Thermoset Composites Market: Lightweight, Low Cost, and Moisture Resistance Material

  • Thermoset composites are based on glass, carbon, or aramid fibers. These are incorporated with resins such as polyesters, vinyl esters, epoxies, or phenolic. Thermoset composites are made by the combination of thermoset matrix and reinforcement fibers.
  • These composites are used in various industries for the manufacture of aircraft & spacecraft parts, golf shafts, badminton rackets, bicycle frames, automobile springs, sailboat matts, and automotive structural parts.
  • According to the American Composites Manufacturers Associations, glass fiber is one of the key reinforcing materials used in the U.S. thermoset composites industry. The glass fiber market in the U.S. estimated around US$ 2.1 Bn in terms of value with a 4% annual growth rate in 2017. The glass fiber market is expected to expand at a CAGR of 3.4% by 2023.
  • High demand for thermoset composites in aerospace and construction end-user industries is projected to boost the global thermoset composites market in the next few years. Thermoset composites possess excellent moisture resistance, lightness of weight, and superior chemical resistance properties. This is expected to fuel the demand for these composites during the forecast period.
  • According to Boeing, the company estimated the demand for more than 39,000 aircraft in the next 20 years across the globe. The company is expected to manufacture more than 14,000 new aircraft around the globe during the forecast period.

Is something restraining your company’s growth in the Thermoset Composites Market? Ask for the report brochure here

Significant Growth in Aircraft industry to Boost Thermoset Composites Market

  • Increase in demand for single-aisle aircraft since the last few years across the globe is anticipated to boost the aircraft market in the near future. Demand for thermoset composites is driven by the increase in usage of these composites in the manufacture of structural composite parts for passenger aircraft, commercial aircraft, helicopter, and other aircraft.
  • Rapid growth in the usage of thermoset composites in the aerospace sector – these are employed in interior components and delivery of high strength, superior physical properties, and stiffness-to-density ratios – is the key factor propelling the market
  • Rise in usage of thermoset composites in transportation due to the high demand for lightweight vehicles; and high demand for thermoset composites in the wind energy industry are anticipated to boost the market in the near future
  • Potential growth of end-use applications of thermoset composites in wind energy and solar panels is projected to create new opportunities for the market

Glass Fiber Segment to Offer Lucrative Market Expansion Opportunities

  • Rise in demand for thermoset composites and expansion in the automotive industry have boosted the production of composites such as glass fiber, carbon fiber, and other fillers
  • Glass fiber is likely to gain prominent share of the thermoset composites market during the forecast period owing to the rise in demand for the material in the polymer industry. This is expected to boost the thermoset composites market during the forecast period.
  • Several types of thermoset composites are used to manufacture a number of polymer products. Key thermoset resins includes polyester resin, vinyl ester resin, epoxy resin, phenolic resin, and polyurethane resin. However, polyester resin is anticipated to gain prominent share of the global thermoset composites market during the forecast period.
  • Based on end-use industry, the thermoset composites market can be segregated into aerospace & defense, wind energy, automotive & transportation, sporting goods, marine, construction & infrastructure, pipe & tank, electrical & electronics, and others
  • Automotive Industry is expected to secure larger share of the thermoset composites market. It is anticipated to be followed by the aircraft industry. High growth prospects of automotive and aircraft industries is estimated to fuel the demand for thermoset composites in the next few years.

Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Thermoset Composites Market here

Stringent Regulations and Recycling Concerns to Hamper Market

  • Concerns related to recyclability and reuse of thermoset composites are projected to hamper the market in the near future. Additionally, high cost of R&D of thermoset composites is restraining the market.
  • Manufacture of thermoset resins is highly dependent on crude oil products. Fluctuation in prices of raw materials is anticipated to restrain the thermoset composites market during the forecast period.
  • Implementation of stringent regulations on polymer manufacturing in a number of countries due to the environmental concerns is likely to increase recycling concerns across the globe. This is estimated to hamper the demand for thermoset composites in the near future.

Asia Pacific Expected to Hold Major Share of Global Thermoset Composites Market

  •  Asia Pacific is expected to be the major region of the global thermoset composites market due to the rise in usage of thermoset composites in automotive, electronics, and construction sectors of developing economies in the region, including India, China, and ASEAN
  • China is anticipated to be a key country of the market in the region due to the increase in investments in the electronics sector in the country. The market in Asia Pacific has been expanding due to rapid growth in automotive and aircraft industries.
  • Increase in demand for electric vehicles and lightweight vehicles is also anticipated to propel the thermoset composites market in the Asia Pacific in the near future
  • North America and Europe accounted for key share of the global thermoset composites market, led by the expansion in the aircraft industry in these regions
  • The thermoset composites market in Middle East & Africa is projected to expand at a moderate pace in the near future

Key Players in Market

The global thermoset composites market is fragmented due to the presence of large numbers of multinational and domestic manufacturers across the world. Major players operating in the global thermoset composites market include:

  • Toray Industries, Inc.
  • Owens Corning
  • SGL Group
  • Huntsman Corporation
  • Arkema

Global Thermoset Composites Market: Research Scope

Global Thermoset Composites Market, by Resin Type

  • Polyester
  • Vinyl Ester
  • Epoxy
  • Phenolic
  • Polyimides

Global Thermoset Composites Market, by Fiber Type

  • Glass Fiber
  • Caron Fiber
  • Others (Mineral Fiber, Hybrid)

Global Thermoset Composites Market, by End-use Industry

  • Aerospace & Defense
  • Automotive
  • Construction & Infrastructure
  • Electrical & Electronics
  • Pipes & Tanks
  • Energy & Power
  • Packaging
  • Others (Sports, Medical, etc.)

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Thermoset Composites Market

Pre Book