Thermoset Resin in the Global Composites Market Trends and Forecast
Lucintel finds that the future of the global thermoset resin in the global composites materials market is attractive with opportunities in various end use industries, including marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics, and consumers goods. The thermoset resin in the global composites market is expected to reach an estimated $29 billion by 2030 with a CAGR of 4% from 2023 to 2030. The major drivers for growth in this market are due to the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials.
The major components used in making the thermoset resins for composites are: unsaturated polyester, phenolic resins as well as epoxy and vinyl ester. For instance, the monomers that make up styrene of polyesters, or Bisphenol-A in epoxies They help to initiate the curing process by adding hardeners such as anhydrides or amines. Besides, fillers; additives and reinforcements like glass or carbon fibers are also integrated to improve the properties of the resin. This creates durable heat resistant composites used in various industrial applications.
• Lucintel forecasts that construction is expected to remain the largest segment by both value and volume. Expected growth in the infrastructure development, rehabilitation of old infrastructures, and capital investment in industrial development are the major driving forces that spur growth for these segments over the forecast period. Aerospace & defense is expected to witness highest growth over the forecast period.
• Polyester resin will remain the largest segment by value and volume over the forecast period because it offers performance benefits for different applications and also expected to witness the highest growth over the forecast period.
• Asia Pacific is expected to remain the largest region and it is also expected to witness highest growth over the forecast period due to growth in end uses and increasing demand for lightweight materials.
Country wise Outlook for the Thermoset Resin in the Global Composites Market
Emerging Trends in the Thermoset Resin in the Global Composites Market
1. Introduction of Bio-Based Resins: The interest in bio-based thermoset resins derived from renewable sources and reducing environmental impact together with dependence on fossil fuels has risen rapidly.
2. Advanced Curing Technologies: Adoption of faster curing methods and more energy efficient, like UV curing or microwave curing that will reduce cycle times for production and energy consumption.
3. Rising Demand for High Performance Applications: This is majorly due to their superior mechanical properties as well as heat and chemical resistance therefore leading to increased demand for thermo set resins in high-performance applications such as aerospace, automotive and electronics.
4. Increasing Focus on Recycling and Sustainability: Improved recyclability and sustainability of thermoset composites through advanced recycling technologies and development of recyclable resins are now being targeted at by the industry.
5. Customization and Tailored Properties: In this regard, different end-use industries are demanding customized thermo set resins with improved toughness, fire retardant characteristics or thermal stability among other performance attributes.
These trends indicate a shift towards more sustainable, innovative, and technologically advanced solutions in the thermoset resin in the global composites market to meet evolving consumer and regulatory demands globally.
A total of 138 figures / charts and 97 tables are provided in this 224-page report to help in your business decisions. A sample figure with insights is shown below
Recent Developments in the Thermoset Resin in the Global Composites Market
Recent developments in thermoset resin in the global composites market by various companies highlight ongoing innovations and advancements across different sectors
• Improved Bio-resins: More analyses and commercial development of bio-based plastic resins from sustainable raw materials in order to cut down on environmental harm and reliance on oil.
• Nano-tech Reinforcement: Injection of nanoparticles, such as carbon nanotubes or nanoclays, into thermosetting resin matrices to improve their mechanical properties, durability, impact resistance and wear resistance.
• Smart Resins for Advanced Functions: Designing intelligent thermo-setting resins that can self-heal, retain memory or sense more widely applicable in the field of aerospace engineering, automobile manufacturing and electronics innovation.
• Recycling and Circular Economy Initiatives: Innovations in recyclable thermoset resin systems and processes which make it easier to recycle composites thus promoting a circular economy approach within the industry.
• Digital Manufacturing and Industry 4.0 Integration: Incorporating digital technologies as well as principles of Industry 4.0 into production of thermoset resins and composite manufacturing processes with an aim of improving efficiency, quality control as well as customization capabilities.
