Thermoset Resin in the Global Composites Market Trends and Forecasts
Lucintel finds that the future of the global thermoset resin in the global composites material market is attractive with opportunities in various end use industries, including marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics, and consumers goods. The thermoset resin in the global composites market is expected to reach an estimated $23 billion by 2031 with a CAGR of 4% from 2024 to 2031. The major drivers for growth in this market are due to the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials.
The major components used in making the thermoset resins for composites are: unsaturated polyester, phenolic resins as well as epoxy and vinyl ester. For instance, the monomers that make up styrene of polyesters, or Bisphenol-A in epoxies They help to initiate the curing process by adding hardeners such as anhydrides or amines. Besides, fillers; additives and reinforcements like glass or carbon fibers are also integrated to improve the properties of the resin. This creates durable heat resistant composites used in various industrial applications.
• Lucintel forecasts that construction is expected to remain the largest segment by both value and volume. Expected growth in the infrastructure development, rehabilitation of old infrastructures, and capital investment in industrial development are the major driving forces that spur growth for these segments over the forecast period. Aerospace & defense is expected to witness highest growth over the forecast period.
• Polyester resin will remain the largest segment by value and volume over the forecast period because it offers performance benefits for different applications and also expected to witness the highest growth over the forecast period.
• Asia Pacific is expected to remain the largest region and it is also expected to witness highest growth over the forecast period due to growth in end use industries and increasing demand for lightweight materials
Country wise Outlook for the Thermoset Resin in the Global Composites Market
The thermoset resin in the global composites market is witnessing substantial growth globally, driven by increased demand from various markets such as marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics, and consumers goods. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major thermoset resin in the global composites market producers in key regions/countries: the USA, Germany, Brazil, China, and India.
Emerging Trends in the Thermoset Resin in the Global Composites Market
The global composites market is experiencing significant transformation, particularly with the rise of thermoset resins. These materials are increasingly favored for their superior mechanical properties, thermal stability, and resistance to environmental degradation. As industries such as aerospace, automotive, and construction seek lightweight and durable materials, thermoset resins are becoming integral to composite manufacturing. This shift is driven by technological advancements, sustainability initiatives, and evolving consumer demands. Understanding the emerging trends in this market is crucial for stakeholders aiming to leverage the potential of thermoset resins in various applications.
• Increased Demand for Lightweight Materials: The aerospace and automotive industries are pushing for lighter materials to improve fuel efficiency and reduce emissions. Thermoset resins provide the necessary strength-to-weight ratio, making them ideal for these applications. This trend is leading to innovations in resin formulations and processing techniques, enhancing performance and sustainability.
• Advancements in Recycling Technologies: As environmental concerns grow, the development of recycling methods for thermoset composites is gaining traction. New technologies are being explored to reclaim and repurpose thermoset materials, which traditionally have been difficult to recycle. This trend not only addresses waste management issues but also promotes a circular economy within the composites industry.
• Growth in Renewable and Bio-based Resins: The shift towards sustainability is driving the development of bio-based thermoset resins derived from renewable resources. These materials offer similar performance characteristics to traditional resins while reducing reliance on fossil fuels. This trend is appealing to manufacturers looking to enhance their environmental credentials and meet regulatory requirements.
• Integration of Smart Technologies: The incorporation of smart technologies, such as sensors and IoT devices, into thermoset composites is emerging. These innovations enable real-time monitoring of structural integrity and performance, enhancing safety and reliability in critical applications. This trend is particularly relevant in sectors like aerospace and automotive, where performance is paramount.
• Expansion into Emerging Markets: The demand for thermoset composites is growing in emerging markets, driven by industrialization and infrastructure development. Countries in Asia-Pacific and Latin America are increasingly adopting these materials in construction, automotive, and consumer goods. This trend presents opportunities for manufacturers to expand their market reach and establish new partnerships in these regions.
The emerging trends in the thermoset resin market are reshaping the global composites landscape. The focus on lightweight materials, recycling technologies, renewable resins, smart integrations, and market expansion is driving innovation and sustainability. Stakeholders must adapt to these trends to remain competitive and meet the evolving demands of various industries.
