Thermoset Resins Market Regional Analysis, Application, and Key Companies

Global thermoset resins market is projected to grow considerably in the forthcoming years owing to the increased demand for fuel-efficient automobiles. Thermoset resins are the prepolymers in vicious or soft state. They can permanently change to insoluble, infusible polymer by curing process. Thermoset resins offer better strength in comparison to thermoplastic materials due to 3D network of bonds. They are highly compatible with applications from extreme temperature to the decomposition temperature.

The growth of thermoset resins market is driven by factors like speedy urbanization, increasing economic growth in various developing economies, increased applications in fabrication of products from end use sectors like automotive, wind energy, aerospace, construction, electronics, and sporting goods, and various advantages offered by thermoset resins. However, environmental concerns caused due to thermoset resins is hampering the market. Thermoset resins cannot be recycled, re-processed, or decomposed naturally, which ultimately affects the environment.

The major trends observed in the thermoset resins market include increase in the demand for BMC and SMC structural-thermoset resin composites, high demand for enhanced high-performing composites from automobile sector and growing cost-effective alternatives.

The market is categorized on the basis of product type, process type, resin type, application, and geography. On the basis of product type, market is divided into polyurethane resin, phenol-formaldehyde resin, polyester resin, vinyl ester resin, urea-formaldehyde resin, epoxy resin, and other.

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Based on process type, thermoset resins market is divided into filament winding, hand lay-up/spray up, pultrusion, injection moulding, compression moulding, prepreg lay-up, resin infusion, and others. Hand lay-up/spray up segment is expected to lead the market due to increase in its application in several industries.

On the basis of resin type, the market is divided into vinyl ester, polyester, epoxy, polyurethane, phenolic, and others. Epoxy segment is expected to hold larger share of the market owing to increased applications, such as adhesives & composite materials, fiberglass reinforcements, and coatings.

In terms of application, market is divided into construction, consumer goods, electronics and electrical, pipe and tank, marine, wind energy, transportation, aerospace and defence, automotive, and others. Electronics and electrical industry is expected to hold a larger share of the market owing to the varied characteristics of thermoset resins, such as dielectric, light-weight, high-impact, and high-temperature resistant. Moreover, construction segment is also expected to lead the market due to increasing use of thermoset resins in construction composites.

Geographically, thermoset resins market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is predicted to dominate the market in the forecast period owing to the growth of several end use industries ad rise in demand for lighter materials. North America and Europe are also expected to contribute to the market due to high demand from various end use industries.

The major players profiled in thermoset resins market comprise AkzoNobel, Dow Chemical Company, DSM, AEP Industries, DuPont, Evonik, American Packaging Corporation, Saudi Kayan Petrochemical, Teijin Chemicals, Hexion, North American Pipe Corporation, Cridel, National Petrochemical Company (NPC), Shell Oil Company, and Reliance Industries.

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