Global Thermoset Resin Composites Market 2017-2021
About Thermoset Resin Composites
Thermoset resin is a synthetic polymer made from petroleum derivatives. Based on the chemical structure, thermoset resins are classified into various types such as polyester, epoxy, vinyl ester, and urethane resins. They are widely used by construction, pipe and tank, and electrical and electronics end-users. Depending on the requirement of different applications, thermoset resins are reinforced with organic or inorganic fibers.
Technavio’s analysts forecast the global thermoset resin composites market to grow at a CAGR of 5.36% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global thermoset resin composites market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Thermoset Resin Composites Market 2017-2021
Technavio recognizes the following companies as the key players in the global thermoset resin composites market: Ashland, BASF, Huntsman International, Olin Corporation, and The Dow Chemical Company.
Other Prominent Vendors in the market are: AOC, Copps Industries, Dunbar Sales & Manufacturing, Hapco, National Pesticides & Chemicals, Polycast Industries, Polynt, Arkema, Solvay, and United Resin.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rise in cost-effective alternatives. Thermoset compounds, especially sheet molding compound (SMC) and bulk molding compound (BMC) structural-thermoset resin composites, have long lifespans. Structures that are built using thermoset resin composites around 65 years ago are still in use. They can consolidate parts, thereby reducing the number of separate parts.”
According to the report, one driver in the market is growing demand for lightweight vehicles. Thermoset resin composites are used in exterior, interior, and other components. Steel is replaced by fiber-reinforced composites, which include thermoset resins. They can integrate parts, reduce the weight of components, and operate with high efficiency. Thus, they are used to replace metals like aluminum and high-performance steel. The growing concerns about fuel efficiency and the reduction of carbon emissions are driving the demand for lightweight vehicles.
Further, the report states that one challenge in the market is competition from advanced materials for industrial products. Manufacturers are innovating their products in response to the needs and application requirements of various industries. New solutions incorporated by thermoplastic and biodegradable resins are threats to thermoset resin composites. Thermoset resins possess different properties when compared with specialized resins. The increasing need for durability, stiffness, fuel efficiency, and cost cutting from secondary operations prefer structural-thermoset resins over standard thermoset resins.
Ashland, BASF, Huntsman International, Olin Corporation, The Dow Chemical Company, AOC, Copps Industries, Dunbar Sales & Manufacturing, Hapco, National Pesticides & Chemicals, Polycast Industries, Polynt, Arkema, Solvay, and United Resin.