Thermoset Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Fiber Type (Carbon Fiber, Glass Fiber, and Others), Resin Type (Epoxy Resin, Phenolic Resin, Polyester Resin, Polyurethane Resin, Vinyl Ester Resin, and Others), End-user Industry (Aerospace & Defense, Automotive, Construction & Infrastructure, Electrical & Electronics, Marine, Pipes & Tanks, Transportation, Wind Energy, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East & Africa).

Market Snapshot

Thermoset Composites Market- Market Summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %

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Market Overview

The global thermoset composites market is expected to grow at with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the increasing demand from aerospace industry. However, high cost of thermoset composites is hindering the growth of the market studied. 

  • Aerospace Industry accounts for the highest market share and is expected to continue dominating during the forecast period.
  • Increasing Investments in the wind energy sector is likely to provide a major growth opportunity for the market studied in the coming years.
  • Asia-Pacific accounts for the highest market share and is expected to continue dominating during the forecast period.

Scope of the Report

The Gobal Thermoset Composites market report include: 

Fiber Type
Carbon Fiber
Glass Fiber
Others
Resin Type
Epoxy Resin
Phenolic Resin
Polyester Resin
Polyurethane Resin
Vinyl Ester Resin
Others
End-user Industry
Aerospace & Defense
Automotive
Construction & Infrastructure
Electrical & Electronics
Marine
Pipes & Tanks
Transportation
Wind Energy
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East & Africa
Saudi Arabia
South Africa
Rest of Middle-East & Africa

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Key Market Trends

Aerospace & Defense Industry to Dominate the Market

  • There has been a rapid growth in the usage of thermoset composites from the aerospace & defense sector, owing to its requirement in interior components, offering high strength, superior physical properties, and stiffness-to-density ratios. 
  • Such composites help in the reduction of airframe weight enabling better fuel economy, thereby lowering the overall operational costs. 
  • Additionally, the increasing R&D and investments in the aerospace sector are expected to boost the demand for thermoset composites. 
  • The growing manufacturing of aircrafts  in countries like United States and Canada is driving the application of thermoset composites in aerospace industry.
  • Hence, owing to the above-mentioned factors, the aerospace industry is expected to dominate the market studied during the forecast period.
Global Thermoset Composites - Revenue Share

Asia-pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the global thermoset composites market with the maximum share during the forecast period. This is majorly because of the increasing usage in electronics, and construction sector of the emerging economies in the region, including India, China, and ASEAN Countries.
  • China is expected to have the largest market in the region due to increasing investments in the electronics sector. Additionally, increasing infrastructural investments in the region are also likely to boost the demand for thermoset composites.
  • Additionally, the India construction industry is also witnessing significant growth in the recent past which is likely to boost the demand for thermoset composites in the country.
  • Hence, Asia-Pacific is expected to dominate the thermoset composites market due to these factors, over the forecast period.
Thermoset Composites Market - Regional Trend

Competitive Landscape

The thermoset composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Hexcel Corporation, JEC Group, TEIJIN LMITED, Johns Manville, and Huntsman International LLC, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Preference of Thermoset Composites from Wind Energy

      2. 4.1.2 Rapidly Increasing Demand from Aerospace Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Challenges Faced During Recycling and Remoulding

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Fiber Type

      1. 5.1.1 Carbon Fiber

      2. 5.1.2 Glass Fiber

      3. 5.1.3 Others

    2. 5.2 Resin Type

      1. 5.2.1 Epoxy Resin

      2. 5.2.2 Phenolic Resin

      3. 5.2.3 Polyester Resin

      4. 5.2.4 Polyurethane Resin

      5. 5.2.5 Vinyl Ester Resin

      6. 5.2.6 Others

    3. 5.3 End-user Industry

      1. 5.3.1 Aerospace & Defense

      2. 5.3.2 Automotive

      3. 5.3.3 Construction & Infrastructure

      4. 5.3.4 Electrical & Electronics

      5. 5.3.5 Marine

      6. 5.3.6 Pipes & Tanks

      7. 5.3.7 Transportation

      8. 5.3.8 Wind Energy

      9. 5.3.9 Others

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 ASEAN Countries

        6. 5.4.1.6 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East & Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Accurate Plastics Inc.

      2. 6.4.2 Advanced Composite Structures Australia Pty Ltd.

      3. 6.4.3 C2 Composites

      4. 6.4.4 Connora Technologies

      5. 6.4.5 PolyOne Corporation

      6. 6.4.6 Hexcel Corporation

      7. 6.4.7 Huntsman International LLC

      8. 6.4.8 JEC Group

      9. 6.4.9 Johns Manville Corporation

      10. 6.4.10 Lingol Corporation

      11. 6.4.11 Mar-Bal, Inc.

      12. 6.4.12 Owens Corning

      13. 6.4.13 PPG Industries Inc.

      14. 6.4.14 SGL Group

      15. 6.4.15 Teijin Limited

      16. 6.4.16 TenCate Advanced Composites

      17. 6.4.17 Toray Industries Inc.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Investments in Wind Energy Sector

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Frequently Asked Questions

The Thermoset Composites Market market is studied from 2016 - 2026.

The Thermoset Composites Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Hexcel Corporation , Huntsman International LLC, JEC Group , TEIJIN LIMITED. , Johns Manville. are the major companies operating in Thermoset Composites Market.

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