Thermoset Molding Compound Market Overview
Global Thermoset Molding Compound Market was valued at $8,096 million in 2015, and is expected to reach $12,298 million by 2022, supported by a CAGR of 6.2% during the forecast period. The properties of thermoset molding compounds such as high-heat resistance, dimensional stability, and electrical insulation capability makes them ideal material for several end-use applications. These are highly used in electrical & electronics applications owing to its toughness, resistance to several environmental factors, stability, and flame resistance. It delivers superior performance as compared to other substitute products such as metals and thermoplastics. As these are generally stronger than thermoplastics due to the polymer cross-linking and are better suited for high temperature applications. Moreover, the factors such as need for weight reduction in aerospace & transportation and rise in demand for thermally stable & corrosion resistance components drive the growth of thermoset molding compounds market. However, volatile crude oil prices and regulatory challenges associated with these compounds are projected to hamper the market growth.
Thermoset Molding Compound Market Segmentation
The report, 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. In addition, it also highlights different factors that impact the growth of the global market such as key drivers, restraints, growth opportunities, and the role of different key players in the market. Further, report presents the quantitative data in terms of both value and volume. The data are gathered majorly from the secondary sources such as company publications, Factiva, Hoovers, OneSource, and others. The data are validated after analysis from the C-level executives and directors of the companies present in the global thermoset molding compound market.
By geography, the thermoset molding compound market is segmented into 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.
Molding Compound Market Share by Key Winning Strategies
The key players in the global thermoset molding compound market adopted expansion, product development, product launch, collaboration, partnership, agreement, and innovation to sustain the intense market competition. Amongst them, expansion is the leading developmental strategy implemented by industry players.
Top Investment Pockets
Automotive is the most lucrative end-user segment in the global thermoset molding compound market followed by electrical & electronics, and aerospace. In automotive industry, these thermoset compounds are used to manufacture exterior and interior automotive components such as exhaust system, acoustics, cooling systems, lubrication systems, and clutch facing system. Thus, owing to the high growth rate and wide application area, this segment is expected to provide enormous growth opportunity to the industry players in near future.
Asia-Pacific Thermoset Molding Compound Market
The global demand for thermoset molding compound is dominated by Asia-Pacific due to the adoption of these compounds in several end-use industries. Further, rapid growth in urbanization, increase in disposable income, and rise in industrialization have a positive impact on the market. Thermoset molding compound market trends in the region highlights that China is the largest consumer and supplier of the material and is expected to dominate the market during the forecast period as well.
Key players profiled in this report include 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 (not profiled in report) 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.
Thermoset Molding Compound Market Key Benefits:
This report provides an extensive analysis of the current and emerging market trends and dynamics in the global thermoset molding compound industry, in terms of revenue and volume.
In-depth analysis of all regions is done by constructing market estimations for key segments between 2014 and 2022, which assist in identifying the prevailing market opportunities.
The report assists in understanding the strategies adopted by the leading companies in the global thermoset molding compound industry.
This study evaluates competitive landscape to understand the competitive environment across the geographies in thermoset molding compound industry.
Extensive analysis is conducted by following key player positioning and monitoring the top competitors within the market framework.
Thermoset Molding Compound Market Key Segmentation:
By Resin Type
Urea Formaldehyde Resin
Melamine Formaldehyde Resin
Electrical & Electronics
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA