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The Thermoset Resin market size is forecast to reach $142.8 billion by 2030, after growing at a CAGR of 3.8% during the forecast period 2023-2030. 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, finds IndustryARC in its recent report, titled “Thermoset Resin Market Size, Share & Trends Analysis Report- By Type (Epoxy, Polyester, Vinyl, Phenolic, Polyamide, Polyurethane, Melamine Formaldehyde, Polyimide, Silicone Resins, Others), By End-Use Industry (Automotive & Transportation, Electrical & Electronics, Aerospace, Industrial, Oil & Gas, Wind Energy, Marine, Construction, Healthcare, Defense, Production, Others), By Curing Process (Heat Curing, UV Curing, Chemical Curing, Electron Beam Curing), By Application (Composites, Adhesives, Coatings, Molding Compounds, Encapsulation & Potting, Tooling, Laminates, Insulating Materials, Others), By Crosslinking Mechanism (Oxidative Crosslinking, Radical Crosslinking, Acid/Base Crosslinking, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030’’
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Asia-Pacific to Register Highest Share:
Asia Pacific region held the largest share in the thermoset resin market in 2022 attributing to 52% of the global market owing to the widescale adoption in construction, automotive, electrical & electronics verticals. Apart from this, the use of thermoset resins for aerospace vertical is also set to witness prominent growth with the increase in demand of commercial aircrafts 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.
Thermoset Resin Market 2023-2030: Scope of the Report
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Report Metric |
Details |
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Base Year Considered |
2022 |
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Forecast Period |
2023–2030 |
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CAGR |
3.8% |
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Market Size in 2030 |
$14.28 billion |
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Segments Covered |
Type, End Use Industry, Application, Curing Process, Crosslinking Mechanism and Region |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
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Key Market Players |
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Thermoset Resin Market Report – Key Takeaways:
With increasing environmental concerns and regulatory pressures, manufacturers and end-users are seeking alternatives to conventional resins derived from fossil fuels. Thermoset resins derived from renewable sources, such as bio-based resins and recycled materials, are gaining traction due to their lower carbon footprint and reduced environmental impact. Additionally, advancements in manufacturing processes and recycling technologies are enabling the development of eco-friendly thermoset resin formulations that offer comparable performance to traditional resins while minimizing environmental harm.
Thermoset resins, known for their high strength-to-weight ratio and durability, are being favored over traditional materials like metals and plastics to reduce vehicle weight, enhance fuel efficiency, and improve performance. With stringent regulations on emissions and fuel economy, there is a growing emphasis on lightweighting solutions, driving the adoption of thermoset resins in applications where weight reduction is critical.
Industries such as aerospace, defense, and electronics demand thermoset resins with exceptional mechanical, thermal, and chemical properties to withstand harsh operating conditions and stringent performance standards. As a result, manufacturers are developing specialty resin formulations, such as phenolic, epoxy, and polyimide resins, to meet the unique needs of these industries. Moreover, advancements in nanotechnology and composite materials are enabling the development of next-generation thermoset resins with enhanced properties, paving the way for innovation and differentiation in the market.
Unlike thermoplastics, which can be melted and reshaped multiple times, thermoset resins undergo irreversible chemical curing reactions, making them challenging to recycle or reuse. As a result, thermoset composites often end up in landfills at the end of their lifecycle, contributing to waste generation and environmental pollution. Developing efficient recycling technologies and circular economy models for thermoset resins poses technical and economic challenges, requiring investments in research, infrastructure, and collaboration across the value chain to address this sustainability challenge.
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Key Opportunity Analysis:
Development of Bio Based Resins
With increasing environmental concerns and the push towards sustainability, there is a growing demand for resin formulations that reduce reliance on fossil fuels and minimize carbon footprint. Bio-based thermoset resins, synthesized from natural feedstocks such as plant oils, lignin, and agricultural waste, offer a sustainable alternative to traditional petrochemical-based resins. These bio-based resins not only reduce greenhouse gas emissions but also provide comparable performance and mechanical properties to conventional resins. Moreover, bio-based thermoset resins can open up new applications and markets in industries such as automotive, construction, and consumer goods, where sustainability and eco-friendly materials are increasingly valued. By investing in research and development of bio-based resin formulations, manufacturers can capitalize on the growing demand for sustainable solutions and position themselves as leaders in environmentally responsible materials.
Adoption of Advanced Manufacturing Techniques
Technologies such as 3D printing, resin infusion, and automated manufacturing are revolutionizing the production of thermoset resin-based components, enabling complex geometries, reduced waste, and cost-effective manufacturing processes. Additive manufacturing techniques allow for the rapid prototyping and customization of parts, reducing lead times and production costs while enabling design optimization and innovation. Additionally, advancements in resin formulation and curing processes are improving material properties, such as strength, stiffness, and heat resistance, expanding the range of applications for thermoset resins. By embracing advanced manufacturing technologies, manufacturers can gain a competitive edge, meet evolving customer demands, and unlock new opportunities for growth and innovation in the thermoset resin market.
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The Report also Covers the Following Areas:
Thermoset Resin Market2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
Supply chain disruptions, travel restrictions, and economic uncertainties resulting from the pandemic have led to delays in production, transportation bottlenecks, and fluctuating raw material prices, affecting the availability and cost of thermoset resins. Additionally, geopolitical tensions and trade disruptions stemming from the Russia-Ukraine war have further exacerbated market volatility and uncertainty. Despite these challenges, the thermoset resin market has shown resilience, with manufacturers adapting to changing market conditions, prioritizing supply chain resilience, and investing in sustainable solutions to mitigate risks and capitalize on emerging opportunities in a post-pandemic and geopolitically uncertain world.
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List of Key Market Players in Thermoset Resin Market:
The key companies profiled in the Thermoset Resin Market Report are listed below:
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