Recent Developments in the Thermoset Resin in the Global Composites Market
The global composites market has seen significant advancements in recent years, particularly in the thermoset resins. These materials are known for their durability, heat resistance, and structural integrity, making them ideal for various applications across industries such as automotive, aerospace, and construction. As manufacturers seek to enhance performance and sustainability, several key developments have emerged, shaping the future of thermoset resins and their applications. This overview highlights five critical developments that are influencing the market landscape and driving innovation in composite materials.
• Increased Adoption of Bio-based Thermosets: The shift towards sustainable materials has led to the development of bio-based thermoset resins, which reduce reliance on fossil fuels. This trend not only meets regulatory demands but also appeals to environmentally conscious consumers, enhancing market competitiveness.
• Advancements in Manufacturing Techniques: Innovations in manufacturing processes, such as 3D printing and automated fiber placement, have improved the efficiency and precision of thermoset resin applications. These advancements allow for complex geometries and reduced waste, ultimately lowering production costs and increasing market accessibility.
• Enhanced Performance Properties: Recent research has focused on improving the mechanical and thermal properties of thermoset resins. Developments in formulations have resulted in materials that offer superior strength, heat resistance, and chemical stability, making them more attractive for high-performance applications in aerospace and automotive sectors.
• Growth in Aerospace Applications: The aerospace industry is increasingly utilizing thermoset composites due to their lightweight and high-strength characteristics. This growth is driven by the need for fuel-efficient aircraft and the demand for advanced materials that can withstand extreme conditions, significantly impacting the market dynamics.
• Regulatory Support and Standards Development: Governments and industry bodies are establishing regulations and standards that promote the use of thermoset composites in various applications. This regulatory support not only encourages innovation but also ensures safety and performance, fostering greater acceptance and integration of these materials in the market.
These developments are collectively transforming the thermoset resin segment of the global composites market. The focus on sustainability, enhanced manufacturing techniques, improved material properties, and regulatory support is driving growth and innovation, positioning thermoset resins as a critical component in the future of composite materials.
Strategic Growth Opportunities for Thermoset Resin in the Global Composites Market
The global composites market is experiencing significant growth, driven by the increasing demand for lightweight, durable materials across various industries. Thermoset resins, known for their excellent mechanical properties and thermal stability, are becoming increasingly popular in applications such as automotive, aerospace, construction, and electronics. As industries seek to enhance performance while reducing weight and costs, strategic growth opportunities are emerging. This discussion highlights five key growth opportunities in the thermoset resin market, focusing on their applications and potential impacts on the overall market landscape.
• Automotive: The automotive industry is rapidly adopting thermoset resins for lightweight components, which enhance fuel efficiency and reduce emissions. This shift is driven by stringent regulations and consumer demand for sustainable vehicles, leading to increased production of thermoset-based parts such as body panels and structural components.
• Aerospace: In aerospace applications, thermoset resins are crucial for manufacturing high-performance components that withstand extreme conditions. The growing trend towards more fuel-efficient aircraft is propelling the demand for advanced composite materials, resulting in significant growth opportunities for thermoset resins in this sector.
• Construction: The construction industry is increasingly utilizing thermoset resins in applications such as insulation, flooring, and structural elements. Their durability and resistance to environmental factors make them ideal for modern building materials, creating opportunities for innovation and expansion in this market segment.
• Electronics: The electronics sector is leveraging thermoset resins for their excellent electrical insulation properties and thermal stability. As the demand for miniaturized and high-performance electronic devices grows, thermoset resins are becoming essential in the production of circuit boards and other components, driving market growth.
• Wind Energy: The wind energy sector is adopting thermoset resins for manufacturing turbine blades due to their lightweight and strong characteristics. As the global push for renewable energy intensifies, the demand for thermoset resins in wind energy applications is expected to rise significantly, presenting a substantial growth opportunity.
The strategic growth opportunities in the thermoset resin market across various applications are reshaping the global composites landscape. As industries increasingly prioritize performance, sustainability, and innovation, the demand for thermoset resins is set to expand, driving market growth and fostering advancements in material technology.
List of Thermoset Resin Companies in the Global Composites Industry
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies thermoset resin companies in the global composites industry cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the thermoset resin companies in the global composites industry profiled in this report includes.
• INEOS Composites (KPS Capital)
• BASF
• Covestro
• Huntsman Corporation
• Polynt Group
• AOC (Nippon Paint Holdings Co., Ltd)
• Swancor Ind. Co., Ltd.
