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Global Thermoset Composites Market Report 2018-2029
Global Thermoset Composites Market Report 2018-2029

Pages: 150       Published Date: Jun 29 2023       Category: Other       Report ID: HJR981905
Thermosets are a type of polymer that, when cured or processed thermally, becomes three-dimensional, rigid, and non-meltable. Thermoset Composites, therefore, are composite materials that are made up of cured or thermally processed thermosets that are reinforced with fiberglass or other fiber materials. These materials offer several benefits, including high strength-to-weight ratio, corrosion resistance, and dimensional stability, among others. Due to these properties, Thermoset Composites are used in several industries, such as Aerospace, Leisure and sports, Furniture, Automotive, and Others.

The global Thermoset Composites market size is expected to grow at a compound annual growth rate of 6.67% from 2020 to 2025, with a market size of US$58.85 billion by 2022. This growth can be attributed mainly to the increasing demand for light-weight materials in several industries and the development of new products. The Aerospace industry is one of the primary end-users of Thermoset Composites, and it is expected to continue driving the growth of the market in the coming years. The use of these materials in the automotive industry is also expected to grow in the coming years due to their cost-effectiveness and high strength-to-weight ratio.

North America is the largest market for Thermoset Composites, with several companies present in the region, such as Hexcel, Hexion, Huntsman, and PPG Industries, among others. The Asia-Pacific region is also experiencing an increasing demand for Thermoset Composites, mainly due to the increasing demand for lightweight materials in the automotive and aerospace industries. The major players in the Thermoset Composites market include AGY Holdings, Carbon Mods, Chongqing Polycomp International, Cytec Industries, Hexcel, Hexion, Huntsman, Johns Manville, Jushi Group, Kemrock Industries and Exports, Mitsubishi Rayon, Owens Corning, PPG Industries, SGL Group, Taekwang Industries, Teijin, and Toray Industries.

In conclusion, the global Thermoset Composites market is expected to experience significant growth in the coming years due to the several advantages these materials offer, including high strength-to-weight ratio, corrosion resistance, and dimensional stability, among others. The anticipated increase in demand for lightweight materials in several industries, including aerospace, automotive, and leisure and sports, among others, is expected to be a significant driver of this growth.

The SWOT analysis of the Thermoset Composites industry is as follows:

Strengths:
1. High strength-to-weight ratios: Thermoset composites offer excellent strength-to-weight ratios, making them ideal for use in aerospace, automotive, marine, and other industries where weight reduction is critical.

2. Resistance to corrosion: Thermoset composites are highly resistant to corrosion and can withstand harsh environmental conditions, making them ideal for outdoor applications.

3. Design flexibility: Thermoset composites can be molded into various shapes and sizes, enabling designers to create complex composite structures that meet the specific needs of their applications.

4. Low thermal expansion coefficient: Thermoset composites have a low thermal expansion coefficient, making them ideal for use in applications where dimensional stability is essential.

5. Durability: Thermoset composites are extremely durable and can withstand high impact and thermal shock without cracking or breaking.

Weaknesses:
1. High initial cost: The initial cost of thermoset composites is relatively high compared to traditional materials, primarily due to the complex manufacturing process involved.

2. Limited recyclability: Thermoset composites are difficult to recycle due to their long curing times and chemical properties, making them less sustainable than other materials.

3. Susceptible to damage from chemicals: Thermoset composites are susceptible to damage from harsh chemicals, limiting their use in some corrosive environments.

Opportunities:
1. Increased demand from emerging applications: The demand for thermoset composites is expected to rise in emerging applications such as renewable energy, infrastructure, and medical devices.

2. Development of new technologies: Advancements in manufacturing technologies like 3D printing are expected to reduce the cost and improve the production efficiency of thermoset composites.

3. Focus on sustainable manufacturing: The development of sustainable manufacturing practices and the use of environmentally friendly materials could create new opportunities for the thermoset composites industry.

Threats:
1. Competition from other materials: The thermoset composites industry faces competition from other materials such as metals, plastics, and natural fibers.

2. Fluctuation in raw material prices: The prices of raw materials used in thermoset composite manufacturing can be volatile and subject to price fluctuations, affecting the cost of production.

3. Regulatory hurdles: The thermoset composites industry may face regulatory hurdles related to environmental and safety concerns, affecting production and sales.

Key players in global Thermoset Composites market include:
AGY Holdings
Carbon Mods
Chongqing Polycomp International
Cytec Industries
Hexcel
Hexion
Huntsman
Johns Manville
Jushi Group
Kemrock Industries and Exports
Mitsubishi Rayon
Owens Corning
PPG Industries
SGL Group
Taekwang Industries
Teijin
Toray Industries

Market segmentation, by product types:
Polyester
Epoxy
Vinyl Ester

Market segmentation, by applications:
Aerospace
Leisure and sports
Furniture
Automotive
Other

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