"At 5% CAGR, Thermoset Composites Market size is forecasted to reach USD 31.7 Billion by 2026, says Brandessence Market Research"

"At 5% CAGR, Thermoset Composites Market size is forecasted to reach USD 31.7 Billion by 2026, says Brandessence Market Research"

PR Newswire

PUNE, India, Feb. 8, 2021

PUNE, India, Feb. 8, 2021 /PRNewswire/ -- The Global demand for Thermoset Composites Market, in terms of revenue, was worth of USD 24.08 billion in 2019 and is expected to reach USD 31.7 billion in 2026, growing at CAGR of 5.00% from 2020 to 2026.

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Growing demand for lightweight materials is the main driving factor for thermoset composites market. Additionally, increasing demand for thermoset composites among various end-use industries including construction & infrastructure and aerospace & defense are estimated to create an upsurge in the thermoset composites market. Thermoset composites for the automotive industry offer a low coefficient of thermal expansion excellent dimensional stability, high impact strength, relatively low weight, receptiveness to paint and other important composite properties. According to U.S. & world economies, in 2018, the U.S. automotive industry contributed 2.7% to U.S. gross domestic product. That's USD 545.4 billion out of the total USD 20.5 trillion produced. Of that, USD 327.1 billion was auto manufacturing and USD 218.3 billion was vehicle retail sales. However, the issues related to the remold ability and recyclability might restrict the growth of the thermoset composites market. Moreover, the potential opportunities in new applications are likely to showcase growth opportunities for the thermoset composites market during the forecast period.

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Thermoset composite parts are typically made from epoxy or polyester resins and reinforced with glass fibers. These are an attractive alternative to metals and thermoplastics due to its exceptional physical properties and surface appearance. Thermoset composites remain steady in high and dynamic temperature applications, a beneficial quality in the rapidly shifting world of manufacturing. Thermoset composites give creators nearly unlimited flexibility in designing shapes and forms. It offers lower costs in both cost per cubic inch and raw material cost. Thermoset composites can be found in many different industries but are especially conspicuous in household appliance use. Thermosets are ultimate for use in household appliances due to their durability. For example, thermoset composites, which are commonly based on glass, carbon or aramid fibers, are usually incorporated with resins such as polyesters, vinyl esters, epoxies, bismaleimides, cyanate esters, polyimides or phenolics.

The study provides a crucial view of global Thermoset composites market by segmenting the market based on fiber type, Resin Type, manufacturing process, end user Industry and region. On the basis of fiber type, global Thermoset composites market is segmented as carbon fiber, glass fiber and other fiber. On the basis of resin type, global thermoset composites market is segmented as polyester, epoxy, vinyl ester, phenolic, polyurethane and others. On the basis of manufacturing process, the market is segmented into lay-up, filament winding, resin infusion, compression molding, injection molding, pultrusion and others. On the basis of end user, the market is segmented into transportation, aerospace & defense, sporting goods, wind energy, construction & infrastructure, pipe & tank, marine, electrical & electronics and others.

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Top Companies of Thermoset composites market: Teijin Limited (Japan), and SGL Group (Germany), Owens Corning (U.S.), Toray Industries, Inc. (Japan), Jushi Group (China), Hexcel Corporation (U.S.), Mitsubishi Rayon Co., Ltd. (Japan).

North America is expected to drive the growth of Thermoset composites market, owing to the presence of well-established end use industries such as aerospace & defense, along with sports industry. U.S. is constantly increasing its military power to lead in the list of major military powers. This in turn is expected favor market of thermoplastic composite in this region. The aerospace and defense workforce continues to be the core of industry's success. At nearly 2.2 million strong in 2019, A&D workers represented 1.4% of America's total workforce, according to facts & figures of U.S. Aerospace & defense, in 2019. The impact of defense spending on state economies cannot be overstated. Also, According to Department of Defense 2018 statistics, The Aerospace & defense industry saw business growth in 49 states and the District of Columbia in 2019. Additionally, increasing demand from the transportation industry to drive the demand for Thermoset composites in Europe.

The Fiber Type segment of thermoset composite market is dominated by glass fiber by capturing the largest market share 78.31% in year 2019. The Resin type segment of thermoset composite market is dominated by polyester in year 2019. The Manufacturing Process segment of thermoset composite market is dominated by lay-up by capturing the largest market share in year 2019. The End-Use Industry segment of thermoset composite market is dominated by automotive by capturing the largest market share 28.37% in year 2019.

Asia-Pacific held the largest market share of 36.54% in 2019. In Asia-pacific, China is one and the major revenue contributing countries and will always have a special role in the global Thermoset composites market. Growing with a CAGR of 5.80% Asia-Pacific is likely to occupy a higher Thermoset composites market share by the end of 2026.

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Market Trends

Long Fiber Reinforced Thermoplastics: Most thermoplastic composite parts are made with non-continuous fibers using injection molding. Short fibers (less than 1/8-inch) have been used in thermoplastic composites in the automotive sector for decades. Moreover, long fiber reinforced thermoplastics (LFRTs) from 1/8-inch to one inch have entered the market. LFRTs are commonly available as pellets and used primarily in injection molding and compression molding. Aerospace manufacturers were early adopters of LFRT technology. LFRTs have begun to proliferate the automotive market not only for light-weighting advantages, but also because they are easy to process.

Additionally, direct long fiber thermoplastics (DLFTs) are a newer processing technique that provides long fibers without melting preformed pellets. In a three-step process, DLFT compounds a resin – typically polypropylene – with any additives, cuts continuous fiber roving's directly into the resin and then extrudes a portion of the reinforced material into a compression molding tool in the form of a dough-like charge or 'bun.' This allows control of the fiber length.

Over molding: Over molding refers to hybrid processes in which two different materials are molded together, with the base layer molded first and additional layers molded into, on or around the original part. In the most common type of over molding, CFRT is placed into an injection molding tool and then short or long fiber thermoplastics are injected into the mold.

Continuous Fiber Reinforced Thermoplastics: Continuous fiber reinforced thermoplastics (CFRTs) are found in unidirectional tapes and used for woven sheets, filament winding and pultrusion. Continuous Fiber Reinforced Thermoplastic (CFR-TP) is a composite material containing high performance continuous fibers such as glass fiber, carbon fiber and aramid fiber which is impregnated under matrix of thermoplastics such as polycarbonates. One application is truck liners.

Engineering Polymer: The expansion of engineering resins with long and short carbon fiber reinforced polyamides and high-performance polyphthalamides – are key drivers to the spread of thermoplastic composites. Unlike less expensive commodity resins, engineering polymers offer exceptional mechanical properties at elevated temperatures, increased stiffness and toughness, and low creep. This makes them ideal for more metal-to-plastic structural components opportunities.

Compression Molding: While not as widely used as injection molding – especially in the United States compression molding can be a lower cost alternative. It won't be as fast as injection molding, but if manufacturers are making fewer parts, it's a lot less costly to build the mold.

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Composite Materials Market 2020 By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), By Resin Type (Thermoset Composites, Thermoplastic Composites), By Manufacturing Process (Lay-Up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM) Forecast To 2025

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