Thermoset Resin Market size is forecast to reach $38 billion by 2025, after growing at a CAGR of 4.6% during 2020-2025. The thermoset resins are being widely used in various end-use applications due to its extensive set of properties such as high-heat resistance, dimensional stability, electrical insulation capability, and more. Also, it delivers superior performance as compared to other substitute products such as metals and thermoplastics. Thermoset resins are generally stronger than thermoplastics due to the polymer cross-linking and they are better suited for high-temperature applications. Moreover, factors such as the need for weight reduction in aerospace & transportation and rise in demand for thermally stable & corrosion resistance components are anticipated to drive the thermoset resin market substantially during the forecast period.
Thermoset Resin Market Segment Analysis – By Type
The epoxy resin segment held the largest share in the thermoset resin market in 2019, owing to its superior characteristics such as durability, scratch resistance, abrasion resistance, impact resistance, strong chemical resistance, and wearability. The major advantage of epoxy adhesives is that they are suitable for bonding nearly all substrates such as metal, plastic, glass and ceramic, wood and wood products, and many types of rubber. Also, they have high resistance to physical and chemical influences and in addition, they have high long-term stability because they only have a limited tendency to undergo creep. Depending on the type, they can withstand continuous temperatures from 200oF (95°C) up to 390oF (200°C). These extensive characteristics of epoxy resins are anticipated to boost the demand for epoxy-based thermoset resin during the forecast period.
Request for Sample of the Report @ https://www.industryarc.com/pdfdownload.php?id=16295
Report Price: $ 4500 (Single User License)
Thermoset Resin Market Segment Analysis – By End-Use Industry
The aerospace & defense industry held the largest share in the thermoset resin market in 2019 and is growing at a CAGR of 5.14%, owing to increasing usage of thermoset resins in aerospace & defense manufacturing. The military and commercial aerospace industry demand for high-reliability resins such as thermoset resins. Thermoset resins are known to provide excellent mechanical strength, structural support, and durability. The thermoset resin manufactured components withstand the initial impact force of installation, as well as the repeated stress of inspections and repairs. They also exhibit excellent compressive, shear, tensile, and flexural strength to withstand the rigors of take-off, flight, and landing operations. Thermoset resins even exhibit high strength at elevated operating temperatures and also provide insulation from heat when used to separate two components due to which they are extensively used in the aerospace sector. Moreover, thermoset resins offer excellent electrical insulation properties and low toxicity/burn characteristics which minimize the damage and risk in the case of fire or explosion. Due to all these extensive characteristics of thermoset resins, it is being widely used in the aerospace and defense sector, which is anticipated to drive the thermoset resin market during the forecast period.
Thermoset Resin Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the thermoset resin market in 2019 up to 32%, owing to the increasing aerospace sector in the region. The thermoset resins are particularly attractive to aerospace applications because of their exceptional strength, better stiffness-to-density ratios, and superior physical properties. Also, they provide relatively lightweight aerospace parts with stronger and stiffer fibers. According to the International Trade Administration (ITA), in 2019 China was the world’s second-largest civil aerospace and aviation services markets and one of the fastest-growing markets. In 2016, according to Boeing, China is estimated to require around 6,810 new commercial aircraft, valued at USD 1 trillion, over the next two decades. According to China’s 13th Five Year Plan (2016-2020), by 2020, China will have more than 4,500 civil aircraft, and by 2018, the number of Chinese civil airports had grown to 235. According to the International Trade Administration (ITA), in 2018 the Indian government spent a total of $645 in the civil aviation sector. According to the Australian Trade and Investment Commission, Japan is the largest, most globalized, and most experienced aerospace industrial market in Asia, with a turnover of over ¥2 trillion (over A$25 billion) in 2016. Japan has increased its participation in the international joint development of civil aircraft and is a 35% partner in the production of the Boeing 787 and a 21% partner of the Boeing 777 and 777X jets. Thus, the increasing aerospace industry in the Asia Pacific is likely to influence the growth of the thermoset resin market in the APAC region.
Thermoset Resin Market Drivers
Growing Wind Power Sector
As a consequence of the drastic increase in energy demand, the conventional sources of energy are depleting very fast. Hence, the need to expand and utilize renewable energy sources like wind power is growing. Thermoset resin such as epoxy and vinyl are being extensively used to build longer and more durable composite wind turbine blades and spar caps. The wind power sector is increasing, as the use of renewable energy sources results in less emission of greenhouse and other harmful gases such as SO2. The modern wind turbine is being increasingly used in the wind power sector as they are cost-effective, more reliable, and have scaled up in size to multi-megawatt power ratings. Due to the increasing adoption of wind power energy source, the demand for thermoset resins is also increasing. According to the U.S. Energy Information Administration (EIA), U.S. electricity demand will grow by 39% from 2005 to 2030, reaching 5.8 billion MWh by 2030. The 20% wind scenario would require delivery of nearly 1.16 billion MWh of wind energy in 2030. To meet 20% of that demand, U.S. wind power capacity would have to reach more than 300 gigawatts (GW) or more than 300,000 megawatts (MW). This growth represents an increase of more than 290 GW within 23 years. Thus, the growing adoption of wind power is leading the entire nation toward self-sufficiency and energy independence and in addition is boosting the thermoset resin market, which acts as a driver for the thermoset resin market during the forecast period.
