Thermoset Composites

Thermoset Composites

Global Thermoset Composites Market to Reach US$93.3 Billion by 2030

The global market for Thermoset Composites estimated at US$59.5 Billion in the year 2023, is expected to reach US$93.3 Billion by 2030, growing at a CAGR of 6.6% over the analysis period 2023-2030. Epoxy Resin-based Thermoset Composites, one of the segments analyzed in the report, is expected to record a 7.3% CAGR and reach US$41.0 Billion by the end of the analysis period. Growth in the Polyester Resin-based Thermoset Composites segment is estimated at 6.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$10.8 Billion While China is Forecast to Grow at 7.9% CAGR

The Thermoset Composites market in the U.S. is estimated at US$10.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$18.9 Billion by the year 2030 trailing a CAGR of 7.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.1% and 5.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR.

Global Thermoset Composites Market - Key Trends & Drivers Summarized

Thermoset composites are advanced materials made from a polymer matrix reinforced with fibers, such as glass, carbon, or aramid. These composites are known for their excellent mechanical properties, including high strength-to-weight ratios, thermal stability, and resistance to environmental degradation. Unlike thermoplastics, thermoset composites do not melt when heated; instead, they undergo a curing process that creates a permanent chemical bond, giving them their characteristic rigidity and durability. Common thermosetting resins include epoxy, polyester, and vinyl ester, each chosen for specific performance attributes. These materials are widely used in various industries, including aerospace, automotive, construction, and marine, where they contribute to lightweight, high-performance structures.

In the aerospace industry, thermoset composites are critical for the manufacture of aircraft components such as wings, fuselage sections, and interior parts. Their high strength-to-weight ratio helps reduce overall aircraft weight, leading to improved fuel efficiency and reduced emissions. The automotive sector also benefits from these materials in the production of lightweight and durable components that enhance vehicle performance and safety. In construction, thermoset composites are used in applications ranging from bridges and building facades to pipelines and storage tanks, owing to their resistance to corrosion and environmental wear. The marine industry leverages these materials for boat hulls and offshore structures, where durability and resistance to harsh sea conditions are paramount.

The growth in the thermoset composites market is driven by several factors, including technological advancements, increasing demand in end-use industries, and evolving consumer preferences. Technological innovations, such as improved resin formulations and advanced manufacturing processes like resin transfer molding and pultrusion, are enhancing the performance and cost-effectiveness of thermoset composites. The rising demand from the aerospace and automotive industries, driven by the need for fuel-efficient and lightweight materials, is a significant growth driver. In construction, the push for sustainable and long-lasting materials is boosting the adoption of thermoset composites. Additionally, consumer preferences for durable, high-performance products are influencing market trends, particularly in the automotive and sporting goods sectors. The expansion of renewable energy projects, such as wind energy, where thermoset composites are used for turbine blades, also contributes to market growth. As industries continue to seek materials that offer superior performance and longevity, the demand for thermoset composites is expected to rise, spurring further advancements and applications in various fields.

 

Select Competitors (Total 71 Featured) -

• Accurate Plastics Inc.
• Advanced Composite Structures Australia Pty Ltd
• AGY Holding Corp.
• Arkema S.A.
• Avient Corporation
• China Jushi Co., Ltd.
• Hexcel Corporation
• Hexion Inc.
• Huntsman International LLC.
• JEC Group
• Johns Manville Corporation
• KINECO - KAMAN
• Lingol Corporation
• Mar-Bal, Inc.
• Mitsubishi Chemical Corporation
• Owens Corning
• Plasan Carbon Composites
• PPG Industries, Inc.
• Reliance Industries Limited.
• SGL Carbon SE
• Solvay S.A.
• Teijin Limited
• Toray Advanced Composites

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