Thermoset Composites Market

Thermoset Composites Market Size-(2023-2028)

Thermoset Composites Market is predicted to reach USD 57.43 billion by 2028, with a CAGR of 6.89% from 2023-2028

The worldwide thermoset composites market is predicted to experience significant expansion in the next few years. These products are generally derived from carbon, aramid, or glass fibers and incorporated into resins including vinyl esters, polyesters, phenolics, or epoxies. Composites made with the addition of thermosets are strong and have a high resistance to fatigue. Thermoset composites are generally employed for applications that involve high temperatures because these matrices do not melt. They are generally cost-effective and easy to manufacture because the liquid resin additive is easy to use. However, they cannot be recycled because thermosets cannot be remodeled; and the reinforcing fiber is the only component that can be recovered. Thermoset composites are manufactured using different types of reinforcements. Polymer-based thermosets are a very important class of thermosets for structural applications in automotive, aeronautical, marine, and other components. The high specific strength of thermoset composites shows that it is competitive with metallic materials and is employed as an alternative to metallic materials.

The main factors influencing the expansion of the global thermoset composites market are the performance advantages of reinforced composites over other materials, along with the escalating call for lightweight materials. These composites are an affordable alternative to thermoplastics and metals in many industries that have put materials under stress. They are finding heightened demand in the aerospace and military industries because of dimensional control, along with resistance to high temperatures and corrosive elements.

Recent Developments in the Thermoset Composites Industry:

• Launch of the thermoset composite AM system on a large scale. Most large-scale 3D printing systems today use filament or granule raw materials made from thermoplastics - plastics that can be melted, solidified, and remelted.

• IDI Composites International and IDI 3i Technology Center have expanded their line of Ultra Performance, Ultrium, and Fortium STC castable composites, enabling product designers and engineers to improve the design, fabrication, and durability of a wide range of products while simultaneously which adds greater design flexibility and reduction of total material costs.

Thermoset Composites Market-Drivers:

The call for thermoset composites is driven by the escalating use of these compounds in the manufacture of structural composite parts for passenger aircraft, commercial aircraft, helicopters, and other aircraft. The rapid expansion in the use of thermoset composites in the aerospace industry, which are employed in interior components and offer high strength, superior physical properties, and stiffness/density ratios, is the key driver of the market. Escalated use of thermoset composites in transportation due to the high call for light vehicles; and the strong call for thermoset composites in the wind power industry is predicted to drive the market in the near future.

Restraints in the Thermoset Composites Market

Worries about the recyclability and reutilization of thermoset composites are predicted to hamper the industry in the coming years. Furthermore, the high cost of R&D in thermoset composites restricts the market.

Opportunities in the Thermoset Composites Market

Glass fiber is probable to get a higher share of the thermoset composites industry throughout the foreseen period owing to escalating call for the material in the polymer industry. This is predicted to boost the thermoset composites market during the foreseen period. The future of the market is bright, with opportunities in tank and pipe manufacturing, construction, energy, wind, electronics, transportation, marine, consumer goods, and water industries.

Challenges in the Thermoset Composites Market

The manufacture of thermoset resins is highly dependent on crude oil products. Fluctuation in commodity prices is predicted to dampen the thermoset compound market during the foreseen period. The implementation of strict regulations on polymer manufacturing in several countries due to environmental concerns is likely to heighten recycling concerns around the world. This is predicted to hamper the call for thermoset composites in the near future.

THERMOSET COMPOSITES MARKET REPORT COVERAGE:

Thermoset Composites Market Segmentation as per the latest report until 2028.

Thermoset Composites Market - By Manufacturing Process:

• Lay-up

• Filament winding

• Injection molding

• Pultrusion

Thermoset Composites Market - By Fiber Type:

• Glass

• Carbon

Based on fiber type, the fiberglass segment is predicted to represent a significant revenue share in the worldwide market, due to the various characteristics these fibers offer, such as adaptability, high strength-to-weight ratio, and high durability. Fiberglass segment sales are also predicted to post the highest CAGR over the foreseen.

Thermoset Composites Market - By Resin Type:

• Polyester

• Epoxy

• Vinyl ester

Based on the type of resin, the epoxy segment is predicted to dominate the worldwide thermoset composited market, due to the growing call for epoxy resins from various industries such as aerospace and defense, wind power, transportation, marine, pipes, and tanks, among others. Epoxy segment revenue is predicted to post the highest CAGR in the outlook period.

Thermoset Composites Market - By Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

Asia-Pacific is predicted to be the largest and fastest-growing region in the thermoset composites market during the foreseen period. This is due to the presence of established thermoset manufacturers and the escalated installation of wind turbines in this region. Issues related to recyclability and disposal, as well as thermoset compound testing, are factors limiting market expansion. Unlike thermoplastic composites, thermoset composites are not re-molded, limiting their application to some extent in the transportation and electronics industries.

Asia-Pacific is predicted to be the leading market for thermoset composites due to the escalating use in the automotive, electronics, and construction industries in the developing economies of the region. in particular, India, China, and ASEAN. China is predicted to be a key market country in the region due to escalated investment in the electronics sector in the country. The market in the Asia-Pacific region has grown due to the rapid expansion of the automotive and aviation industries. Escalating calls for electric vehicles and light vehicles are also predicted to drive the thermoset composites market in the Asia Pacific in the near future. North America and Europe accounted for a key share of the worldwide thermoset compound market, driven by the expansion of the aviation industry in these regions. The thermoset composites market in the Middle East and Africa is predicted to grow at a moderate rate in the near future.

Thermoset Composites Market Key Players:

1. Owens Corning

2. Toray Industries, Inc.

3. JEC Group

4. Teijin Limited

5. SGL Carbon

6. PPG Industries, Inc.

7. Huntsman International LLC.

8. Mitsubishi Chemical Holdings Corporation

9. Taekwang Industrial Co., ltd

10. Carbon Mods

11. Hexion, Johns Manville.

12. Quantum Composites

13. Plasan Carbon Composites

14. Gaffco Ballistics Inc

15. Henkel AG & Co

16. Kaman, Advanced Composites Inc