Thermoset Resin Market Overview
Thermosetting polymers are manufactured using a combination of monomers that react to form a large macromolecular network. They are used in aerospace applications and in wood composites, mostly as adhesives. Thermoset Resins have crosslinking occurring through the influence of heat. Among the thermosetting resin types, epoxy adhesives are increasingly being used in aircraft, automobile, and other high strength needed applications. The global thermosetting resin market is estimated to grow at a CAGR of 4.17% during the forecast period 2018–2023. APAC is forecast to have the highest CAGR of 5.14%.
Thermoset Resin Market Outlook
Thermoset Resins components are favored over other materials in the construction and automotive sectors because of their durability and longer lifespan. The Thermoset Resins market will continue to exhibit growth over the next five years on back of increasing demand from various industries. The increase in the usage of metal components is fueling the demand for Thermoset Resins. The demand for thermoset resin is majorly driven by the technological advancements and infrastructure growth in APAC region.
Thermoset Resin Market Growth Drivers
The growing demand for fuel-efficient vehicles across the world will boost the thermoset resins market growth in the automotive industry.
The demand for thermoset resins from the electronic industry is increasing due to their varied properties such as light-weight, dielectric, high-temperature resistance, and high-impact properties.
Rapid urbanization and the economic boom in the emerging countries of Asia are expected to boost the demand for thermoset resins for use in construction composites.
Thermoset Resin Market Challenges
Environmental concerns pose major challenges for the thermoset resins market as thermoset resins cannot be re-processed and recycled, and can neither be decomposed naturally.
Thermoset Resin Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Thermoset Resin market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Thermoset Resins, and their specific applications in different end user industries.
Thermoset Resin Report: Industry Coverage
The Thermoset Resin market is segmented on the basis of type, end user. The types of thermoset resins include polyester, acrylic, epoxy, urethane, formaldehyde-based resins, and others. The end user industries include automotive, construction, paints and coatings, adhesives, electronics, and others.
The Thermoset Resin market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- Europe: The U.K., Germany, France, , Russia, Italy, Spain, Rest of Europe
- APAC: China, Japan, South Korea, India, Rest of APAC
- Rest of the World: Middle East and Africa, South America
Thermoset Resin Market Key Players Perspective
The key companies of the thermoset resin market include DowDuPont, Covestro AG, Mitsubishi, BASF SE, Solvay, Evonik, and Ashland Global Holdings Inc.
Thermoset Resin Market Trends
- Many smaller players are involved in this market as this market is a mature one. Moreover the capital required to produce these resins is moderate.
- Manufacturers in this market offer good and efficient thermoset resins, and at the same time, new manufacturers are coming up with cutting-edge technological innovations, resulting in tremendous increase in the degree of competition in the global market.
- Consequently, product launches, mergers and acquisitions, and partnerships by companies as well as individual researches have been boosting the market for thermoset resins.