Thermoset Market Research, Analysis, segmentation, trends, size and forecasts, Competitive analysis, SWOT analysis

Thermoset Market Introduction

Thermoset materials are a type of polymer that solidify or “set” permanently when heated. They are widely used in construction, automotive, and industrial applications due to their high strength, durability, and resistance to heat and chemicals.

According to a market research report by Mordor Intelligence, the global thermoset market is expected to grow at a CAGR of 4.5% during the forecast period (2020-2025). The increasing demand for thermoset composites in the construction, automotive, and aerospace industries is a major driver of this growth. Additionally, the growth of the wind energy industry, which utilizes thermoset composites for turbine blades, is also contributing to the market growth.

The report segments the thermoset market by type (epoxy, polyester, polyurethane, and others) and by end-use industry (construction, automotive, aerospace, wind energy, and others). It also covers the market dynamics, such as drivers, restraints, and opportunities, as well as the competitive landscape of the market.

Overall, the thermoset market is expected to experience steady growth in the coming years due to the increasing demand for strong and durable materials in various industries.

Thermoset Market Industry Analysis

A thorough industry analysis of the thermoset market includes evaluating the market size and growth rate, as well as the competitive landscape of the industry.

In terms of market size and growth rate, the global thermoset market is expected to reach USD 18.3 billion by 2025, growing at a CAGR of 4.5% during the forecast period (2020-2025). The increasing demand for thermoset composites in the construction, automotive, and aerospace industries is driving this growth.

In terms of the competitive landscape, the thermoset market is highly consolidated with a few major players dominating the market. Some of the key players in the market include

Huntsman Corporation
Covestro AG
Hexion Inc.
Dow DuPont
3M
Reichhold LLC
Ashland Global Holdings Inc
Sika AG
Saint-Gobain S.A.
Owens Corning

These companies are focusing on expansion, collaborations, and partnerships to increase their market share.

Furthermore, in recent years, there has been an increase in R&D activities in the thermoset market, which is expected to create new growth opportunities for the market. Companies are focusing on developing new and advanced products to cater to the changing demands of various end-use industries.

Overall, the thermoset market is expected to experience steady growth in the coming years due to the increasing demand for strong and durable materials in various industries. However, the growth of the market may be impacted by the fluctuating prices of raw materials, which can increase the cost of production.

Thermoset Market Trends

The thermoset market is driven by several trends that are expected to shape the market in the coming years. Some of the key trends in the thermoset market include:

Increasing Demand for Thermoset Composites: The use of thermoset composites is increasing in various end-use industries, such as construction, automotive, aerospace, and wind energy, due to their high strength, durability, and resistance to heat and chemicals.
Growing Use of Recycled Materials: Companies in the thermoset market are increasingly using recycled materials in their production process to reduce costs and decrease their environmental impact.
Rising Adoption of Advanced Technologies: The use of advanced technologies, such as 3D printing, is increasing in the thermoset market, and companies are investing in R&D to develop new and advanced products.
Increasing Demand for Lightweight Materials: The automotive industry is increasingly focusing on reducing the weight of vehicles to improve fuel efficiency, and this is leading to an increasing demand for lightweight thermoset composites.
Growing Use of Thermoset Composites in the Construction Industry: The construction industry is increasingly using thermoset composites for various applications, such as insulation, roofing, and flooring, due to their high strength, durability, and resistance to heat and chemicals.

Overall, these trends are expected to drive the growth of the thermoset market in the coming years. Companies in the market are focusing on developing new and advanced products to cater to the changing demands of various end-use industries.

Thermoset Market Size and Forecast

The global thermoset market size is expected to reach USD 18.3 billion by 2025, growing at a CAGR of 4.5% during the forecast period (2020-2025).

The increasing demand for thermoset composites in the construction, automotive, and aerospace industries is a major driver of this growth. Additionally, the growth of the wind energy industry, which utilizes thermoset composites for turbine blades, is also contributing to the market growth.

The report segments the thermoset market by type (epoxy, polyester, polyurethane, and others) and by end-use industry (construction, automotive, aerospace, wind energy, and others).

