Thermoset Molding Compound Market Research, 2030
The global thermoset molding compound market was valued at $9.8 billion in 2020, and is projected to reach $18.0 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Thermosetting resins provide heat resistance, dimensional stability, high bending strength, electrical insulation, and functionality to thermosetting plastic parts, making them ideal for a variety of applications. Increase in demand for heavy metals and safety in transportation and aerospace, increasing demand for safety and the need for thermal stability and corrosive composites are expanding market growth.
Thermosetting molding properties such as electrical insulation make it an ideal material for a variety of end applications. It is also corrosion and heat resistant, extending the product life cycle, increasing the efficiency of electrical applications are major factors driving market growth. Factors, such as the need for lighter weight in aerospace and transportation and the rise in demand for thermally stable corrosion-resistant components drive the growth of the thermosetting molding compound market. Thermosetting resins prevent rust on car bodies and critical mechanical parts, protect maintenance times, extend forecast periods, and expand applications in the automotive field, which are important factors for the future market growth. The rapid increase in population explosion and increase in investment in the electronics sector of developing countries drive the market growth. Phenolic resins for electrical components with high mechanical strength and heat resistance, which are ideal for electronic applications globally attract the attention of manufacturers.
The market faces fluctuations in crude oil prices and regulatory challenges related to hazardous waste, the need for large-scale investment from investors to manufacture products, and fierce competition from numerous global giants.
The thermoset molding compound market is segmented on the basis of type, end-user, and region.
The global thermoset molding compounds market mainly emphasizes on thermoset resins and its different types, including phenolic resin, epoxy resin, polyester resin, urea formaldehyde resin, melamine formaldehyde resin, and others. Thermoset molding compound market analysis further includes the current market trends and future opportunities in several end-use industries such as automotive, aerospace, and electrical & electronics. The global thermoset molding compound market is analyzed based on four regions, which include, North America, Europe, Asia-Pacific, and LAMEA. Amongst them, Asia-Pacific leads the global thermoset molding compound market in terms of value and volume. LAMEA is the fastest growing region owing to the rise in urbanization and growth in demand for lightweight materials in automotive industries.
The key players operating in the global Thermoset molding compound market are Ashland Global Holding Inc., BASF SE, Eastman Chemical Company, Evonik Industries AG, Hexion Inc., Huntsman Corporation, Kolon Industries Inc., Kyocera Chemical Corporation, Plastics Engineering Company (Plenco), and Rogers Corporation. Other major players in the market include Hitachi Chemical Company Ltd., Cosmic Plastics Inc., Chang Chun Plastics Co. Ltd., Saudi Basic Industries Corporation (SABIC), Nan Ya Plastics Corporation, Allnex Belgium S.A., Georgia-Pacific Chemicals LLC, Jiangsu Tianxin Chemical Co., Ltd., Mitsui Chemicals Inc., and Chemiplastica SPA., are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the thermoset molding compound market during the forecast period.
Asia-Pacific occupies the largest part of the thermoset molding compound market and consists of countries, such as China, India, Japan, South Korea, Australia, and rest of Asia-Pacific. China and India are expected to lead the market for thermoset molding compounds during the forecast period. In addition, governmental efforts undertaken by ruling Governments in India and China to develop smart cities and develop modern infrastructure is likely to contribute significantly to the growth of the thermoset molding compounds market. The presence of huge population and the government investment towards the development of transportation infrastructure to improve the economy of the country have positive impact on the market growth. Rapid changes in living conditions and increase in the income & purchasing capacity among the people with the introduction of electronic gadgets have led to increase in demand for the thermoset molding compounds market.
