Dublin, June 28, 2024 (GLOBE NEWSWIRE) -- The "Thermoset Resin in the Global Composites Market: Trends, Opportunities and Competitive Analysis [2024-2030]" report has been added to ResearchAndMarkets.com's offering.
The thermoset resin in the global composites market is expected to reach an estimated $29 billion by 2030 with a CAGR of 4% from 2023 to 2030. The major drivers for growth in this market are due to the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials.
The future of the market is attractive with opportunities in various end use industries, including marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics, and consumers goods.
Market Report Features
- Market Size Estimates: Thermoset resin in the global composites market size estimation in terms of value ($M) and volume (M lbs).
- Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
- Segmentation Analysis: Market size by end use, process, resin type, and region.
- Regional Analysis: Thermoset resin in the global composites market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis of growth opportunities in different end use, process, resin type, and regions for the thermoset resin in the global composites market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for thermoset resin in the global composites market.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.
Market Segmentation
The study includes trends and forecast for the thermoset resin in the global composites market by end use industry, process, resin, and region.
- Construction is expected to remain the largest segment by both value and volume. Expected growth in the infrastructure development, rehabilitation of old infrastructures, and capital investment in industrial development are the major driving forces that spur growth for these segments over the forecast period. Aerospace & defense is expected to witness highest growth over the forecast period.
- Polyester resin will remain the largest segment by value and volume over the forecast period because it offers performance benefits for different applications and also expected to witness the highest growth over the forecast period.
- Asia Pacific is expected to remain the largest region and it is also expected to witness highest growth over the forecast period due to growth in end uses and increasing demand for lightweight materials.
Regional Insights
- United States: American companies such as Hexion Inc., Ashland Global Holdings Inc., and Polynt-Reichhold Group are driving innovation in thermoset resin for the composites market. Government initiatives promoting infrastructure development and renewable energy drive market growth. Hexion Inc. recently announced advancements in thermoset resin technology to meet the demand for lightweight and durable materials in various industries.
- Germany: German firms like BASF SE, Covestro AG, and Sika AG are investing in thermoset resin technology for composites applications in automotive, construction, and aerospace sectors. Government initiatives promoting innovation and sustainability drive market expansion. Covestro AG recently announced collaborations to develop bio-based thermoset resins, aligning with Germany's environmental goals.
- China: Chinese companies such as Jushi Group, China National Building Material Group Corporation (CNBM), and Kangde Xin Composite Material Group Co., Ltd. dominate the thermoset resin market for composites. Government initiatives promoting industrial development and technological innovation support market growth. Jushi Group announced investments in advanced thermoset resin production facilities to meet the increasing demand for high-performance materials.
- Japan: Japanese companies like DIC Corporation, Mitsubishi Chemical Corporation, and Toray Industries, Inc. are focusing on thermoset resin innovation for composites applications in automotive, electronics, and renewable energy sectors. Government initiatives promoting technological advancement and sustainability drive market expansion. Toray Industries, Inc. recently announced advancements in thermoset resin formulations to meet the evolving needs of the composites industry.
- Brazil: Brazilian companies such as Owens Corning, Vetrotex, and Elekeiroz are expanding their thermoset resin production capacities to cater to the growing demand from the construction and marine industries. Government initiatives promoting infrastructure development and industrial growth support market expansion. Owens Corning announced plans to introduce eco-friendly thermoset resins, aligning with Brazil's environmental regulations.
Recent Development in Thermoset Resin in the Global Composites Market
1. Emerging Applications in Aerospace and Automotive: Thermoset resins are increasingly being used in aerospace and automotive applications due to their high strength-to-weight ratio, excellent dimensional stability, and resistance to heat and chemicals. These materials are used in the manufacturing of lightweight composite components such as aircraft interiors, automotive body panels, and structural reinforcements.
