Farmington, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Recyclable Thermosets Market size was valued at US$ 344.15 Million in 2022 and the total revenue is expected to grow at 3% through 2022 to 2030, reaching nearly US$ 410.93 Million in the forecast period. Thermosets are a special type of polymer that forms well-defined, permanent chemical networks that seem to grow in three dimensions when they cure, which can be done by heating or adding a curing agent. This causes crosslinks to form, which give thermosets their strong, rigid structure and can also be added to other materials to make them stronger.
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Thermoset materials are used a lot in high-tech applications, especially in the aerospace and military fields, because they can be used to make a wide range of composite materials. These include carbon fibre and glass that has been strengthened. Even though polymers are used in a lot of different industries, it is hard to recycle thermoset plastics. This is likely to be a big thing that keeps the thermoset plastics market from growing.
Recyclable Thermosets Market Recent Developments:
- In January 2021, Eastman Chemical Company announced it would invest approximately $250 million over the next two years to build one of the world's largest plastic-to-plastic molecule recycling facilities at its Kingsport, Tennessee, facility. Eastman Chemical Company is an American company primarily engaged in the recycling industry.
- In November 2020, the U.S. Department of Energy (DOE) announced more than $27 million in funding for 12 projects to support the development of advanced plastic recycling technologies and the design of new plastics for recycling in 2020-2021. As part of the DOE Plastics Innovation Challenge, the projects will also help improve existing recycling processes that break down plastics into their chemical building blocks. This will help replace recycled products instead of new plastic products.
Recyclable Thermosets Market Segmentation Analysis:
The segment is divided into three parts: the Mechanical Process, the Energy Recovery Process, and the Feedstock Process. In technology, the mechanical process is taking the lead. In the mechanical process, recycling materials are cut into smaller pieces and scrap is turned into a powder that can be used again. The Scape is also turned into recycled materials made of fibres that are ready to be used as raw materials. Because labour is cheap in China and India, mechanical processes are used a lot more. This is because mechanical processes require less labour. Most people would rather have a machine that does everything on its own and doesn't need to be watched. In the market for recyclable thermosets, these things are driving the use of mechanical process technology.
The segment is split into Unsaturated Polyester Resin, Epoxy Resin, Phenolic Resin, Polyurethane Resin, and Other. Most of the recyclable thermoset market is made up of epoxy resins. Because epoxy resins are used in the transportation, aerospace, defence, power, and electronics industries. Epoxy resins are more expensive to make than other resins because the raw materials are more expensive and the process of making them is more complicated and has less room for mistakes.
Regional Outlook:
In terms of global consumption, North America is the market leader for recyclable thermosets. And North America has a 24% share of the market in terms of how much it buys. Canada is the biggest country in North America, and the area has set up industries for recycling thermostats because of the growing aerospace, aircraft, ship, and car industries.
The Recyclable Thermosets Market is dominated by the Asia-Pacific region, which is expected to grow by 9.8% over the next few years. The Recyclable Thermosets Market is being driven by the growth of end-user industries like automotive, building and construction, aerospace, and aircraft manufacturing. Japan, China, and India are the most powerful countries in the Asia-Pacific region. These countries are becoming more urban and industrial as their populations and consumer needs grow.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 3.0% from 2023 to 2030 |
| Market Size in 2022 | USD 344.15 Million |
| Revenue Forecast by 2030 | USD 410.93 Million |
| By Type | Mechanical Recycling, Energy Recovery, Feedstock Recycling |
| By Thermoset Type | Unsaturated Polyester Resin, Epoxy Resin, Phenolic Resin, Polyurethane Resin, Other |
| By Applications | Construction, Automotive, Power Generation, Electrical & Electronics, Others |
| By Companies | Adesso Advanced Materials Inc, Aditya Birla Chemicals, Connora Technologies, Demacq Recycling Composiet, ECO-WOLF INC, Fraunhofer Institute for Applied Polymer Research, GAIKER-IK, IBM Corporation, INTCO Recycling, MCR Mixt Composites Recyclables, Mallinda, LLC, Northstar Recycling, And Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Recyclable Thermosets Market Dynamics:
Trends And Opportunities:
People are becoming more aware of the need to protect the environment by not putting non-recyclable polymers in landfills and other places that aren't regulated. Tax breaks and rules have been put in place to encourage the development of thermoset materials that can be recycled. In response, scientists have made new polymers that can be recycled and have the same high-performance qualities as traditional thermosets. Research projects that are going well are driving the global market for recyclable thermoset materials in a big way.
Changes in regulations and a growing awareness among consumers about how important it is to use less fossil fuels are also important for the growth of the market and will drive it a lot over the next few years. Polyhexahydrotriazine (PHT), hemiacetal dynamic covalent network (HDCN), carbon nanotube-added polyhexahydrotriazine, epoxy resin/polyepoxy resin, phenolic resins, and unsaturated polyester resins are some of the most common thermoset plastics that can be recycled (UPR). End-use industries like aerospace, electronics, and automotive are likely to increase the number of products and parts that need to be made from recycled thermoset materials.
Recyclable Thermosets Market Key Segments Covered:
Top Market Players:
Adesso Advanced Materials Inc, Aditya Birla Chemicals, Connora Technologies, Demacq Recycling Composiet, ECO-WOLF INC, Fraunhofer Institute for Applied Polymer Research, GAIKER-IK, IBM Corporation, INTCO Recycling, MCR Mixt Composites Recyclables, Mallinda, LLC, Northstar Recycling, And Others.
Recyclable Thermosets Market by Types:
- Mechanical Recycling
- Energy Recovery
- Feedstock Recycling
By Thermoset Type
- Unsaturated Polyester Resin
- Epoxy Resin
- Phenolic Resin
- Polyurethane Resin
- Other
Recyclable Thermosets Market by Applications:
- Construction
- Automotive
- Power Generation
- Electrical & Electronics
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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