Zion Market Research has published a new report titled “Thermosets (Phenolic, Epoxy Resins, Cyanate Esters, Polyester Resins, Polyurethane, Vinyl Ester Resins and Others) Market for Aerospace and Defense, Automotive, Construction, Electrical and Electronics, Chemical Tanks and Other End Users: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021” According to the report, global demand for thermosets market was valued at over USD 77.3 Million in 2015, is expected to reach around USD 140.8 Million in 2021 and is anticipated to grow at a CAGR of slightly above 10.5% between 2016 and 2021.
Thermosets are materials with rigid and hard properties. When the material is heated above the melting point and cooled it gets transformed into the permanent rigid material which is called known as thermosets. This process is the solidification of the materials known as curing. Curing is an irreversible process, once the thermosets are formed further heating of thermosets leads to chemical decomposition. In curing process, small molecules chemically bind together to form a cross linking network structure. Thermosets have wide range of mechanical properties like compressive strength, tensile strength and hardness due to temperature independent nature.
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Growing industrialization in developing economies like India, China, Russia, and Brazil majorly drives the growth of thermosets market. Thermosets market growth is attributed to huge utilization of high performance and light weight materials in chemicals, automotive, electrical and electronics. Though, fluctuating prices of raw materials utilized in the production of thermosets are expected to hinder the growth of thermosets market. Nevertheless, enduring research for developing of the cost effective manufacturing process is likely to open growth opportunities for the market in the near future.
Some types of thermosets are phenolic, epoxy resins, cyanate esters, polyester resins, polyurethane and vinyl ester resins among others. Polyester resins and polyurethane are the foremost segments and remain leading due to an infinite number of applications. Epoxy resins are the fastest growing segment and expected to witness decent growth in the forecast period. Aerospace and defense, automotive, construction, electrical and electronics and chemical tanks among others are some of the major end users of thermosets market. Other applications include households, switches, lighting boards etc. Automotive is the largest segment due to the huge stake in developing economies. Electrical and electronics emerged as lucrative segment and is estimated to fuel the growth of thermosets in near future.
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Extensive growth of automobile industry in Asia-Pacific majorly in India and China leads the growth of the thermosets market. China is dominating the market owing to largest automobile sector and is expected to remain competitive with the existence of a wide number of investors. Japan is anticipated to remain dormant due to a saturated market. North America is prone to grow at the highest pace over estimated period.
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Eastman Chemical Company, Sinopec, Bayer AG, BASF, LyondellBasell Industries, Dow Chemical Company, Chevron Phillips Chemical Company LLC, Asahi Kasei Chemical Corp and Arkema among others are some of the foremost key players in thermosets market.
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