Thermoset Composites Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Thermoset Composites Market Size 2024-2028

The thermoset composites market size is forecast to increase by USD 17.86 billion, at a CAGR of 6.1% between 2023 and 2028.

• The market is experiencing significant growth due to the increasing demand for lightweight materials in various industries, including automotive, aircraft manufacturing, marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, and electrical and electronics. One of the key drivers is the wind power sector, which is witnessing a rise in capacity additions. However, the high cost of thermoset composites remains a challenge for market growth. In the automotive industry, the trend towards producing fuel-efficient and lightweight vehicles is driving the demand for these materials. In the aerospace and defense sector, thermoset composites are used extensively due to their high strength-to-weight ratio and excellent thermal stability. In the marine industry, they are used for boat hulls and other structural components due to their resistance to water and chemicals. In the construction industry, thermoset composites are used for insulation and roofing materials due to their fire resistance and durability.

What will be the Size of the Market During the Forecast Period?

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• The market represents a significant segment within the advanced materials industry, driven by the unique properties of these materials. Thermoset composites are known for their high strength, excellent physical properties, and stiffness-to-density ratios. These characteristics make them a preferred choice in various industries, including aerospace and defense, interior components, and the electrical and electronics sector. In the aerospace and defense industry, thermoset composites play a crucial role in reducing airframe weight, enhancing fuel economy, and lowering operational costs. These materials contribute to the manufacturing of aircraft components, such as wing structures, fuselage panels, and engine components. In the electronics sector, thermoset composites are used in the production of printed circuit boards and other electronic components due to their excellent insulating properties and dimensional stability. The construction sector also benefits from the use of thermoset composites, particularly in pipe and tank applications. These materials offer excellent resistance to chemicals, heat, and impact, making them suitable for use in infrastructure projects and water treatment facilities. In the transportation sector, thermoset composites are used in automotive applications, such as body panels and structural components, to improve fuel efficiency and reduce vehicle weight.
• Moreover, the growing trend towards sustainability in various industries has led to the increased use of eco-friendly thermoset composite resin formulations. These formulations offer the same high-performance properties as traditional thermoset composites but with a reduced environmental impact. The wind energy sector is a significant user of eco-friendly thermoset composites, particularly in the production of wind turbine blades. The adoption of digital manufacturing technologies, such as 3D printing and automation, is driving innovation in the market. Collaboration and partnerships between industry players and research institutions are also contributing to the development of new applications and resin formulations. In emerging economies, infrastructural investments in various sectors, such as transportation, construction, and electronics, are expected to fuel the growth of the market.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Resin Type
  • Polyester resin
  • Epoxy resin
  • Others
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

By Resin Type Insights

• The polyester resin segment is estimated to witness significant growth during the forecast period.

Polyester resins are a popular choice for manufacturing composites due to their desirable properties, including ease of handling, cost-effectiveness, and excellent mechanical, chemical resistance, and electrical properties. One notable attribute of polyester resins is their affinity for bonding with glass fibers, resulting in high-performance composites. Once cured, these composites exhibit water and weather resistance, making them suitable for applications in harsh environments. The applications of polyester resins span various industries. In the aerospace and defense sector, they are used in aircraft manufacturing for producing lightweight and strong components. In the marine industry, polyester resins are utilized in pipe and tank production, ensuring durability against water and salt solutions.

In the construction sector, these resins are employed in creating insulation materials and reinforcing concrete. Moreover, polyester resins are essential in the transportation sector, where they are used to produce interior components, frames, and panels for automobiles, buses, and trains. In the agriculture industry, they are used to manufacture equipment parts, while in the wind energy sector, they are employed in producing wind turbine blades. In the electrical and electronics industry, polyester resins are used in insulation materials and printed circuit boards. In summary, polyester resins offer versatile applications across various industries, including aerospace and defense, marine, pipe and tank, construction, transportation, wind energy, and electrical and electronics.

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The polyester resin segment was valued at USD 20.10 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 47% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Thermoset composites have gained significant attention in the global market due to their unique properties, making them ideal for various industries. In the Asia Pacific region, collaboration and partnerships between key players and local manufacturers have led to operational integration, resulting in increased production capacity and efficiency. Two of the most common resin types used in thermoset composites are epoxy and polyester. Glass fibers are the primary fiber type utilized due to their strength and durability. The aerospace sector is a major consumer of thermoset composites, particularly epoxy composites, due to their high strength-to-weight ratio and excellent resistance to heat and chemicals.

The automotive industry is another significant end-user, with polyester composites being the preferred choice for their cost-effectiveness and ease of processing. The increasing population and rapid industrialization in countries like China and India have created a significant demand for infrastructure development, automobiles, and energy requirements. These factors have positioned China and India as the leading markets for thermoset composites in the Asia Pacific region. Key application segments, including the automotive and aerospace industries, are driving the demand for prepregs in the region. The automotive industry's focus on lightweight materials and fuel efficiency has led to a rise in the adoption of thermoset composites.

In contrast, the aerospace sector's need for high-performance materials that can withstand extreme temperatures and pressures has made thermoset composites an essential component in aircraft manufacturing. In conclusion, the Asia Pacific market for thermoset composites is expected to grow significantly due to the increasing demand from the automotive and aerospace industries in countries like China and India. The use of epoxy and polyester resins and glass fibers will continue to dominate the market, making it a lucrative investment opportunity for manufacturers and suppliers.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of the Thermoset Composites Market?

