Thermoset Composites Market Expected to Grow with High CAGR During Forecast Period 2020-2027

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 Thermoset Composites Market: Lightweight, Low Cost, and Moisture Resistance Material

• Thermoset composites are based on glass, carbon, or aramid fibers. These are incorporated with resins such as polyesters, vinyl esters, epoxies, or phenolic. Thermoset composites are made by the combination of thermoset matrix and reinforcement fibers.
• These composites are used in various industries for the manufacture of aircraft & spacecraft parts, golf shafts, badminton rackets, bicycle frames, automobile springs, sailboat matts, and automotive structural parts.
• According to the American Composites Manufacturers Associations, glass fiber is one of the key reinforcing materials used in the U.S. thermoset composites industry. The glass fiber market in the U.S. estimated around US$ 2.1 Bn in terms of value with a 4% annual growth rate in 2017. The glass fiber market is expected to expand at a CAGR of 3.4% by 2023.
• High demand for thermoset composites in aerospace and construction end-user industries is projected to boost the global thermoset composites market in the next few years. Thermoset composites possess excellent moisture resistance, lightness of weight, and superior chemical resistance properties. This is expected to fuel the demand for these composites during the forecast period.
• According to Boeing, the company estimated the demand for more than 39,000 aircraft in the next 20 years across the globe. The company is expected to manufacture more than 14,000 new aircraft around the globe during the forecast period.

• Increase in demand for single-aisle aircraft since the last few years across the globe is anticipated to boost the aircraft market in the near future. Demand for thermoset composites is driven by the increase in usage of these composites in the manufacture of structural composite parts for passenger aircraft, commercial aircraft, helicopter, and other aircraft.
• Rapid growth in the usage of thermoset composites in the aerospace sector – these are employed in interior components and delivery of high strength, superior physical properties, and stiffness-to-density ratios – is the key factor propelling the market
• Rise in usage of thermoset composites in transportation due to the high demand for lightweight vehicles; and high demand for thermoset composites in the wind energy industry are anticipated to boost the market in the near future
• Potential growth of end-use applications of thermoset composites in wind energy and solar panels is projected to create new opportunities for the market

Glass Fiber Segment to Offer Lucrative Market Expansion Opportunities

• Rise in demand for thermoset composites and expansion in the automotive industry have boosted the production of composites such as glass fiber, carbon fiber, and other fillers
• Glass fiber is likely to gain prominent share of the thermoset composites market during the forecast period owing to the rise in demand for the material in the polymer industry. This is expected to boost the thermoset composites market during the forecast period.
• Several types of thermoset composites are used to manufacture a number of polymer products. Key thermoset resins includes polyester resin, vinyl ester resin, epoxy resin, phenolic resin, and polyurethane resin. However, polyester resin is anticipated to gain prominent share of the global thermoset composites market during the forecast period.
• Based on end-use industry, the thermoset composites market can be segregated into aerospace & defense, wind energy, automotive & transportation, sporting goods, marine, construction & infrastructure, pipe & tank, electrical & electronics, and others
• Automotive Industry is expected to secure larger share of the thermoset composites market. It is anticipated to be followed by the aircraft industry. High growth prospects of automotive and aircraft industries is estimated to fuel the demand for thermoset composites in the next few years.

Stringent Regulations and Recycling Concerns to Hamper Market

• Concerns related to recyclability and reuse of thermoset composites are projected to hamper the market in the near future. Additionally, high cost of R&D of thermoset composites is restraining the market.
• Manufacture of thermoset resins is highly dependent on crude oil products. Fluctuation in prices of raw materials is anticipated to restrain the thermoset composites market during the forecast period.
• Implementation of stringent regulations on polymer manufacturing in a number of countries due to the environmental concerns is likely to increase recycling concerns across the globe. This is estimated to hamper the demand for thermoset composites in the near future.

Asia Pacific Expected to Hold Major Share of Global Thermoset Composites Market

•  Asia Pacific is expected to be the major region of the global thermoset composites market due to the rise in usage of thermoset composites in automotive, electronics, and construction sectors of developing economies in the region, including India, China, and ASEAN
• China is anticipated to be a key country of the market in the region due to the increase in investments in the electronics sector in the country. The market in Asia Pacific has been expanding due to rapid growth in automotive and aircraft industries.
• Increase in demand for electric vehicles and lightweight vehicles is also anticipated to propel the thermoset composites market in the Asia Pacific in the near future
• North America and Europe accounted for key share of the global thermoset composites market, led by the expansion in the aircraft industry in these regions
• The thermoset composites market in Middle East & Africa is projected to expand at a moderate pace in the near future