2. Advancements in Resin Formulations: Ongoing research and development efforts are leading to advancements in thermoset resin formulations, resulting in materials with improved processing characteristics, mechanical properties, and environmental performance. New resin chemistries, curing agents, and additives are being developed to meet the evolving needs of composite manufacturers and end-users.
3. Focus on Sustainability: Sustainability considerations are driving innovations in the thermoset resin market, with manufacturers developing eco-friendly formulations and production processes. Bio-based resins, recycled materials, and energy-efficient curing techniques are being utilized to reduce environmental impact and meet regulatory requirements.
4. Expansion in Wind Energy Sector: The wind energy sector represents a growing market for thermoset resins used in the manufacturing of wind turbine blades. Thermoset resin systems provide structural integrity, durability, and weather resistance in composite materials used for blade construction, contributing to the efficiency and reliability of wind turbines.
5. Integration of Digital Manufacturing Technologies: Digital manufacturing technologies such as automation, robotics, and additive manufacturing are being integrated into thermoset resin processing to improve efficiency, quality, and flexibility in composite manufacturing processes. Digital tools enable precise control over resin application, curing cycles, and part quality, leading to optimized production outcomes.
6. Collaboration and Partnerships: Collaboration between resin manufacturers, composite suppliers, and end-users is driving innovation and market growth in the thermoset resin market. Partnerships enable knowledge sharing, technology transfer, and joint development of resin solutions tailored to specific applications and industry requirements.
Key Topics Covered
1. Executive Summary
2. Thermoset Resin in the Global Composites Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1: Macroeconomic Trends and Forecasts
3.2: Thermoset Resin in the Global Composites Market Trends and Forecast
3.3 Thermoset Resin in the Global Composites Market by End Use
3.3.1: Marine
3.3.2: Pipe and Tank
3.3.3: Construction
3.3.4: Transportation
3.3.5: Wind Energy
3.3.6: Aerospace and Defense
3.3.7: Electrical and Electronics
3.3.8: Consumer Goods
3.3.9: Other End Use
3.4: Thermoset Resin in the Global Composites Market by Process
3.4.1: Hand Lay Up
3.4.2: Hand Lay Up
3.4.3:Spray Up
3.4.5:Resin Infusion
3.4.6:Filament Winding
3.4.7:Pultrusion
3.4.8:Injection molding
3.4.9:Compression Molding
3.4.10:Prepreg Lay Up
3.4.11:Other Processes
3.5: Thermoset Resin in the Global Composites Market by Resin
3.5.1: Polyester
3.5.2: Vinyl Ester
3.5.3: Epoxy
3.5.4: Phenolic
3.5.5: Polyurethane
3.5.6: Other Resin
4. Market Trends and Forecast Analysis by Region
4.1: Thermoset Resin in the Global Composites Market by Region
4.2: North American Thermoset Resin in the Global Composites Market
4.3: European Thermoset Resin in the Global Composites Market
4.4: APAC Thermoset Resin in the Global Composites Market
4.5: RoW Thermoset Resin in the Global Composites Market
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Geographical Reach
5.4: Porter's Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Thermoset Resin in the Global Composites Market by End Use
6.1.2: Growth Opportunities for the Thermoset Resin in the Global Composites Market by Resin
6.1.3: Growth Opportunities for the Thermoset Resin in the Global Composites Market by Region
6.2: Emerging Trends in the Thermoset Resin in the Global Composites Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.3: Certification and Licensing
6.3.2: Mergers and Acquisitions
7. Company Profiles of Leading Players
7.1: Ashland Inc. (INEOS)
7.2: BASF
7.3: Covestro
7.4: Huntsman Corporation
7.5: Polynt Reichhold Group
7.6: AOC
7.7: Swancor Ind. Co. Ltd.
7.8: Hexion Inc.
7.9: Showa Denko K.K.
7.10: Sino Polymer Co., Ltd.
7.11: Scott Bader Co. Ltd.
7.12: Allnex
For more information about this report visit https://www.researchandmarkets.com/r/o4xo1n
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