Thermosets Market Segment Analysis By Resin Type
The epoxy resin segment held the largest share of more than 30% in the thermoset market in 2020, because of its superior features, such as durability, resistance to scratching, resistance to abrasion, resistance to impact, strong chemical resistance, and ability to weather. The major benefit of epoxy is that nearly all substrates are suitable for bonding. In addition, epoxy resin is able to have various different properties as it is combined and cured together with various curing agents like hardeners and catalysts. They are also highly resistant to physical and chemical influences, and also have elevated long-term stability because they only have a limited tendency to slip. They can withstand continuous temperatures from 200 0F (95°C) up to 390 0F (200°C) depending on the type. These extensive epoxy resin characteristics are expected to increase thermoset demand during the forecast period.
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Thermosets Market Segment Analysis By Molding Process
Injection Molding (RIM) process has dominated the market for thermosets market in 2020 with a share of more than 55%. Injection molding developed thermoset materials at moderate temperatures (approximately 200° F) and give a long shelf life in the barrel and react very quickly when the temperature is raised to 3500 F to 400° F as the material is forced through the sprue, runners, gates and fills the cavities. This unique development in materials helped to gain acceptance of injection molding as a reliable production process, which highly used in thermoset market.
Thermosets Market Segment Analysis – By Application
Automotive sector dominated the market for thermosets market in 2020 with a share of more than 30%, and is projected to grow at a CAGR of 4.43%. In vehicles, polyurethane thermoset material is used for the manufacture of seating and interior parts, such as armrests, headrests, headliners and dashboards. The movement towards the use of lightweight and high-performance materials in the manufacture of vehicles to increase fuel efficiency is expected to boost demand. Increased construction spending coupled with the development of vehicles, particularly in the Asia Pacific region, is likely to booster opportunities for various applications such as insulation and the production of vehicle components. According to IBEF, Indian automotive industry (including component manufacturing) is expected to reach US$ 251 to US$ 282 billion by 2026. Furthermore, in March 2020, Toyota Motor Corporation and Hino Motors, Ltd., announced plans to jointly develop a heavy-duty fuel cell truck. Heavy-duty trucks are typically used for highway transportation; therefore, they are required to have sufficient cruising range and load capacity as well as fast refueling capability. This element is expected to fuel demand for thermosets like alkyd resins, UPR, PU and epoxy resins.
Thermosets Market Segment Analysis- By Geography
Asia Pacific dominated the thermosets market share with more than 36%, in 2020. Over the next decade, Asia Pacific is expected to grow as the main market for thermoset composites. Based on its demand from various end-use industries such as manufacturing, vehicles and chemicals, Asia Pacific has become the leading area for consuming thermosets. Owing to the growth of the automotive industry coupled with growing disposable income, China and India are expected to see substantial gains over the projected period. According to IBEF, in India passenger vehicle sales was at 3,10,294 units in October 2020, compared with 2,71,737 units in October 2019, registering a 14.19% growth. Also, the Indian Government expects automobile sector to attract US$ 8 to US$10 billion in local and foreign investments by 2023. In addition, demand can be powered by continued developments in the shipping, wind power, and construction and infrastructure sectors. It will estimate that industrialization and rapid economic change would fuel business demand for thermosets.
Thermosets Market Drivers
Increasing Demand of Thermosets
Through preventing the deposition of unrecyclable polymers in landfills and unregulated areas, understanding of environmental conservation has been growing. To promote the production of recyclable thermosets, tax incentives and legislation have been implemented. In response, some novel polymers that not only have high-performance features in line with traditional thermosets, but are also recyclable have been developed by researchers. The global market for recyclable thermosets has been significantly improved by favorable research activities. The changing regulatory scenario and the increasing customer perception of the importance of decreasing the use of fossil fuels are both critical for the growth of the industry and will drive the market significantly over the forecast span of the study.
Increase in Automotive Production
In the automotive industry, thermosets curing agents or crosslinking agents (also called hardeners) are widely used for the production of automotive components such as pump parts, pulleys, pistons, carbon brush holders, electrical endplates, wheels, panels, vacuum pumps, water pump housings, pedals, and electrical encapsulation. Thermoset composites can be 30% -40% lighter than aluminum and provide very high heat tolerance and resistance to fatigue, which is expected to increase thermoset demand during the forecast period. The Chinese government expects the production of automobiles to reach 35 million units by 2025, according to the International Trade Administration (ITA). In 2017, the Australian market sold 1.2 million new passenger cars, SUVs, and commercial vehicles, an increase of 0.9 % from 2016. According to International Organization of Motor Vehicle Manufacturers (IOMVM), the production of light commercial vehicles has also increased in the APAC region by 10.2 % in 2018. Light commercial vehicle production has increased from 2,249,348 in 2018 to 2,254,153 in 2019, an increase of 0.2 % in Europe. The increasing production of automotive will therefore require more thermosets, which will act as a driver for the market for thermosets.
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Thermosets Market Challenges
Volatility in Raw Material Prices
One of the main problems for producers is uncertainty of raw material costs for crosslinking agents. Business development is expected to be threatened by fluctuating prices of curing agents such as epoxy resins & PU, along with growing environmental issues due to increasing carbon footprints. These resins are petroleum-based product; thus, the crude oil fluctuation can hamper the market growth. For instance, according to BP static, Global oil production fell by 60,000 barrel per day was more than offset by a decline in Organization of the Petroleum Exporting Countries (OPEC) production, led by U.S, (-2 million b/d), Iran (-1.3 million b/d) Venezuela (-560,000 b/d) and Saudi Arabia (-430,000 b/d). hence, volatility of raw materials will be hampering the market growth in near future.
Thermosets Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermosets Market. Major players in the Thermosets Market top 10 companies are 3M, DuPont, BASF, Huntsman, Ashland and Dow Chemicals. Other prominent companies include Lanxess, DSM, AOC Resins, Performance Material Holding and Sika AG and among others.
In August 2019, Teijin Limited acquired Renegade Materials Corporation, a leading North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. The acquisition will expand its aerospace business to include production capabilities for high-temperature prepreg materials that are used to manufacture engine parts in next-generation aircraft.
Thermoset materials are commonly adopted in various end use industries such as automotive with demand for lightweight materials, aerospace, and military industries, due to dimensional control, as well as resistance to high temperatures and corrosive elements and improved strength-to-weight ratio.
According to the India Brand Equity Foundation (IBEF), The MRO (maintenance, repair and overhaul) aerospace industry is likely to grow over US$ 2.4 billion by 2028 from US$ 800 million in 2018. Also, the number of airplanes is expected to reach 1,100 by 2027.
Emerging developments are expected to have a more positive effect on the demand for thermoset composites, including the development of rapid cure resin systems; increased use of heat, smoke, and poisonous resin; and innovations in bio-based thermosets.
Cross-linking agent is irreversible therefore thermosets resins cannot be reprocessed or recycled in their original state, nor can they be spontaneously decomposed; environmental issues are also the key restrictions of the demand for thermoset resins.
A. Thermoset Resin Market
B. Thermoset Molding Compound Market
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