The global thermoset market is projected to grow significantly during the forecast period of 2025 to 2032, with a Compound Annual Growth Rate (CAGR) of 6.65%3. The market, valued at USD 70.31 billion in 2024, is expected to reach approximately USD 117.69 billion by the end of 20323. Key growth drivers include increasing demand from industries such as aerospace, automotive, construction, and electronics, as well as advancements in thermoset resin technology.
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Industrial Applications:
Thermosets are widely used in aerospace and automotive sectors due to their lightweight, high strength-to-weight ratio, and resistance to extreme temperatures.
The construction industry is leveraging thermosets for durable and sustainable materials.
Technological Advancements:
Innovations in resin formulations have improved thermal properties, processability, and chemical resistance.
Development of recyclable thermosets to address environmental concerns is gaining traction.
Regional Growth:
Rapid industrialization and urbanization in Asia-Pacific are driving the demand for thermosets in electronics and construction applications.
The thermoset market can be segmented based on resin type, end-use industries, and regions:
Vinyl Ester
Epoxy
Polyester
Polyamide
Phenolic
Polyurethane
Aerospace & Defense
Automotive
Electrical & Electronics
Construction
Marine
Asia-Pacific:
Dominates the market with the fastest growth rate due to high demand from emerging economies like China and India.
Key applications include electronics and infrastructure development.
North America:
Strong presence in aerospace and defense sectors.
Europe:
Focus on sustainable materials and advanced manufacturing technologies supports growth.
The competitive environment is fragmented, with key players focusing on innovation and strategic partnerships. Major companies include:
Hexcel Corporation
Huntsman International LLC
TEIJIN LIMITED
Johns Manville.
Sustainability Initiatives:
Development of recyclable thermosets aligns with global sustainability goals.
Emerging Markets:
Increased investments in infrastructure and manufacturing in Asia-Pacific present significant opportunities for growth.
Advanced Applications:
Expanding use of thermosets in renewable energy (e.g., wind turbines) and electric vehicles is expected to drive future demand.
Environmental concerns related to non-recyclable thermosets.
High production costs compared to traditional materials.
Competition from alternative materials like thermoplastics.