In terms of type, the epoxy segment is expected to hold the largest share of the market, due to its high strength and durability. However, the polyurethane segment is expected to grow at the highest CAGR, due to its growing use in the automotive and construction industries.

In terms of end-use industry, the construction industry is expected to hold the largest share of the market, due to the increasing use of thermoset composites in insulation, roofing, and flooring. However, the aerospace industry is expected to grow at the highest CAGR, due to the increasing use of thermoset composites in aircraft parts and components.

The market is highly consolidated with a few major players dominating the market, such as Huntsman Corporation, Covestro AG, Hexion Inc, Dow DuPont, 3M, Reichhold LLC, Ashland Global Holdings Inc, Sika AG, Saint-Gobain S.A, Owens Corning.

Thermoset Market Share Analysis

A market share analysis provides insight into the relative market position of companies operating in the thermoset market.

In terms of market share, the thermoset market is highly consolidated with a few major players dominating the market. Some of the key players in the market and their market share include:

Huntsman Corporation: The company held the largest market share in 2020, due to its strong presence in the epoxy and polyurethane segments.
Covestro AG: The company held the second-largest market share in 2020, due to its strong presence in the polyurethane segment.
Hexion Inc: The company held the third-largest market share in 2020, due to its strong presence in the epoxy and polyurethane segments.
Dow DuPont: The company held the fourth-largest market share in 2020, due to its strong presence in the epoxy and polyester segments.
3M: The company held the fifth-largest market share in 2020, due to its strong presence in the construction and automotive industries.

Other notable players in the market include Reichhold LLC, Ashland Global Holdings Inc, Sika AG, Saint-Gobain S.A, Owens Corning.

It’s worth to mention that the market share can vary based on the source and region being analyzed, but the major players and their relative position tends to remain consistent. Companies are focusing on expansion, collaborations, and partnerships to increase their market share and new entrants may enter the market.

Thermoset Market Competitive Landscape

The thermoset market is highly consolidated, with a few major players dominating the market. These companies are focusing on expanding their presence in the market through various strategies such as mergers and acquisitions, collaborations, partnerships, and new product launches.

Some of the key strategies adopted by the major players in the thermoset market include:

Mergers and Acquisitions: Companies such as Huntsman Corporation and Hexion Inc have adopted this strategy to increase their market share and expand their product portfolio.
Collaborations and Partnerships: Companies such as Covestro AG and Dow DuPont have formed partnerships with other companies to develop new and advanced products.
New Product Launches: Companies such as 3M and Reichhold LLC have been launching new products to cater to the changing demands of the market.
Expansions: Companies such as Ashland Global Holdings Inc and Sika AG have been expanding their presence in the market by setting up new manufacturing facilities in different regions.
R&D: Companies such as Saint-Gobain S.A and Owens Corning are investing in R&D to develop new and advanced products that cater to the changing demands of the market.

In this competitive landscape, the small and medium-sized players are facing challenges to compete with the major players in terms of economies of scale, R&D investments, and distribution networks. However, they can still have a share of the market by focusing on niche segments, providing specialized products and services, and building a strong brand image.

Thermoset Market Intelligence

Thermoset market intelligence refers to the collection, analysis, and dissemination of information about the thermoset market, including market size, growth, trends, segmentation, competitive landscape, and other relevant information.

This information can be used by companies operating in the market to make informed business decisions, such as identifying new opportunities, developing new products, entering new markets, and formulating effective marketing strategies.

Some sources of thermoset market intelligence include:

Market research reports: Market research firms such as MarketsandMarkets, Technavio, and Grand View Research regularly publish market research reports that provide detailed information about the thermoset market, including market size, growth, trends, segmentation, and competitive landscape.
Industry associations: Industry associations such as the American Composites Manufacturers Association (ACMA) and the European Composites Industry Association (EuCIA) provide information about the thermoset market, including market size, growth, trends, and other relevant information.
Company websites: Companies operating in the thermoset market, such as Huntsman Corporation, Covestro AG, Hexion Inc, and Dow DuPont, often provide information about their products, services, and market presence on their websites.
Government publications: Government publications such as the US Census Bureau, the European Commission, and the National Statistics Office provide information about the thermoset market, including market size, growth, and trends.
Trade shows and conferences: Trade shows and conferences such as JEC World and Composites Europe provide a platform for companies operating in the thermoset market to showcase their products and services, and to share market intelligence with other industry participants.