Demand for lightweight materials in the automotive sector is the key driver of the market.

• Composites, specifically fiber-reinforced types, have gained significant traction in various industries, including sporting goods and infrastructure. In the realm of sporting goods, these lightweight composites have revolutionized the production of equipment, such as bicycles and golf clubs, due to their strength and durability. Fabrication methods, such as contact molding, have enabled the mass production of these composites, making them increasingly accessible and cost-effective. One type of fiber-reinforced composite, flax oil, has garnered attention for its eco-friendliness and comparable performance to traditional materials. The transportation sector, particularly the automotive industry, has embraced composites for their potential to create lightweight and fuel-efficient components. The transition from traditional glass fiber composites to carbon fiber composites has accelerated in recent years, as automakers strive to enhance vehicle performance and reduce fuel consumption.
• Material science advancements, particularly in the field of prepreg composites, have been instrumental in driving the growth of the composites market. This evolution has led to the development of high-performance materials suitable for various applications, from commercial aircraft to sporting goods. Infrastructure spending and the increasing demand for sustainable and efficient solutions have further fueled the adoption of composites. The potential for composites to replace traditional materials in various industries presents a significant opportunity for growth and innovation.

What are the market trends shaping the Thermoset Composites Market?

Wind power capacity additions are the upcoming trend in the market.

• Thermoset composites have gained significant traction in the aerospace and defense industries due to their exceptional physical properties, including high strength and stiffness-to-density ratios. These properties make thermoset composites an ideal choice for manufacturing interior components in these sectors. The use of thermoset composites in aerospace and defense applications leads to reduced airframe weight, which in turn results in improved fuel economy and operational costs.
• In the aerospace sector, thermoset composites are extensively used in the production of high-performance aircraft parts, such as wing structures and fuselage components. Similarly, in the defense sector, these materials are utilized in the manufacturing of armor and other protective structures. With the increasing focus on lightweight and durable materials in these industries, the demand for thermoset composites is expected to grow steadily.

What challenges does the Thermoset Composites Market face during the growth?

The high cost of thermoset composites is a key challenge affecting the market growth.

• Thermoset composites, specifically carbon fiber reinforced polymers, have gained significant attention in various industries, including marine and sports equipment, due to their superior properties such as high specific strength and modulus. These composites offer significant performance advantages over traditional materials like steel, aluminum, wood, and performance plastics. However, the high cost of carbon fiber, the primary component of thermoset composites, remains a concern. The cost is influenced by the cost and yield of its precursors and the conversion process. The average cost of carbon fiber is approximately USD 21 per pound. In the marine industry, carbon fiber composites are increasingly used to manufacture lightweight and durable boats, reducing carbon emission levels.
• In the sports equipment sector, carbon fiber composites are utilized to create high-performance, lightweight products for athletes. Moreover, the growing trend towards electric vehicles has fueled the demand for advanced composites, as they offer weight reduction and improved fuel efficiency. From a sustainability standpoint, the recyclability of thermoset composites is an area of ongoing research. While current recycling methods are limited, advancements in this field could lead to significant cost savings and reduced environmental impact. In conclusion, the benefits of thermoset composites, particularly carbon fiber reinforced polymers, are undeniable. However, their high cost remains a significant challenge. Continued research and innovation in the production process and recycling methods could help mitigate this concern and expand the application scope of these advanced materials.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Accurate Plastics
• Advanced Composite Structures Australia Pty Ltd.
• AGY Holding Corp.
• C2 Composites
• China Jushi Co. Ltd.
• Hexcel Corp.
• Hexion Inc.
• Huntsman Corp.
• Johns Manville Corp
• Lingol Corp.
• Mar Bal Inc.
• Mitsubishi Chemical Corp.
• Owens Corning
• PPG Industries Inc
• Reliance Industries Ltd.
• SGL Carbon SE
• Solvay SA
• Teijin Ltd.
• Toray Industries Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Thermoset composites are a type of fiber-reinforced composites that offer high strength and excellent physical properties, making them an ideal choice for various industries. These composites are known for their stiffness-to-density ratios, which contribute to reduced airframe weight and improved fuel economy in aerospace and defense applications. In the aerospace industry, thermoset composites are extensively used in the manufacturing of interior components, such as seats and panels, due to their lightweight and eco-friendly nature. The marine industry also benefits significantly from thermoset composites, as they are used in the production of pipe and tank linings, boat hulls, and other structural components.

In the construction sector, these composites are utilized in the fabrication of lightweight and durable building materials. Thermoset composites are also gaining popularity in the transportation sector, particularly in the automotive industry, where they are used in the production of advanced composites for car parts, such as body panels and engine components. Additionally, these composites are finding applications in the wind energy sector, with wind turbine blades being a major area of focus. Epoxy and polyester composites are the most commonly used resin types in thermoset composites. Glass fibers are the most popular fiber type, but other fiber types, such as carbon and aramid, are also used.

Further, digital manufacturing technologies, collaboration and partnerships, and operational integration are key trends driving the growth of the market. The market is expected to witness significant growth due to increasing infrastructure spending, the growing demand for commercial aircraft, and the expansion of the marine industry. Sustainability and recyclability are also key factors driving the market, as there is a growing focus on reducing carbon emission levels and the production of eco-friendly formulations. The use of thermoset composites in the electrical and electronics, consumer goods, and sports equipment industries is also on the rise, as these composites offer excellent strength, durability, and lightweight properties.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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