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The thermoset composites market share is expected to increase by USD 20.73 billion from 2022 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.92%.
This thermoset composites market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermoset composites market segmentation by type (polyester resin, epoxy resin, and others) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The thermoset composites market report also offers information on several market vendors, including Accurate Plastics, Advanced Composite Structures Australia Pty Ltd., AGY Holding Corp., C2 Composites, China Jushi Co. Ltd., Hexcel Corp., Hexion Inc., Huntsman International LLC, Johns Manville, Lingol Corp., Mar Bal Inc., Mitsubishi Chemical Corp., Owens Corning, PPG Industries Inc., Reliance Industries Ltd., SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray Industries Inc. among others.
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The demand for lightweight materials in the automotive sector is notably driving the thermoset composites market growth, although factors such as the high cost of thermoset composites may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermoset composites industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermoset Composites Market Driver
One of the key factors driving growth in the global thermoset composites market side mirrors the market demand for lightweight materials in the automotive sector. Carbon fibers have been used in the production of different parts such as body components and interior finishes for many years due to the availability of high-speed manufacturing technologies. Moreover, automakers are striving to manufacture light and improved vehicle exterior and interior parts that can drastically improve the fuel efficiency of the vehicle. Furthermore, the area of material science, especially composites, has been complementary to the evolution of prepreg composites in the composites sector. Therefore, the shift from E-glass to carbon fiber composite materials has recently been growing for lightweight and fuel-efficient vehicles. Due to advanced R&D by carbon fiber manufacturing companies, carbon composite materials are incorporated into more diverse automobile structures. In addition, the automotive sector is expected to undergo steady progress toward material change in key automotive segments such as powertrain, chassis, exterior, and interior, which will lead to an increased demand for thermoset composites leading to market growth during the forecast period.
Key Thermoset Composites Market Trend
Wind power capacity additions are another factor supporting the global thermoset composites market growth. Wind energy is emerging as a low-cost renewable energy source for generating electricity, with developed regions like North America and Western Europe accounting for the highest investments in total wind tower installations across the globe. It is a high-potential application area for thermoset composites, with turbine blades being the fastest growing product in this segment. An increasing number of vendors in the market are focusing on the R&D of technologically advanced products for such applications. The introduction of new low-cost composites for wind energy applications is expected to lead to the manufacture of wind turbine blades that are stronger, lighter, and longer, thereby creating more energy compared with shorter blades. Therefore, with an increase in wind power capacity additions globally the global thermoset composites market will witness growth during the forecast period.
Key Thermoset Composites Market Challenge
The high cost of thermoset composites will be a major challenge for the global thermoset composites market during the forecast period. The high cost of thermoset composites has been an essential concern associated with their increasing use in structural applications. Furthermore, carbon fiber composite parts offer clear benefits over steel, aluminum, wood, and performance plastics due to their high specific strength and modulus. Therefore, the cost of carbon fiber is directly related to the cost and yield of its precursors and the conversion cost. Thermoset composites remain expensive due to the high costs of raw materials and high skilled workforce requirements. Many applications of thermoset composites have been discovered, but due to high-cost constraints, the commercialization of such applications is yet to be adopted. The high cost associated with manufacturing and developing thermoset composite materials will restrict the growth of the global thermoset composites market during the forecast period.
This thermoset composites market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global thermoset composites market as a part of the global commodity chemicals market within the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermoset composites market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the thermoset composites market encompasses successful business strategies deployed by the key vendors. The thermoset composites market is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, reputation, brand identity, and distribution to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermoset composites market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermoset composites market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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46% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the thermoset composites market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growth in the number of vendors entering APAC to gain cost advantages will facilitate the thermoset composites market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the thermoset composites market witnessed certain challenges due to the COVID-19 pandemic. Moreover, the implementation of lockdown restrictions to contain the spread of the disease negatively. However, the market in the region has been recovering slowly since the beginning of 2021 with the introduction of vaccines and the resumption of operations in automobiles, aerospace, and other industries. Therefore, the rising demand from the end-user industries such as aerospace and defense, automotive, and wind energy is expected to drive the growth of the thermoset composites market during the forecast period.
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The thermoset composites market share growth by the polyesters resins segment will be significant during the forecast period. Polyester resins offer ease of handling, low cost, dimensional stability, as well as good mechanical, chemical resistance, and electrical properties. One of the more common properties offered by polyester resins is their ability to bond with glass fibers, as the polyester resin has a high saturation effect.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermoset composites market size and actionable market insights on post-COVID-19 impact on each segment.
Thermoset Resin Composites market - Research analysts predict that this market will grow at a CAGR of more than 5% by 2021.
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Thermoset Composites Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.92% |
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Market growth 2022-2026 |
$ 20.73 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.0 |
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Regional analysis |
APAC, North America, Europe, South America, Middle East, and Africa |
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Performing market contribution |
APAC at 46% |
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Key consumer countries |
US, China, Japan, Germany, and the UK |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Accurate Plastics, Advanced Composite Structures Australia Pty Ltd., AGY Holding Corp., C2 Composites, China Jushi Co. Ltd., Hexcel Corp., Hexion Inc., Huntsman International LLC, Johns Manville, Lingol Corp., Mar Bal Inc., Mitsubishi Chemical Corp., Owens Corning, PPG Industries Inc., Reliance Industries Ltd., SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray Industries Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Resin Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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