Wilmington, Delaware , July 31, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Thermoset Molding Compound Market by Type (Phenolic Resin, Epoxy Resin, Polyester Resin, Urea Formaldehyde, Melamine Formaldehyde, Others), and End-Use (Automotive, Aerospace, Electrical and Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the thermoset molding compound market was valued at $11.7 billion in 2023 and is estimated to reach $21.5 billion by 2033, growing at a CAGR of 6.3% from 2024 to 2033.
Prime determinants of thermoset molding compound market growth
The global thermoset molding compound market is experiencing growth due to several factors such as growth in applications in electrical and electronics and an increase in demand for lightweight and high-performance materials. However, high initial costs of investment hinder market growth to some extent. Moreover, sustainability and environmental considerations present additional opportunities for thermoset molding compounds. As the demand for eco-friendly materials rises, thermoset molding compounds, known for their durability and high performance, are positioned to benefit from this trend. By incorporating sustainable practices and materials into their production processes, manufacturers are appealing to environmentally conscious consumers and industries, thus expanding their market reach.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $11.7 billion |
| Market Size in 2033 | $21.5 billion |
| CAGR | 6.3% |
| No. of Pages in Report | 344 |
| Segments Covered | Type, End-Use, and Region. |
| Regional Scope | North America, Europe, Asia Pacific, and LAMEA |
| Drivers | Growing applications in electrical and electronics Increase in demand for lightweight and high-performance materials |
| Opportunity | Sustainability and environmental considerations |
| Restraint | High initial costs of investment |
Phenolic resin segment to maintain its dominance by 2033
By type, the phenolic resin segment held the highest market share in 2023, accounting for more than one-third of the global thermoset molding compound market revenue and is estimated to maintain its leadership status throughout the forecast period. Cost-effectiveness is a crucial factor contributing to the adaption of phenolic resins in thermoset molding compounds. Compared to other high-performance resins, phenolic resins offer a balance of cost and performance that is attractive to manufacturers. Their relatively low cost of production, coupled with their robust performance attributes, allows for the production of economically viable and high-quality components. This cost advantage, along with their durability and performance, makes phenolic resins a competitive option in the market.
Electrical and electronics segment is expected to lead the trail by 2033
By end-use, the electrical and electronics segment held the highest market share in 2023, accounting for more than two-fifths of the global thermoset molding compound market revenue and is estimated to dominate during the forecast period. The rise of advanced technologies such as 5G, electric vehicles (EVs), and smart devices is also propelling the demand for thermoset molding compounds. These technologies require components that withstand high temperatures, resist chemical exposure, and provide long-term reliability. Thermoset materials are well-suited for these demanding applications due to their thermal stability, chemical resistance, and durability. For instance, in electric vehicles, thermoset compounds are used in motor components, battery casings, and power electronics, where their high performance contributes to the overall efficiency and safety of the vehicle.
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Asia-Pacific is expected to witness rapid growth throughout the forecast period.
By region, Asia-Pacific was the fastest growing region in terms of revenue in 2023 representing 6.5% of the CAGR. Government policies and initiatives play a significant role in driving the market for thermoset molding compounds in the region. Many Asia-Pacific countries are implementing policies aimed at promoting the use of advanced materials and technologies to boost their manufacturing sectors. For instance, the “Make in India” initiative and China’s “Made in China 2025” plan emphasize the development and adoption of high-performance materials to enhance domestic manufacturing capabilities. These initiatives provide substantial support and incentives for the adoption of thermoset molding compounds.
Leading Market Players:
- BASF SE
- Rebling
- SBHPP
- Huntsman Corporation
- Kyocera Corporation
- Evonik Industries AG
- Kolon Industries Inc.
- Plastics Engineering Company (PLENCO)
- HEXION INC.
- Eastman Chemical Company
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The report provides a detailed analysis of these key players in the global thermoset molding compound market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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