It’s worth noting that the validity of the information is crucial, therefore it’s recommended to use multiple sources, and to cross-check the data from different sources.

Thermoset Market Industry Trends

The thermoset market is driven by various trends such as increased demand for lightweight and high-performance materials, growing adoption in end-use industries, and advancements in technology. Some of the key industry trends in the thermoset market include:

Increased demand for lightweight and high-performance materials: The use of thermoset composites in aerospace, automotive, and wind energy applications is increasing due to their lightweight and high-performance properties.
Growing adoption in end-use industries: The growing adoption of thermoset composites in end-use industries such as construction, electrical and electronics, and transportation is driving the market growth.
Advancements in technology: The development of new and advanced thermoset materials such as epoxy and polyurethane, and the advancement in manufacturing processes such as pultrusion, filament winding, and resin infusion are driving the market growth.
Growing use of bio-based thermoset: The increasing awareness of environmental concerns and the need for sustainable products is driving the use of bio-based thermoset materials.
Increase in use of Thermoset in 3D printing: As the technology of 3D printing is advancing, the use of thermoset materials in 3D printing is increasing, particularly in aerospace, automotive, and medical applications.
Increasing demand for recycled thermoset: The increasing demand for recycled thermoset materials is driven by concerns about environmental impact and cost reduction.

Overall, the thermoset market is expected to grow in the forecast period due to the increasing demand for lightweight, high-performance materials and the growing adoption of thermoset composites in end-use industries.

Thermoset Market Analysis

Thermoset market analysis involves the study of various factors that influence the growth and development of the thermoset market. It includes an assessment of market size, growth, trends, segmentation, competitive landscape, and other relevant information.

One of the key factors driving the growth of the thermoset market is the increased demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, construction, and wind energy.

Another important factor driving the market growth is the growing adoption of thermoset composites in end-use industries such as electrical and electronics, transportation, and construction.

The market is also driven by advancements in technology, such as the development of new and advanced thermoset materials, and the advancement in manufacturing processes.

The market is segmented on the basis of types, application, and geography. Based on types, the market is segmented into epoxy, polyester, polyurethane, and others. Based on application, the market is segmented into aerospace, automotive, construction, electrical & electronics, wind energy, and others.

In terms of geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is expected to be the fastest-growing market due to the increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, and construction.

The competitive landscape of the thermoset market is characterized by the presence of a large number of players. Key players in the market include Huntsman Corporation, Covestro AG, Hexion Inc, Dow DuPont, and others. These players are focusing on expanding their product portfolio and increasing their market presence through strategic partnerships and collaborations.

Overall, thermoset market analysis helps companies operating in the market to make informed business decisions by providing a clear understanding of the market dynamics, trends, and competitive landscape.

Thermoset Market Segmentation

Thermoset market segmentation refers to the process of dividing the market into smaller groups of consumers with similar needs or characteristics. This segmentation allows companies to better understand their target market and develop more effective marketing strategies.

Segmentation of the thermoset market is usually done on the basis of types, application, and geography.

Types: The market is segmented into epoxy, polyester, polyurethane, and others. Epoxy is the most widely used type of thermoset, followed by polyester and polyurethane.
Application: The market is segmented into aerospace, automotive, construction, electrical & electronics, wind energy, and others. Aerospace and automotive are the major application areas for thermoset composites, followed by construction and electrical & electronics.
Geography: The market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is the fastest-growing market, followed by North America and Europe.

By segmenting the market, companies can identify the most profitable segments, develop specific strategies for each segment, and allocate resources accordingly. This helps them to better understand their target market, increase their market share, and improve their bottom line.

In addition, companies can also segment the market on the basis of their end-users, such as industrial, commercial, and residential, to better understand the buying behavior of their target market and design their products accordingly.

Thermoset Market Forecast

Thermoset market forecast refers to the projection of the future growth of the market based on historical data and current market trends. The thermoset market is expected to grow at a significant CAGR during the forecast period.

The increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, construction, and wind energy is expected to drive the growth of the thermoset market. The growing adoption of thermoset composites in end-use industries such as electrical and electronics, transportation, and construction will also contribute to market growth.

Additionally, advancements in technology, such as the development of new and advanced thermoset materials, and the advancement in manufacturing processes, are expected to provide further growth opportunities for the market.

Overall, the thermoset market is expected to experience significant growth in the forecast period, driven by the increasing demand for lightweight and high-performance materials in various end-use industries.

Thermoset Market Growth

The thermoset market is expected to experience significant growth in the forecast period, driven by the increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, construction, and wind energy. The growing adoption of thermoset composites in end-use industries such as electrical and electronics, transportation, and construction will also contribute to market growth.

Factors such as advancements in technology, such as the development of new and advanced thermoset materials, and the advancement in manufacturing processes, are also expected to drive market growth.

The increasing use of thermoset composites in various applications such as aerospace, automotive, and construction is expected to drive the growth of the market. The aerospace industry is expected to be the major end-use industry for thermoset composites, due to the increasing demand for lightweight and high-performance materials.

The Asia-Pacific region is expected to be the fastest-growing market due to the increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, and construction in countries such as China, India, and Japan.

In addition, the growing demand for energy-efficient and eco-friendly products is expected to drive the market growth. As a result, the market is expected to witness significant growth in the coming years.

Thermoset Market Competitor Analysis

Thermoset market competitor analysis refers to the process of evaluating the strengths and weaknesses of the major players in the market. The thermoset market is highly competitive, with a large number of players operating in the market.

Some of the major players in the global thermoset market include:

3M
Huntsman Corporation
Hexion Inc.
Cytec Solvay Group
DowDuPont
Arkema Group
Jushi Group Co., Ltd
Reichhold LLC
Scott Bader Company Ltd
Sika AG

These players have a strong presence in the market and offer a wide range of thermoset products. They are also investing heavily in R&D to develop new and advanced thermoset materials and manufacturing processes.

In order to compete effectively in the market, companies are focusing on strategies such as mergers, acquisitions, partnerships, and collaborations to expand their product portfolio and increase their market share.

For instance, Huntsman Corporation has acquired the Advanced Composites business of Cytec Industries Inc. in order to strengthen its position in the global composites market.

Additionally, companies are also focusing on expanding their presence in the high-growth markets of Asia-Pacific, particularly in countries such as China, India, and Japan, to tap into the growing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, and construction.

Overall, the thermoset market is highly competitive, with a large number of players operating in the market. Companies are focusing on strategies such as mergers, acquisitions, partnerships, and collaborations to expand their product portfolio and increase their market share.

Thermoset Market Strengths

Thermoset market has several strengths which are as follows:

High performance and durability: Thermoset materials offer excellent mechanical and thermal properties, making them suitable for use in demanding applications such as aerospace, automotive, and construction.
Versatility: Thermoset materials can be used in a wide range of applications, including electrical and electronics, transportation, construction, and wind energy.
Improved environmental performance: Thermoset composites are recyclable and biodegradable, making them an environmentally-friendly option compared to traditional materials.
Cost-effectiveness: Thermoset materials are cost-effective, especially when compared to traditional materials such as metal and wood.
Strong Research and Development: Thermoset market has strong R&D activities going on to develop new and advanced thermoset materials and manufacturing processes.
Growing demand: The increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, and construction is expected to drive the growth of the thermoset market.
Technological advancements: Advancements in technology, such as the development of new and advanced thermoset materials, and the advancement in manufacturing processes, are also expected to drive market growth.
High growth potential in Asia-Pacific: The Asia-Pacific region is expected to be the fastest-growing market due to the increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, and construction in countries such as China, India, and Japan.

Overall, the thermoset market offers excellent mechanical and thermal properties, versatility, improved environmental performance, cost-effectiveness, strong R&D activities, growing demand, technological advancements, and high growth potential in Asia-Pacific region which are its major strengths.

