Global Recyclable Thermoset Market

MARKET SCOPE:

The global recyclable thermoset market is projected to grow significantly, registering a CAGR of 7.4% during the forecast period (2024 – 2032).

Thermoset polymers, characterized by covalent cross-links in their structure, demonstrate exceptional resistance to diverse environmental, mechanical, and thermal factors, particularly at elevated temperatures. In comparison to traditional thermoplastics, referred to as thermoset polymers, thermosets exhibit remarkable dimensional stability. Traditionally acknowledged for their rigidity and no recyclability post-curing due to extensive cross-linking, thermosets generate waste either at the end of their life cycle or during the manufacturing process.

Mechanical recycling, involving the breakdown of thermosetting substances into particles for utilization in small quantities as filler or reinforcement, is a process that addresses thermoset waste. Companies are actively developing new technologies aimed at enhancing the recyclability of thermosetting materials. The financial support received through multiple rounds of investment has played a pivotal role in propelling the market for recyclable thermosets.

MARKET OVERVIEW:

Driver: The surging focus on sustainable and green materials worldwide is driving the market growth.

Thermoset is a significant category of plastics, can be generated as production scrap or end-of-life waste. Traditionally considered non-recyclable and inflexible after curing, stringent regulations and tax incentives are being implemented to promote the growth of recyclable thermosets. Researchers are actively working on making tough plastics more easily recyclable, as demonstrated by MIT chemists who have developed a method to modify thermoset plastics, allowing for easier breakdown while maintaining mechanical strength. The industry's expansion is further driven by an increased focus on sustainable and environmentally friendly materials. The market share of recyclable thermosets is poised for growth as there is an increasing emphasis on reducing dependency on fossil fuels for plastic manufacturing. Industry leaders are strategically addressing the challenges associated with recycling waste. The recognized benefits of durability and reduced weight will significantly contribute to market penetration in both established and emerging sectors.

Opportunities: The increase in awareness of environmental protection are expected to pave the way for market growth in the upcoming years.

Increasing environmental consciousness has led to a concerted effort to prevent the accumulation of non-recyclable polymers in landfills and unregulated areas. To incentivize the development of recyclable thermoset materials, tax incentives and regulations have been introduced. In response to these initiatives, researchers have formulated new polymers that not only exhibit the same high-performance characteristics as traditional thermosets but are also recyclable. This surge in research activities plays a significant role in propelling the global market for recyclable thermoset materials. The evolving regulatory landscape and growing consumer awareness regarding the importance of reducing fossil fuel usage are pivotal factors driving market growth. These dynamics are expected to have a significant impact on the market during the forecast period. Some of the key recyclable thermoset plastics currently available in the market include polyhexahydrotriazine (PHT), hemiacetal dynamic covalent network (HDCN), carbon nanotube-added polyhexahydrotriazine, epoxy resin/polyepoxy resin, phenolic resins, and unsaturated polyester resins (UPR).

COVID IMPACT:

The growth of the automotive and aerospace industries has been adversely affected by the novel coronavirus. Global lockdowns and government-imposed travel restrictions have led to a diminished demand for vehicles and aircraft, prompting numerous major companies to suspend their production activities. The resultant supply chain disruptions have presented challenges for manufacturers in meeting production timelines. Given the extensive use of thermosets in the automotive and aerospace sectors, the COVID-19 outbreak is anticipated to contribute to a decline in demand for thermosets throughout the forecast period. The downturn experienced in the automobile and aerospace sectors has compelled major companies to cease their production operations. The unprecedented challenges posed by the coronavirus pandemic led to widespread shutdowns within the automotive industry. According to OICA, global auto production witnessed a 16% decline, comparable to sales levels seen in 2010. Extensive manufacturing interruptions and the closure of assembly plants in Europe and North America have presented additional challenges for players in the recyclable thermosets industry.

SEGMENTATION ANALYSIS:

The mechanical recycling process sector is anticipated to grow significantly during the forecast period.

Currently, mechanical recycling holds a dominant position in the market, primarily propelled by extensive usage in the Asia-Pacific, the largest thermoset composites market. This method involves a manual process where thermoset-made parts are finely pierced into particles, serving as fillers or reinforcements. The recycling process is labor-intensive and finds high preference in China and India due to the availability of low-cost labor and relatively less stringent landfill regulations. However, it produces fillers of relatively low quality, unsuitable for high-performance applications, and is somewhat more expensive compared to alternatives such as clay. Another significant process is energy recovery, contributing a substantial share to the overall recyclable thermoset market. Nevertheless, this method has been steadily losing ground due to the heat generated during the combustion of thermosets and the emission of harmful gases.

REGIONAL ANALYSIS:

The Asia Pacific region is set to witness significant growth during the forecast period.

The Asia-Pacific region is positioned to become a major consumer of recyclable thermosets, mainly propelled by the swift growth of the automobile manufacturing sector in the region. Significant population growth, coupled with robust economies and rising disposable income throughout Asia-Pacific, has been a key factor in driving the remarkable expansion of the automotive industry. This upswing in the automotive sector is anticipated to generate lucrative opportunities for the market's expansion in the region. Likewise, China served as the primary destination for global waste disposal, accumulating over half of the total global trash annually. The country was accustomed to importing around 9 million metric tons of plastic scraps each year. However, the recent prohibition on the import of 24 waste items in China has created a challenge for major global players, including the USA, Japan, and Europe, which traditionally exported a significant portion of their waste to China.

COMPETITIVE ANALYSIS

The global recyclable thermoset market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.

Dow Chemical Company

• In November 2022, Dow Chemical Company had collaborated with WM to improve the status of hard-to-recycle plastic films. The collaboration aims to redirect approximately 120,000 metric tons of plastic waste away from landfills, with WM leading the effort.

BASF SE

• In June 2022, BASF SE had unveiled PuriCycle product. It is a novel line of advanced, high-performance products designed for the purification of intricate mixed plastic pyrolysis feeds. The PuriCycle portfolio incorporates cutting-edge catalysts and adsorbents, meticulously engineered to selectively eliminate and transform a broad spectrum of contaminants present in pyrolysis oils.

GAIKER-IK

Demacq Recycling Composiet

Fraunhofer Institute for Applied Polymer Research

Mallinda, LLC

INTCO Recycling

MCR Mixt Composites Recyclables

Connora Technologies

Adesso Advanced Materials Inc

ECO-WOLF INC

Aditya Birla Chemicals

IBM Corporation

Scope of the Report

By Technology Type

• Mechanical Process
• Energy Recovery Process
• Feedstock Process

By Thermoset Type

• Unsaturated Polyester Resin
• Epoxy Resin
• Phenolic Resin
• Polyurethane Resin
• Others

By End Use Industry

• Building & Construction
• Transportation
• Aerospace & Defense
• Wind Energy
• Electricals & Electronics
• Others

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America)

Key reasons to purchase this report

It provides a technological development map over time to understand the industry’s growth rate and indicates how the recyclable thermoset market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which recyclable thermoset submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.