PUBLISHER: Allied Market Research | PRODUCT CODE: 1097727
PUBLISHER: Allied Market Research | PRODUCT CODE: 1097727
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 compounds provide thermosetting plastic parts with heat resistance, dimensional stability, high bending strength, electrical insulation, and functionality, making them ideal for a variety of applications. The molecules are linked via a cross-linking process through irreversible chemical reactions under heat and pressure. They are generally stronger than thermoplastics due to polymer cross-linking and are suitable for high-temperature applications. Each type of thermosetting plastic has unique properties and is used in a variety of applications such as electrical and electronic equipment, automobile bodies, and aerospace equipment.
The global thermosetting compound market is driven primarily by the rapid growth of urbanization and increase in demand from the electronics and automotive industries. Increase in demand for high metal weight and safety in the transport and aviation universe and the need for thermal stable and corrosion-resistant composites propagate the market growth. The increase in investment in emerging economic countries related to transport infrastructure brought an increase in demand for automotive and airborne transport-related products. Rise in demand for these products actively influences the demand for thermosetting growth. In particular, rapid change in the human living environment after the introduction of portable electronic gadgets, such as smartphones and laptops create a large demand for electrical equipment, which drives the growth of the thermoset molding market.
Fluctuations in crude oil prices and regulatory challenges related to hazardous waste, need for high investment by investors to manufacture products, and presence of fierce competition among a large number of global giants are among the markets. It is expected to hinder growth.
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.
COVID-19 Impact Analysis:
By End User
By Type
By Region