Rapid industrialization in developing economies the world over is one of the major boosting factors for the thermosets market. Thermosets are classified into polyester resins, epoxy resins, vinyl ester resins, and phenolic, polyurethane, and other high temperature resins such as cyanate esters. The demand for lightweight and high performance materials from various end-use industries such as automotive, water tanks, and chemical tanks is expected to expand the global market for thermosets over the next six years.
The global market for thermosets is expected to experience a double digit growth from 2012 to 2018. The growing demand for thermosets from emerging economies like Brazil, Russia, India, and China (BRIC) is expected to drive the market. BRIC nations are the four fastest growing economies in the world with their GDP growth rates higher than the global GDP growth rate. However, frequent fluctuation in raw material prices acts as one of the major factors inhibiting the market growth.
Asia-Pacific accounts for the biggest market for thermosets owing to the growth of automobile market primarily in China and India. Japan is a mature market and is expected to remain stagnant over the next six years. China is the biggest automobile market in the world and India also lists itself in the top five automobiles market in the world. Asia along with being the largest market is also the fastest growing market for thermosets.
The North American market for thermosets is primarily driven by the regulatory initiative to reduce automobile weight by 50% by 2020 in the U.S. in order to cut fuel consumption. Polyester resins and polyurethane accounts for the two biggest types of thermosets in the global market.
The global market for thermosets is dominated by big multinational corporations which are present across the value chain. Some of the major companies operating in the thermosets market include Arkema, BASF, Asahi Kasei Chemical Corp, Bayer AG, Chevron Phillips Chemical Company LLC, Sinopec, Dow Chemical Company, Eastman Chemical Company, and LyondellBasell Industries among others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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