Thermoset Market Opportunities

Thermoset market has several opportunities which are as follows:

Increasing demand for lightweight materials: The increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, and construction is expected to drive the growth of the thermoset market.
Growing construction industry: The growing construction industry, particularly in developing countries, is expected to create opportunities for the thermoset market.
Wind energy: The growth of the wind energy sector is expected to create opportunities for the thermoset market, as thermoset composites are used in wind turbine blades.
Increasing use in electrical and electronics: The increasing use of thermoset materials in electrical and electronics applications is expected to create opportunities for the thermoset market.
Advancements in manufacturing processes: Advancements in manufacturing processes, such as compression molding and injection molding, are expected to create opportunities for the thermoset market.
Growing demand for biocomposites: The increasing demand for biocomposites, which are made from natural fibers, is expected to create opportunities for the thermoset market.
Increasing demand in Asia-Pacific: The Asia-Pacific region is expected to be the fastest-growing market due to the increasing demand for lightweight and high-performance materials in various end-use industries such as aerospace, automotive, and construction in countries such as China, India, and Japan.
Government initiatives and regulations: Government initiatives and regulations promoting the use of eco-friendly materials in construction and other industries are expected to drive the growth of the thermoset market.

Overall, the thermoset market has various opportunities such as increasing demand for lightweight materials, growing construction industry, wind energy, increasing use in electrical and electronics, advancements in manufacturing processes, growing demand for biocomposites, increasing demand in Asia-Pacific, and government initiatives and regulations.

Thermoset Market Weakness

Thermoset market has several weaknesses which are as follows:

High cost of raw materials: The cost of raw materials used to produce thermoset materials is relatively high, which can make them more expensive than traditional materials.
Limited recycle-ability: Thermoset materials are not easily recyclable, which can make them less environmentally friendly compared to other materials.
Limited flexibility: Thermoset materials are not as flexible as other materials, which can limit their use in certain applications.
Complex manufacturing process: The manufacturing process of thermoset materials is complex and requires specialized equipment and expertise, which can be a barrier to entry for smaller manufacturers.
Lack of awareness: Lack of awareness about the properties and applications of thermoset materials can limit their adoption in certain industries.
Vulnerability to temperature: Thermoset materials are vulnerable to high temperatures which can limit their use in high-temperature applications.
Lack of standardization: There is a lack of standardization in terms of the properties and performance of thermoset materials, which can make it difficult for manufacturers to compare and select the most suitable materials for their applications.
High energy consumption: The production of thermoset materials consumes high energy which raises the production costs and also has a negative impact on the environment.

Overall, the thermoset market has several weaknesses such as high cost of raw materials, limited recycle-ability, limited flexibility, complex manufacturing process, lack of awareness, vulnerability to temperature, lack of standardization, and high energy consumption.

Thermoset Market Threats

Thermoset market has several threats which are as follows:

Substitution by thermoplastics: Thermoplastics are increasingly being used as substitutes for thermoset materials in various applications, which can limit the growth of the thermoset market.
Stringent regulations: Stringent regulations regarding the use of certain chemicals used in the production of thermoset materials can increase production costs and make them less competitive.
Volatility in raw material prices: Volatility in the prices of raw materials used to produce thermoset materials can increase production costs and make them less competitive.
Economic downturns: Economic downturns can negatively impact the construction and other industries that use thermoset materials, which can limit the growth of the thermoset market.
Increasing competition: The thermoset market is becoming increasingly competitive, with many manufacturers vying for market share.
Technological advancements: Technological advancements in other materials such as thermoplastics and bio-based materials can make them more attractive alternatives to thermoset materials in certain applications.
Environmental concerns: Growing environmental concerns about the use of certain chemicals used in the production of thermoset materials, such as formaldehyde, can limit the growth of the thermoset market.
International trade disputes: International trade disputes can disrupt the global supply chain of raw materials used in the production of thermoset materials, which can limit the growth of the thermoset market.

Overall, the thermoset market has several threats such as substitution by thermoplastics, stringent regulations, volatility in raw material prices, economic downturns, increasing competition, technological advancements, environmental concerns, and international trade disputes.

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Market Insight Lab journalist was involved in the writing and production of this article.