The phenolic resin segment dominates the global market for thermosetting molding compounds. Due to their improved properties, for example, high heat resistance, high moldability, mechanical strength, low smoke toxicity, and ability to mix with polymers are increasingly used in various industries. Due to its high heat resistance, it is widely used in automobile parts and electric switches. Due to their low thermal conductivity, phenolic resins are suitable for use in insulation. Phenol formaldehyde is used as a permanent binder and adhesive for wooden building panels and as a binder for mineral wool insulation due to its water resistance. It is used in brake pads, thermal insulation foams, casting binders, and composites in the automotive and construction industries due to its high thermal stability and fire resistance. The characteristics of phenolic resin can be changed for each application by changing the catalyst used during manufacturing. The growth of phenolic resins in the thermosetting compound market is due to the growing automotive industry globally. Increase in demand for tires has also contributed to the growth of markets in the region. The advent of nanotechnology and the growing need for fuel-efficient and lightweight vehicles offer favorable growth opportunities for phenolic resin manufacturers.
The automobile section dominates the global thermoset molding compound market. Automobiles or motors may be categorized with the aid of using gasoline along with gasoline, diesel, electric, and numerous hybrid or opportunity gasoline motors consisting of ethanol and blended electric motor-warmness engine drives. As the necessities for transportation of products and passengers hold growing, the call for delivery of motors in addition are expected to increase simultaneously. For example, in India, the street delivery section is ruled in comparison to rail delivery, wherein road transportation percentage of 4.5% in GDP has passed rail delivery, that's at 1%. The call for road transportation is growing unexpectedly because of the boom in commodity-generating sectors consisting of agriculture and manufacturing. In the time of technological enhancements taking area each day, the transportation section is making an investment lots in high-generation motors and gadgets that provide greater green performances. The presence of the call for road transportation has brought about growing within-side the call for light-weight and stable automobile merchandise consisting of cars, trucks, and different road transportation vehicles. The growth for the automotive within-side the transportation zone has created rewarding possibilities for marketplace boom.
COVID-19 Impact Analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The restrictions on international trade and lockdown regulations on the operations of the chemicals industry are projected to limit short term demand in the market.
Further, moulding manufacturers are being forced to shut down or limit production processes, for non-essential applications. However, as a result of the COVID-19 pandemic, the thermoset molding compound market also experienced a slowdown.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermoset molding compound market analysis from 2020 to 2030 to identify the prevailing thermoset molding compound market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the thermoset molding compound market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global thermoset molding compound market trends, key players, market segments, application areas, and market growth strategies.
Thermoset Molding Compound Market Report Highlights
By End User
Key Market Players
PLASTICS ENGINEERING COMPANY (PLENCO), KOLON INDUSTRIES INC., HUNTSMAN CORPORATION, ROGERS CORPORATION, HEXION INC., ASHLAND GLOBAL HOLDING INC., EVONIK INDUSTRIES AG, BASF SE, EASTMAN CHEMICAL COMPANY, KYOCERA CHEMICAL CORPORATION
Thermoset molding materials are molding processes that cannot be avoided by pressing the adaptive plastic type into a heated shape and formed in their full edition. The precursor is applied to the base compound causing a chemical reaction within a molecular scale, as the thermoplastic material is generally stronger than the thermoplastic material, resulting in a more complicated irreversible final shape. Plastic materials are generally stronger than thermoplastic materials.
The thermosetting molding composition has excellent dimensional stability, electrical insulation function, high bending strength, and high heat resistance, which are suitable for a wide range of end applications. The type of commercially available thermosetting composition is a phenol resin, epoxy resin, polyester resin, urea formaldehyde, and melamine formaldehyde. Thermosetting molding compounds are used in many end-user industries, such as automotive, aerospace, and electrical and electronic devices. Among them, the electrical electronic division accounts for the best market share that occupies the global market. Automotive is the fastest segment during prognostic time due to increase in demand for durability and fuel consumption in the area.
Asia-Pacific is the most noticeable market for thermosetting compositions from the viewpoint of volume and sales. China is the main consumer of thermal forming compounds and is expected to maintain leadership during the forecast period. Urbanization rapid growth, increase in disposable income, and increase in demand for thermoset molding compound from the end-use industry are the most important factors responsible for its high market growth in this area.