Thermoset Resin Composites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
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
Leading players operating in the 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, and 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
The study presents reliable qualitative and quantitative insights into:
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The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
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Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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