group
• Teijin Limited
• Johns Manville
• Owens Corning
• Jushi Group
• SGL Group
• Toray Industries Inc.
• Mitsubishi Rayon Co.

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Key Market Segments: Global Thermoset Composites Market

Global Thermoset Composites Market By Fibre Type, 2023-2029, (USD Billion), (Kilotons)

• Glass Fibre
• Carbon Fibre
• Others

Global Thermoset Composites Market By Resin Type, 2023-2029, (USD Billion), (Kilotons)

• Polyester
• Vinyl Ester
• Epoxy
• Phenolic
• Polyurethane

Global Thermoset Composites Market By Manufacturing Process, 2023-2029, (USD Billion), (Kilotons)

• Layup Process
• Filament Winding
• Infusion Process
• Compression Moulding
• Injection Moulding
• Pultrusion

Global Thermoset Composites Market By End User, 2023-2029, (USD Billion), (Kilotons)

• Aerospace And Defence
• Wind Energy
• Transportation
• Construction And Infrastructure
• Electrical & Electronics

Market Dynamics

Market Drivers:

• Lightweight and High Strength Properties:

Thermoset composites are known for their lightweight properties and high strength-to-weight ratio, making them attractive for industries such as aerospace, automotive, and construction.
• Corrosion Resistance:

Thermoset composites exhibit excellent resistance to corrosion and chemicals, which is crucial in applications where materials are exposed to harsh environments.
• Design Flexibility:

These composites offer designers greater flexibility in shaping and molding products, allowing for intricate designs and complex geometries.
• Durability and Longevity:

Thermoset composites are often chosen for their durability and long lifespan, making them suitable for applications requiring a prolonged service life.
• Increasing Applications in Automotive Sector:

The automotive industry has been increasingly incorporating thermoset composites to reduce vehicle weight, improve fuel efficiency, and enhance overall performance.
• Growing Demand in Wind Energy:

The wind energy sector has witnessed a surge in demand for thermoset composites, particularly in the manufacturing of wind turbine blades due to their lightweight and high-strength properties.
Market Restraints:

• High Production Costs:

The manufacturing process of thermoset composites can be complex and involve costly materials, impacting the overall production costs.
• Recycling Challenges:

Recycling thermoset composites can be challenging compared to thermoplastics, leading to concerns about environmental impact and sustainability.
• Limited Temperature Resistance:

Some thermoset composites may have limitations in terms of temperature resistance, affecting their suitability for certain high-temperature applications.
Opportunities:

• Emerging Markets:

There are opportunities for market expansion in emerging economies where industries are growing, and there is an increasing demand for advanced materials.
• Innovation in Manufacturing Processes:

Ongoing research and development in manufacturing processes can lead to more cost-effective production methods, addressing the issue of high production costs.
Challenges:

• Environmental Concerns:

The environmental impact of thermoset composites, especially in terms of recycling and disposal, poses a challenge. Innovations in sustainable practices and materials are needed.
• Competitive Landscape:

The market is highly competitive, and companies need to continually innovate to stay ahead. This includes developing new composite formulations, improving production processes, and exploring novel applications.
• Regulatory Compliance:

Adherence to stringent regulations and standards in different industries can be challenging, requiring companies to invest in compliance measures.

Key Question Answered

1. What is the expected growth rate of the thermoset composites market over the next 7 years?
2. Who are the major players in the thermoset composites market and what is their market share?
3. What are the end-user industries driving demand for market and what is their outlook?
4. What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, and Africa?
5. How is the economic environment affecting the thermoset composites market, including factors such as interest rates, inflation, and exchange rates?
6. What is the expected impact of government policies and regulations on the thermoset composites market?
7. What is the current and forecasted size and growth rate of the global thermoset composites market?
8. What are the key drivers of growth in the thermoset composites market?
9. What are the distribution channels and supply chain dynamics in the thermoset composites market?

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