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(Transportation-News.com, October 30, 2021 ) According to the new market research report "Thermoset Composites Market by Manufacturing Process (Lay-Up, Filament Winding, Injection Molding, Pultrusion), Fiber Type (Glass, Carbon), Resin Type (Polyester, Epoxy, Vinyl Ester), End-Use Industry, and Region - Global Forecast to 2021", The thermoset composites market was valued at USD 41.98 Billion in 2016, and is projected to reach USD 57.98 Billion by 2021, at a CAGR of 6.67% during the forecast period.
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Growth of this market is mainly attributed to the fact that thermoset composites help increase the strength and stiffness of structural parts. In addition, the increasing adoption of thermoset composites in varied end-use industries such as automotive and aerospace & defense, among others, has contributed to the growth of this market.
Epoxy resin comprises a major share of the thermoset composites market, in terms of value
Epoxy resin-based composites are used in various industries such as aerospace & defense, transportation, wind energy, pipe & tank, and marine, among others. These composites encompass properties such as high stiffness, chemical resistance, and high tensile strength. On account of these properties, epoxy resin-based composites have been widely utilized across varied end-use industries.
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Glass fiber is the largest fiber type for thermoset composites, in terms of volume
Glass fiber thermoset composites offer better fabrication adaptability, high durability, and high strength-to-weight ratio. Glass fibers can be used in lay-up, weaving, filament winding, and pultrusion processes for manufacturing composite parts for various end-use industries, such aerospace & defense, transportation, and wind energy.
Asia-Pacific accounts for a major share of the thermoset composites market
The growth of the thermoset composites market in the Asia-Pacific region is driven by the expansion of the construction & infrastructure, wind energy, and transportation industries in this region. Some of the leading players such as Owens Corning (U.S.) and Toray Industries, Inc. (Japan) have enhanced their R&D efforts to provide good quality thermoset composites products. In addition, rapid economic development and industrialization in the Asia-Pacific region are providing an impetus for the growth of the thermoset composites market.
Key players operating in the thermoset composites market include Owens Corning (U.S.), Toray Industries, Inc. (Japan), Hexcel Corporation (U.S.), Jushi Group (China), and Teijin Limited (Japan), among others. These players have adopted various organic and inorganic developmental strategies to enhance their presence in the thermoset composites market.
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