Strategic Growth Opportunities for Thermoset Resin in the Global Composites Market
In the global composites industry, the thermoset resin market offers many strategic growth opportunities. These opportunities call for innovation, expansion in markets and sustainability. Here are some detailed insights on these opportunities:
Market Diversification
• Automotive Sector: Design lightweight composite materials with high strength to enhance fuel efficiency and reduce emissions. For example, thermoset resins can be used in making car body panels, chassis and interior parts.
• Aerospace Industry: Increase the use of thermoset composites in aerospace to produce structural components that require low weight and high durability such as airframes, wings and interior parts.
• Renewable Energy: There is a need to increase the use of thermoset resins in production of wind turbine blades and solar panel frames due to their durability, resistance to environmental stressors among others.
Technological Advancements
• Advanced Resin Formulations: Engage in developing new types of thermo set resin formulations which have advanced properties like greater temperature resistance, enhanced toughness and faster curing times.
• Manufacturing Innovations: Incorporate cutting-edge manufacturing technologies such as 3D printing and automated lay-up processes into production activities so as to raise production efficiencies while reducing costs.
• Hybrid Composites: Develop hybrid composites that combine other materials with thermoset resins for specific performance characteristics required for niche applications.
Global Market Expansion
• Emerging Markets: Take advantage of emerging economies in Asia-Pacific, Latin America and Africa where infrastructure development and industrial growth are driving demand for high-performance composites.
• Localized Production: Establish manufacturing facilities at strategic locations that will serve regional demands hence reduced logistics costs leading to improved supply chain efficiency.
• Strategic Partnerships: Collaborate with local manufacturers and suppliers for better market penetration thus adapting to local market needs.
Sustainability Initiatives
• Eco-Friendly Resins: Focus on the development of bio-based and recyclable thermoset resins to meet the growing demand for sustainable materials. This can attract eco-conscious consumers and comply with stringent environmental regulations.
• Energy-Efficient Processes: For this reason implement energy-efficient manufacturing processes as well as utilize renewable energy sources in production so as to reduce the carbon footprint of thermoset resin composites.
Thermoset Resin in the Global Composites Market Drivers and Challenges
In global composites industry, Thermoset resins have played significant roles because of their superior mechanical characteristics comprising resilience under harsh climates. Some major drives include good performance in sectors such as automotive, aerospace and renewable energy. However, challenges like high production costs, limited recycling options among others show that there is need for innovation and strategic management in a rapidly changing market like this one.
The factors responsible for driving the thermoset resin in the global composites market include:
1. High Performance Characteristics: Thermosetting resins have exceptional mechanical properties such as high strength, durability resistance to heat or chemicals making them suitable for demanding applications.
2. Increasing Demand in Automotive and Aerospace: The demand for thermoset composites is driven by the automobile and aviation industries, which seek lightweight materials to increase fuel efficiency and reduce emissions.
3. Growth of Renewable Energy Sector: Further demand for thermoset resins is boosted by their use in wind turbines and solar panels, which require materials that are durable and weather-resistant.
Challenges in the thermoset resin in the global composites market:
1. High Costs of Production: The cost of raw materials as well as energy-intensive production processes can make thermosetting resins expensive thus restraining their growth potential within the market.
2. Recycling and Waste Disposal Concerns: Environmental challenges resulting from difficulties associated with recycling of these resins compared to thermoplastics have hindered their appeal for a sustainable application.
3. Complex Manufacturing Process: These manufacturing methods are complex, time-consuming requiring specialized machinery as well as skilled human resources.
Sustainability requirements coupled with technological advancement will determine how far this industry goes in the future. Some of those ideas include biodegradable resins or better recycling techniques, which may help mitigate environmental impacts; however regulatory compliance issues as well staying cost effective during production phase continue being major challenges that necessitate ongoing cooperation among the different players in the sector through research investments.
Global Thermoset Resin Suppliers and Their Market Shares
In this globally competitive market, several key players such as , INEOS Composites, BASF, Covestro, Huntsman Corporation, Polynt Group, and etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies thermoset resin companies in the global composites industry cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the thermoset resin companies in the global composites industry profiled in this report includes.
