The global composite industry has been expanding significantly in terms of production, technological advancements, and developments. Thermoset resin plays a vital role in the composite industry. Thermoset resins are used extensively in the manufacture of composites; these resins are employed in the fabrication of products for end-use industries such as aerospace, automotive, sporting goods, construction, electronics, and wind energy. The thermoset resin market can be segmented into six resin types: polyester resin, epoxy resin, vinyl ester resin, phenolic, polyurethane, and high temperature resins (such as cyanate ester).

Thermoset resins exhibit characteristics such as mechanical strength, corrosion resistance, and low weight. These resins are used widely in various applications. Thermoset resins form long polymer chains and can be easily customized as per the requirements of end products. Thermoset resins offer many advantages. These include balance of numerous properties such as mechanical & chemical stability and dimensional stability; low cost; and easy processing, and handling. The vinyl ester resin segment accounts for significant share of the thermoset resin market. Vinyl ester resins are less susceptible to damage caused by hydrolysis. Therefore, these resins are used in the manufacture of corrosion-resistant containers such as fiberglass tanks and FRP pipes. Vinyl ester resins are also employed in grating applications.

The epoxy resin segment also holds key share of the thermoset resin market. Epoxy resins are used in various applications; for instance, they are employed in coatings, adhesives & composite materials, and fiberglass reinforcements. Epoxy coating dries quickly; hence, it provides a strong and durable protective coating with excellent abrasion resistance. It can also be applied for corrosion protection of steel pipes and fittings, which are employed in the hydrocarbon industry. Phenolic resins emit less amount of smoke and have lower toxicity levels as compared to other thermoset resins. Phenolic thermoset resins are primarily used in the manufacture of aircraft interiors and galley walls. These resins are also employed in other commercial markets that require flame resistant and low smoke properties. Polyurethane thermoset resins exhibit wide range of hardness, stiffness, and density. Thus, these resins are used in the manufacture of seats, headrests, armrests, dashboards, headliners, and instrument panels. Polymer resins undergo the curing chemical reaction to form three-dimensional cross-linked structures, which are generally known as thermoset resins. After curing, polymer resins tend to form a rigid cross-linked structure due to the better physical properties as compared to other resins. Exposure of polymer resins to a high radiation source is another way of initiating the curing process. Thermoset resins are generally found in the form of liquids or molding powders. Composite materials can be formed by reinforcing cured resins with polymer fibers that exhibit excellent properties vis-à-vis conventional polymers.

Asia Pacific, Middle East & Africa, and North America are the major regions of the global thermoset resin market. Rising demand for specialized composite materials is driving the global thermoset resin market. Key drivers of the thermoset resin market include performance benefits of reinforced composites over rival materials and increase in demand for lightweight materials. Thermoset resins cannot be re-processed or recycled in their original form, neither can they be decomposed naturally; hence, environmental concerns are the major restraints of the thermoset resin market. The usage of thermoset resin in the aerospace industry is increasing significantly. This is likely to propel the thermoset resin market in the near future.

In terms of revenue, the thermoset resin market is projected to reach more than US$ 15 Bn by the end of 2022 at a CAGR of over 5%. This indicates the vast potential of the global thermoset resin market.

Prominent players operating in the global thermoset resin market are AEP Industries, Teijin Chemicals, DuPont Corporation, American Packaging Corporation, North American Pipe Corporation, The Dow Chemical Company, Reliance Industries Ltd., Saudi Kayan Petrochemical Co., National Petrochemical Company (NPC), and GAIL (India). Opportunities and applications of thermoset resin in various industries are projected to significantly drive the market in the near future. 

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.

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Thermoset Resins Market

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