• Hexion Inc.
• Resonac
• Sino Polymer Co., Ltd.
• Scott Bader Co. Ltd.
• Allnex (PTT Global Chemical Group)
These companies have established themselves as leaders in the thermoset resin in the global composites market with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the thermoset resin in the global composites market are evolving, with the entry of new players and the emergence of innovative technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Thermoset Composites Resins Market by Segment
Major segments of the thermoset resin in the global composites market experiencing growth include aerospace structures; fuel efficiency in automotive through thermoset composites.; turbine blades in wind energy use resin composites for durability; such thermoset resins as used in electronics to improve electrical properties, and construction to increase strength and corrosion resistance.
This thermoset resin in the global composites market report provides a comprehensive analysis of the market's current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including end use industry, process, and resin type. The report offers insights into regional dynamics, highlighting the major markets for thermoset resin in the global composites market and their growth potentials. The study includes trends and forecast for the composites in thermoset resin in the global composites market by end use industry, process, and resin type and region as follows:
By Manufacturing Process [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• Hand Lay Up
• Spray Up
• Resin Infusion
• Filament Winding
• Pultrusion
• Injection molding
• Compression Molding
• Prepreg Lay Up
• Other Processes
By Resin [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• Polyester
• Vinyl Ester
• Epoxy
• Phenolic
• Polyurethane
• Other Resins
By Region [Value ($M) and Volume (M lbs.) Analysis for 2019 – 2031]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of Thermoset Resin in the Global Composites Market
• Market Size Estimates: Thermoset resin in the global composites market size estimation in terms of value ($M) and volume (M lbs.).
• Trend and Forecast Analysis: Market trends (2019-2024) and forecast (2025-2031) by various segments and regions.
• Segmentation Analysis: Market size by end use industry, process, resin type, and region.
• Regional Analysis: Thermoset resin in the global composites market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different end use industry, process, resin type, and regions for the thermoset resin in the global composites market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for thermoset resin in the global composites market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in thermoset resin in the global composites market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the thermoset resin in the global composites market size?
Answer: The thermoset resin in the global composites market is expected to reach an estimated $23 billion by 2031.
Q2. What is the growth forecast for thermoset resin in the global composites market?
Answer: The thermoset resin in the global composites market is expected to grow at a CAGR of 4% from 2024 to 2031.
Q3. What are the major drivers influencing the growth of the thermoset resin in the global composites market?
Answer: The major drivers for growth in this market are due to the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials.
Q4. What are the major applications or end use industries for thermoset resin in the global composites market?
Answer: Marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics are the major end use industries for thermoset resin in the global composites market.
Q5. What are the emerging trends in thermoset resin in the global composites market?
Answer: Emerging trend, which have a direct impact on the dynamics of the industry, increased demand for lightweight materials, advancements in recycling technologies, growth in renewable and bio-based resins, integration of smart technologies, expansion into emerging markets.
Q6. Who are the key thermoset resins in the global composites companies?
Answer: Some of the key thermoset resins in the global composites companies are as follows:
• INEOS Composites (KPS Capital)
• BASF
• Covestro
• Huntsman Corporation
• Polynt Group
• AOC (Nippon Paint Holdings Co., Ltd) (Nippon Paint Holdings)
• Swancor Ind. Co., Ltd.
• Hexion Inc.
• Resonac
• Sino Polymer Co., Ltd.
• Scott Bader Co. Ltd.
• Allnex (PTT Global Chemical Group) (PPT Global Chemical Group)
Q7.Which thermoset resin in the global composites resin segment will be the largest in future?
Answer: Lucintel forecasts that polyester resin will remain the largest segment by value and volume over the forecast period because it offers performance benefits for different applications. Epoxy resin is expected to witness the highest growth over the forecast period
Q8: In thermoset resin in the global composites market, which region is expected to be the largest in next 7 years?
Answer: Asia Pacific is expected to remain the largest region and witness the highest growth over next 7 years
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high growth opportunities for the thermoset resin in the global composites market by end use industry (marine, pipe and tank, construction, transportation, wind energy, aerospace and defense, electrical and electronics, consumers goods, and other end use industries), manufacturing process (hand lay-up/ spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay-up, and other manufacturing processes), resin type (polyester, thermoset, epoxy, phenolic, polyurethane, and other resin types), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?