The thermoset composites market is driven by the growing demand for lightweight, high-strength materials in industries such as aerospace, automotive, and construction. These composites offer superior durability, chemical resistance, and thermal stability, making them ideal for applications requiring long-term performance under extreme conditions. The increasing emphasis on fuel efficiency and emissions reduction, particularly in the automotive and aerospace sectors, further boosts the demand for thermoset composites.
LEWES, Del., Oct. 31, 2024 /PRNewswire/ -- The Global Thermoset Composites Market is projected to grow at a CAGR of 10.4% from 2024 to 2030, according to a new report published by Verified Market Reports®. The report reveals that the market was valued at USD 12.8 Billion in 2023 and is expected to reach USD 25 Billion by the end of the forecast period.
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Browse in-depth TOC on Thermoset Composites Market
202 - Pages
126 - Tables
37 - Figures
Scope of The Report
REPORT ATTRIBUTES | DETAILS |
STUDY PERIOD | 2021-2030 |
BASE YEAR | 2023 |
FORECAST PERIOD | 2024-2030 |
HISTORICAL PERIOD | 2021-2022 |
UNIT | Value (USD Billion) |
KEY COMPANIES PROFILED | Owens Corning, Toray, Jushi Group, Teijin, CPIC, SGL Group, PPG, Huntsman, Hexcel, Mitsubishi Rayon, Cytec, Reliance Industries |
SEGMENTS COVERED | By Type, By Application, By Geography |
CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Global Thermoset Composites Market Overview
Growing Demand for Lightweight Materials
The increasing need for lightweight materials in industries such as automotive and aerospace is a key driver for the thermoset composites market. These composites offer a high strength-to-weight ratio, making them ideal for reducing the weight of vehicles and aircraft, which in turn improves fuel efficiency and reduces emissions. As industries focus on sustainability and energy efficiency, the demand for thermoset composites is expected to grow. Their ability to maintain structural integrity while being lightweight makes them a popular choice for manufacturers aiming to meet regulatory requirements.
Superior Durability and Performance
Thermoset composites are highly durable, resistant to chemicals, and capable of withstanding extreme temperatures and harsh environmental conditions. This makes them ideal for use in demanding applications such as wind energy, construction, and marine industries. Their long-lasting performance under challenging conditions drives demand, especially in sectors that prioritize durability and low maintenance costs. As industries seek materials that offer both high performance and longevity, thermoset composites continue to gain traction in various markets.
Increasing Focus on Fuel Efficiency and Emissions Reduction
The push for more fuel-efficient vehicles and lower emissions in the automotive and aerospace sectors is accelerating the adoption of thermoset composites. These industries are under pressure to comply with stringent environmental regulations, which drives the use of lightweight materials like thermoset composites to reduce fuel consumption and emissions. The growing emphasis on sustainability and green manufacturing practices further boosts the demand for these materials, as they contribute to achieving eco-friendly production goals without compromising on strength or durability.
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High Production Costs
One of the main restraints limiting the expansion of the thermoset composites market is the high production costs associated with these materials. The complex manufacturing processes required for thermoset composites often involve specialized equipment and skilled labor, leading to increased expenses. These costs can deter potential manufacturers, especially in price-sensitive markets, where cost-effective alternatives like thermoplastics may be more appealing. Consequently, the financial barrier can restrict the widespread adoption of thermoset composites across various industries.
Challenges in Recycling and Reprocessing
Thermoset composites present significant challenges in terms of recycling and reprocessing, as they cannot be reshaped or remoulded once cured. This characteristic raises concerns about environmental sustainability and waste management, particularly as industries seek to adopt eco-friendlier practices. The inability to easily recycle thermoset materials can hinder their acceptance, especially in sectors where sustainability is a priority. As a result, the lack of effective recycling solutions poses a substantial barrier to the market's growth.
Complexity of Manufacturing Processes
The manufacturing processes for thermoset composites can be complex and time-consuming, which may limit their adoption in fast-paced industries. The need for precise mixing, curing, and molding techniques requires specialized knowledge and equipment, creating a steep learning curve for manufacturers. This complexity can lead to longer production times and higher labor costs, making thermoset composites less attractive compared to simpler alternatives. Additionally, the necessity for stringent quality control measures further complicates production, adding to the challenges faced by manufacturers in this market.
Geographic Dominance
The thermoset composites market is primarily dominated by North America and Europe, where robust industrial infrastructure and a strong emphasis on innovation drive significant demand. In North America, industries such as aerospace and automotive lead the adoption of thermoset composites due to their superior performance and lightweight properties, essential for enhancing fuel efficiency and reducing emissions. Europe follows closely, with its stringent environmental regulations and commitment to sustainability further propelling the use of advanced composite materials.
Meanwhile, Asia is emerging as a growing market, fueled by rapid industrialization, increasing manufacturing capabilities, and a rising demand for lightweight materials in various applications. Africa, while still developing in terms of composite usage, shows potential as infrastructure projects and investments in industries like construction and transportation begin to expand. As global awareness of the benefits of thermoset composites increases, North America and Europe are likely to maintain their leadership, while Asia and Africa present promising growth opportunities for the future.
Thermoset Composites Market Key Players Shaping the Future
Major players, including Owens Corning, Toray, Jushi Group, Teijin, CPIC, SGL Group, PPG, Huntsman, Hexcel, Mitsubishi Rayon, Cytec, Reliance Industries, Hexion, Johns Manville, AGY and more, play a pivotal role in shaping the future of the Thermoset Composites Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Thermoset Composites Market Segment Analysis
Based on the research, Verified Market Reports® has segmented the global Thermoset Composites Market into Type, Application and Geography.
- Thermoset Composites Market, By Type
- Polyester
- Epoxy
- Vinyl Ester
- Phenolic
- Polyurethane
- Thermoset Composites Market, By Application
- Transportation
- Aerospace & Defense
- Sporting Goods
- Wind Energy
- Construction & Infrastructure
- Pipe & Tank
- Marine
- Electrical & Electronics
- Thermoset Composites Market, By Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
Browse Related Reports:
Global Long-fiber Thermoset Composites Market By Type (Glass Fiber, Carbon Fiber), By Application (Automotive, Marine), By Geographic Scope And Forecast
Global Continuous Fiber Reinforced Thermoset Composites Market By Type (Carbon Fiber, Glass Fiber), By Application (Aerospace & Defense, Automotive), By Geographic Scope And Forecast
Global Thermoset Resin Market By Type (Polyester Resin, Phenol-Formaldehyde Resin), By Application (Automotive, Construction), By Geographic Scope And Forecast
Global Thermoset-Based Prepreg Composite Market By Type (Unidirectional Prepregs, Extensible Prepregs), By Application (Aerospace, Automotive), By Geographic Scope And Forecast
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