Thermoset Composites Market by Resin Type (Epoxy, Phenolic, Polyurethane), Fiber Type (Carbon Fiber, Glass Fiber), Manufacturing Process, End-Use Industry - Global Forecast 2024-2030

Thermoset Composites Market by Resin Type (Epoxy, Phenolic, Polyurethane), Fiber Type (Carbon Fiber, Glass Fiber), Manufacturing Process, End-Use Industry - Global Forecast 2024-2030

The Thermoset Composites Market size was estimated at USD 67.15 billion in 2023 and expected to reach USD 71.75 billion in 2024, at a CAGR 6.89% to reach USD 107.09 billion by 2030.

Thermoset composites are a class of advanced composite materials consisting of thermosetting resins, hardened or cured through heat or chemical reactions, and reinforcement fibers. These composites are extensively used in aerospace, automotive, marine, electrical, construction, and sporting goods industries owing to their superior performance characteristics such as high strength-to-weight ratio, low thermal expansion coefficient, good electrical insulation properties, corrosion resistance, and dimensional stability under prolonged exposure to harsh environmental conditions. However, the complex manufacturing process of thermoset composites and their environmental impact significantly affect product production and usage. Market players are working on research into novel resins providing enhanced chemical resistance or thermal stability, which can open up new possibilities in demanding environments such as oil & gas exploration or high-temperature industrial processes. In addition, exploring recycling technologies for end-of-life thermosets can contribute to a circular economy approach by reducing waste generation and material consumption.

Regional Insights

The Americas region observes a strong demand for thermoset composites from imports and domestic production to cater to their growing aerospace & defense, automotive, electrical & electronics, and construction industries. There is an increased focus on research & development activities for innovative manufacturing processes, including resin transfer molding (RTM) and autoclave processing methods for advanced thermosetting resins, including epoxy resins and phenolic resins. Asia stays ahead in production capacity and consumption patterns, making it one of the largest markets for thermosetting composites globally. Large multinational corporations have moved their production facilities to Asian countries such as China, India, and Southeast Asian nations owing to lower labor costs and favorable regulations, contributing to establishing a robust manufacturing base for thermoset composites in this region. The European Union's stringent environmental regulations have been driving the adoption of lightweight materials such as thermosets in automotive and transportation industries to meet emission standards. Research institutes and industry collaborations in Europe are working towards developing sustainable materials for thermoset composites.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Thermoset Composites Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing use of lightweight materials in automotive and aerospace industries
• Government initiatives to promote renewable energy implementation

Market Restraints

• Fluctuation in the price of raw materials

Market Opportunities

• Emergence of sustainable fiber materials for thermoset composite
• Development of additively-manufactured thermosetting composites

Market Challenges

• Manufacturing defects and quality of thermoset composites

Market Segmentation Analysis

• Manufacturing Process: Advanced compression molding and pultrusion methods to ease the process of thermoset composite manufacturing
• End-Use Industry: Increasing requirement of high-strength, lightweight composites in aerospace & automotive industries

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Thermoset Composites Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Thermoset Composites Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Nouryon Invests in Icos Capital Fund IV to Accelerate Sustainability

Nouryon has invested in Icos Capital, a company that evaluates emerging technologies in key end-markets and related sectors. This partnership began in 2017 and provided valuable insights into innovation crucial for Nouryon's success. Icos Capital operates across Europe, including the Netherlands, Poland, Switzerland, and Germany. Fund IV will expand its presence in North America, with corporate partners significantly shaping the fund's strategy and assessing start-ups.

Toray Advanced Composites to Expand Morgan Hill Operations

Toray Advanced Composites (TAC) plans to expand its facility in Morgan Hill, California, by 74,000 square feet. This expansion is in response to the growing demand for advanced composite materials in various industries, including aerospace, urban air mobility, defense, commercial, and industrial sectors. The expansion of the Morgan Hill plant aimed at enabling TAC to meet the increased demand for thermoset and thermoplastic production materials.

Toray develops high-speed thermal welding for thermoset composites

Toray Industries Inc. has developed a thermal welding technology for the high-speed production of carbon fiber-reinforced thermoset parts. This innovative approach involves the formation of a thermally weldable layer on the surfaces of the parts, enabling instant bonding without the need for adhesives or fastening bolts.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Thermoset Composites Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Thermoset Composites Market, highlighting leading vendors and their innovative profiles. These include Accurate Plastics, Arkema SA, Atlas Fibre, Bermar Associates, Inc., C2 Composites, Covestro AG, Hexcel Corporation, Huntsman Corporation, Johns Manville, Lingol Corporation, Mar-Bal, Inc., Mitsubishi Chemical Corporation, Norplex-Micarta, Nouryon, Owens Corning, Redwood Plastics and Rubber, SGL Carbon SE, Solvay SA, Southwest Plastics Co., Teijin Ltd., The Gund Company, Toray Advanced Composites, Trident Plastics, Inc., and Woodland Plastics Corporation.

Market Segmentation & Coverage

This research report categorizes the Thermoset Composites Market to forecast the revenues and analyze trends in each of the following sub-markets:

Resin Type

• Epoxy
• Phenolic
• Polyurethane
• Silicone
• Fiber Type
  • Carbon Fiber
  • Glass Fiber
  • Manufacturing Process
  • Compression Molding
  • Filament Winding
  • Injection Molding
  • Lay-Up
  • Pultrusion
  • Resin Infusion
  • End-Use Industry
  • Aerospace & Defense
  • Construction & Infrastructure
  • Electrical & Electronics
  • Marine
  • Pipe & Tank
  • Sporting Goods
  • Transportation
  • Wind Energy
  Region
  • Americas
  • Argentina
  • Brazil
  • Canada
  • Mexico
  • United States
  • California
  • Florida
  • Illinois
  • New York
  • Ohio
  • Pennsylvania
  • Texas
  • Asia-Pacific
  • Australia
  • China
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Vietnam
  • Europe, Middle East & Africa
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Israel
  • Italy
  • Netherlands
  • Nigeria
  • Norway
  • Poland
  • Qatar
  • Russia
  • Saudi Arabia
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United Arab Emirates
  • United Kingdom
  
  
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