Thermoset Resin Composites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Thermoset Resin Composites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : March, 2023 | Chemical & Materials

Report Digest

Use of thermoset resin composites have been gaining immense traction owing to multiple benefits, including high rigidity & hardness, optimal thermal stability, and exceptional creep resistance. Good recyclability is a key aspect that fosters popularity of thermoset resin composites among multiple end-use industries.

With the exponentially-growing composites industry, in terms of technological developments, developments, and production, the demand for thermoset resin composites is also increasing at a significant pace. They are extensively used across industries such as pipe & tank, electrical & electronics, and construction. Thermoset resin composites are reinforced with inorganic or inorganic fibers, depending on type and nature of the target application.

Thermoset Resin Composites Market- Notable Highlights

  • In 2018, BASF SE signed an exclusive agreement with Gustav Grolman GmbH, a leading European distributor of specialty chemicals, including accelerators, flame retardants, pigments, resins, fillers, and additives for the thermoset industry. As per the agreement, Grolman will become a chief distributor of BASF specialty chemicals space across areas of Portugal, Spain, and Italy.
  • In 2018, Ashland made an announcement of launch of ‘Derakane Signia’ resin for composites. This new formula possesses an undeniable detection system for testing the integrity of designs and offer optimal corrosion resistance as well as mechanical properties with enhanced processing.

Some of the most prominent competitors operating in the competitive landscape of global thermoset resin composites market include –

  • BASF
  • Huntsman International
  • Ashland Inc.
  • The Dow Chemical Company
  • Olin Corporation
  • AtriCure
  • Biotronik
  • Abiomed
  • Biosensors International
  • BioVentrix
  • C. R. Bard
  • Abbott Vascular

Thermoset Resin Composites Market- Dynamics

Surging Demand for Lightweight Vehicles Creates Sustained Opportunities

The demand for lightweight vehicles is underway, as motorists are heading toward lightweight variants with enhanced performance and fuel efficiency. The rising trend of lightweight vehicles is creating significant demand for composites, which in turn is triggering adoption of thermoset resin composites. Moreover, vehicle electrification is also likely to bolster demand for thermoset resin composites, as manufacturing lighter electric cars entails reduction of weight of the batteries as well as electric motors used.

Polyester Remains the Highly-Preferred Thermoset Resin Composite Type

Demand for polyester thermoset resin composites are likely to be high, owing to wide-spread use across multiple applications. Unsaturated polyesters are being used in multiple applications, including wind energy, electrical & electronics pipes, and tanks. Moreover, versatility offered by polyester thermoset resin composites is one among the key pacesetters fostering adoption across multiple applications. In addition, polyester thermoset resin composites are highly economical and offer high water resistance, which makes an ideal investment across multiple end-use applications.

Pipe & Tank Evolves as a Significant End-User, Superior Corrosion Resistance Enhances Product Visibility

The pipe and tank industry is likely to emerge as a key end user for manufacturers of thermoset resin composites to reap sizeable revenues during the forecast period. Thermoset resin composites play a vital role in seamless manufacturing of large as well as small diameter pipes and tanks, on account of their excellent resistance to different types of corrosion, including aerobic and galvanic corrosion. However, tough competition from advanced materials having similar competencies is likely to arrest the adoption of thermoset resin composites, creating significant challenges for the manufacturing from profit-making standpoint.

Thermoset Resin Composites Market Segmentation

By End Use

  • Pipe and Tank
  • Construction
  • Wind Energy
  • Transportation
  • Consumer Goods
  • Electrical/Electronics
  • Marine
  • Aerospace/Defense Others

By Process

  • Hand Lay-Up/Spray Up
  • Filament Winding
  • Injection Molding
  • Compression Molding
  • Prepreg Lay-Up
  • Resin Infusion
  • Pultrusion
  • Others

By Resin

  • Polyester
  • Epoxy
  • Vinyl Ester
  • Phenolic
  • Polyurethane
  • Others

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