Increase In Automotive Production
Thermoset resins are being extensively used in the automotive industries for manufacturing car components such as pump parts, pulleys, pistons, carbon brush holders, electrical endplates, wheel, panels, vacuum pumps, water pump housings, pedals, and electrical encapsulation. Composites made with thermoset resins can be 30-40% lighter than aluminum and deliver very high heat tolerance and fatigue resistance, which is expected to increase the demand for thermoset resin during the forecast period. According to the International Trade Administration (ITA), the Chinese government is expecting that automobile production will reach 35 million units by 2025. In 2017, 1.2 million new passenger cars, SUVs, and commercial vehicles were sold in the Australian market, an increase of 0.9% from 2016. Also, according to OICA, the production of light commercial vehicles has increased by 10.2 % in 2018 in the APAC region. According to OICA, the production of light commercial vehicles has increased from 2,249,348 in 2018 to 2,254,153 in 2019, an increase of 0.2% in Europe. Thus, the increasing automation production will require more thermoset resin which will act as a driver for the thermoset resin market.
Talk to one of our sales representative about the full report by providing your details in the link below:
Thermoset Resin Market Challenges
Environmental Concerns Over Thermoset Resins
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. In many applications, thermosets are the materials of choice for long-term use because they are insoluble and infusible high-density networks. Recycling of thermosetting polymers is regarded as one of the urgent problems to be settled because of its technological difficulty. The increased production of thermoset blends and composites in recent years has greatly increased the number of waste materials. However, thermoplastics are recyclable and they can be repeatedly melted and remolded into new products. Thus, these environmental concerns over thermoset resins may hinder with the thermoset resin market growth during the forecast period.
Covid-19 Impact on The Thermoset Resin Market
Due to the Covid-19 outbreak, the thermoset resin end-use industries are facing issues such as delays in receiving thermoset resins from the manufacturers, which is further resulting in delayed manufacturing of thermoset resins based on parts. Also, the shipments’ orders are being heavily affected due to the non-availability of vessels and blank sailing. Moreover, COVID-19 pandemic is having a huge impact on aviation and the automotive industry. The production of automobiles and aircraft has been disruptively stopped, contributing to a major loss in the total automotive and aerospace sectors. With the decrease in automotive and aircraft production, the demand for thermoset resins for manufacturing various parts have significantly fallen, which is having a major impact on the thermoset resin market.
Thermoset Resin Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the thermoset resin market. In 2019, the market of thermoset resin has been consolidated by the top five players accounting for xx% of the share. Major players in the thermoset resin market are AEP Industries, Teijin Chemicals, DuPont Corporation, American Packaging Corporation, North American Pipe Corporation, The Dow Chemical Company, Reliance Industries Ltd., Saudi Kayan Petrochemical Co., National Petrochemical Company, and GAIL.
In August 2019, Teijin Limited acquired Renegade Materials Corporation, a leading North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. The acquisition will expand its aerospace business to include production capabilities for high-temperature prepreg materials that are used to manufacture engine parts in next-generation aircraft.
In September 2017, Reliance Industries acquired the assets of Kemrock Industries, India to enter the composites business and is focusing on thermoset composites such as glass and carbon fiber reinforced polymers (FRPs).
Asia Pacific dominates the thermoset resin market, owing to the increasing demand for thermoset resins from aerospace industries in the region. According to Boeing India is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years. Increasing per capita income and population is the key factor driving the aviation industry in the Asia Pacific region.
The demand for thermoset resin is increasing in the electrical & electronics industries to manufacture components such as printed circuit boards, electrical encapsulation circuits, components & assembly Materials, owing to its excellent properties such as toughness, resistance to several environmental factors, stability, and flame resistance.
Thermoset resins are being used in the oil & gas industry as they are an ideal match for the challenges of withstanding high-pressure, high-temperature environments. Unlike other technologies, thermoset resins exhibit excellent stability in high pressure and high-temperature environments, which provide more modular and robust products and have longer service lives than traditional materials.
Due to the COVID-19 Pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as aerospace & defense and automotive & transportation has been negatively affected, which is hampering the thermoset resin industry growth
Related Reports :
A. Polymers Market
B. Polyurethanes Market
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.