• INEOS Composites
• BASF
• Covestro
• Huntsman Corporation
• Polynt Group
• AOC
• Swancor Ind. Co., Ltd.
• Hexion Inc.
• Resonac
• Sino Polymer Co., Ltd.
• Scott Bader Co. Ltd.
• Allnex
These companies have established themselves as leaders in the thermoset resin in the global composites market with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the thermoset resin in the global composites market are evolving, with the entry of new players and the emergence of innovative technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Thermoset Composites Resins Market by Segment
Major segments of the thermoset resin in the global composites market experiencing growth include aerospace structures; fuel efficiency in automotive through thermoset composites.; turbine blades in wind energy use resin composites for durability; such thermoset resins as used in electronics to improve electrical properties, and construction to increase strength and corrosion resistance.
This thermoset resin in the global composites market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including end use, process, and resin type. The report offers insights into regional dynamics, highlighting the major markets for thermoset resin in the global composites market and their growth potentials. The study includes trends and forecast for the composites in thermoset resin in the global composites market by end use, process, and resin type and region as follows:
Thermoset Resin in the Global Composites Market by End Use [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Marine
• Pipe and Tank
• Construction
• Transportation
• Wind Energy
• Aerospace and Defense
• Electrical and Electronics
• Consumer Goods
• Other End Uses
Thermoset Resin in the Global Composites Market by Process [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Hand Lay Up
• Spray Up
• Resin Indfusion
• Filament Winding
• Pultrusion
• Injection molding
• Compression Molding
• Prepreg Lay Up
• Other Processes
Thermoset Resin in the Global Composites Market by Resin [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Polyester
• Vinyl Ester
• Epoxy
• Phenolic
• Polyurethane
• Other Resin Type
Thermoset Resin in the Global Composites Market by Region [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of Thermoset Resin in the Global Composites Market
• Market Size Estimates: Thermoset resin in the global composites market size estimation in terms of value ($M) and volume (M lbs).
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by end use, process, resin type, and region.
• Regional Analysis: Thermoset resin in the global composites market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different end use, process, resin type, and regions for the thermoset resin in the global composites market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for thermoset resin in the global composites market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in thermoset resin in the global composites market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the thermoset resin in the global composites market size?
Answer:The thermoset resin in the global composites market is expected to reach an estimated $29 billion by 2030.
Q2. What is the growth forecast for thermoset resin in the global composites market?
Answer:The thermoset resin in the global composites market is expected to grow at a CAGR of 4% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the thermoset resin in the global composites market?
Answer: The major drivers for growth in this market are due to the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials.
Q4. What are the major applications or end use industries for thermoset resin in the global composites?
Answer:Marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics, and consumers goods.
Q5. What are the emerging trends in thermoset resin in the global composites market?
Answer:Emerging trend, which have a direct impact on the dynamics of the industry, include use of hybrid thermoset resin in many applications.
Q6. Who are the key thermoset resins in the global composites companies?
Answer:Some of the key thermoset resins in the global composites companies are as follows:
• INEOS Composites
• BASF
• Covestro
• Huntsman Corporation
• Polynt Group
• AOC
• Swancor Ind. Co., Ltd.
• Hexion Inc.
• Resonac
• Sino Polymer Co., Ltd.
• Scott Bader Co. Ltd.
• Allnex
Q7.Which thermoset resin in the global composites resin segment will be the largest in future?
Answer: Lucintel forecasts that polyester resin will remain the largest segment by value and volume over the forecast period because it offers performance benefits for different applications. Epoxy resin is expected to witness the highest growth over the forecast period
Q8: In thermoset resin in the global composites market, which region is expected to be the largest in next 7 years?
Answer:Asia Pacific is expected to remain the largest region and witness the highest growth over next 7 years
Q9. Do we receive customization in this report?
Answer:Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high growth opportunities for the thermoset resin in the global composites market by (marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics, consumers goods, and others), manufacturing process (hand lay-up/ spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay-up, and others), resin type (polyester, thermoset, epoxy, phenolic, polyurethane, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?