The global thermoset composites market is projected to grow at a formidable rate during the forecast period, 2023-2027. The market growth can be attributed to the increasing demand for lightweight materials from the automotive and transportation industries.
The Important Factors of the Global Thermoset Composites Market
Besides, the superior properties of thermoset composites such as low specific gravity, excellent modulus of elasticity, excellent strength, lightweight, and high corrosion resistance, among others are contributing to their growing applicability across varied end-use industries, such as automotive and construction & infrastructure. Moreover, increasing demand for lightweight and durable alternative materials is expected to boost the adoption of thermoset composites.
Furthermore, the rising installation of wind turbines due to increased investments coupled with increasing research and development proficiencies in wind energy is anticipated to boost the growth of the global thermoset composites market in the coming five years. However, the high cost of thermoset composites and issues related to recyclability and disposal might restrict their market growth.
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The global thermoset composites market is segmented on the basis of fiber type, resin type, manufacturing process, end-user industry, and region. Based on the end-user industry, the market has been categorized into transportation, aerospace & defense, wind energy, electrical & electronics, marine, construction & infrastructure, and others.
In 2021, the wind energy segment dominated the market in terms of both value and volume owing to the increasing usage of thermoset composites for the development of wind turbine blades and spar caps. Asia-Pacific is anticipated to be the fastest-growing region in the thermoset composites market during 2023-2027, owing to the increasing investments by government and private players for the installation of wind energy.
Some of the leading players in the global thermoset composites market
- Toray Industries Inc.
- PPG Industries Inc.
- Owens Corning
- Mitsubishi Rayon Co., Ltd.
- Jushi Group Co. Ltd
- Teijin Limited
- Chongqing Polycomp International Corporation
- SGL Group
- Huntsman Corporation
- Hexcel Corporation, etc.
| Attribute | Details |
| Historic Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, Volume in Units, CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue Forecast, Volume Forecast, Company Share, Competitive Landscape, Growth Factors, And Trends |
| Segments covered | · By Fibre Type· By Resin Type· By Manufacturing Process· By End-User Industry |
| Region scope | Asia Pacific; Europe & CIS; North America; South America; Middle East & Africa |
| Country scope | China, India, Japan, South Korea, Australia, Singapore, Malaysia, France, Germany, United Kingdom, Italy, Spain, United States, Mexico, Canada, Brazil, Argentina, Colombia, South Africa, Saudi Arabia, UAE, Qatar |
| Key companies profiled | Toray Industries Inc., PPG Industries Inc., Owens Corning, Mitsubishi Rayon Co., Ltd., Jushi Group Co. Ltd, Teijin Limited, Chongqing Polycomp International Corporation, SGL Group, Huntsman Corporation, Hexcel Corporation |
| Customization scope | 10% free report customization with purchase. Addition or alteration to regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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Report Scope:
In this report, the global thermoset composites market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Thermoset Composites Market, By Fibre Type:
- Glass fiber
- Carbon fiber
- Others
- Thermoset Composites Market, By Resin Type:
- Polyester Resin
- Epoxy Resin
- Vinyl Ester Resin
- Polyurethane Resin
- Phenolic Resin
- Others
- Thermoset Composites Market, By Manufacturing Process:
- Filament Winding Process
- Injection Molding Process
- Compression Molding Process
- Infusion Process
- Pultrusion Process
- Others
- Thermoset Composites Market, By End-User Industry:
- Transportation
- Aerospace & Défense
- Wind Energy
- Electrical & Electronics
- Marine
- Construction & Infrastructure
- Others
- Thermoset Composites Market, by Region:
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Malaysia
- Europe & CIS
- France
- Germany
- United Kingdom
- Italy
- Spain
- North America
- United States
- Mexico
- Canada
- South America
- Brazil
- Argentina
- Colombia
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
- Asia Pacific
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Thermoset Composites Market.