Thermoset Market  Introduction 

The thermoset market refers to a class of polymer materials that are crosslinked and hardened when cured through a chemical reaction. Unlike thermoplastics, thermosets cannot be remelted once they have been cured, making them a permanent material. Thermosets are widely used in various industries due to their unique properties, such as excellent mechanical strength, chemical resistance, and heat resistance.Thermosets are used in various applications such as automotive and transportation, construction, electrical and electronics, aerospace, and others. The market is driven by increasing demand from end-use industries, advancements in technology, and growing preference for lightweight and fuel-efficient vehicles. The global thermoset market is expected to grow significantly in the coming years due to increasing demand from emerging economies and the growing use of thermoset materials in new applications.

Thermoset Market  Size

The global thermoset market size was valued at USD 85.2 billion in 2020 and is expected to reach USD 121.4 billion by 2026, growing at a CAGR of 6.1% during the forecast period.The growth of the thermoset market is driven by factors such as increasing demand from end-use industries, advancements in technology, and growing preference for lightweight and fuel-efficient vehicles. In addition, the use of thermoset materials in new applications such as wind energy, 3D printing, and medical devices is also contributing to the growth of the market.Geographically, Asia-Pacific is the largest market for thermosets, accounting for over 40% of the global market share in 2020. The region is expected to continue to dominate the market during the forecast period, driven by increasing demand from emerging economies such as China and India.Overall, the thermoset market is expected to grow significantly in the coming years due to increasing demand from various end-use industries and the growing use of thermoset materials in new applications.

Thermoset Market  Share

The thermoset market is highly competitive, with several global and regional players operating in the market. The key players in the market account for a significant share of the global market.

The top players in the global thermoset market are:

1. BASF SE
2. Dow Chemical Company
3. Huntsman Corporation
4. Hexion Inc.
5. Ashland Global Holdings Inc.
6. Momentive Performance Materials Inc.
7. Sumitomo Bakelite Co. Ltd.
8. Mitsubishi Chemical Corporation
9. Arkema Group
10. Royal DSM

These companies are focusing on product innovation and development, strategic partnerships, and acquisitions to expand their market share.In terms of end-use industries, the automotive and transportation segment accounts for the largest share of the thermoset market. The construction and electrical and electronics segments are also significant contributors to the market share.Geographically, Asia-Pacific accounts for the largest share of the global thermoset market, followed by North America and Europe. The Asia-Pacific region is expected to continue to dominate the market during the forecast period, driven by increasing demand from emerging economies such as China and India.

Thermoset Market  Trends

Some of the key trends in the global thermoset market include:

1. Increasing demand from end-use industries: The thermoset market is driven by increasing demand from end-use industries such as automotive and transportation, construction, electrical and electronics, aerospace, and others. The growing demand for lightweight and fuel-efficient vehicles, along with the increasing use of thermoset materials in new applications, is expected to drive the growth of the market.
2. Advancements in technology: Advancements in technology are enabling the development of new and innovative thermoset materials with improved properties. For example, the development of bio-based thermoset materials is gaining popularity due to their sustainable nature and environmental benefits.
3. Growing preference for sustainable and eco-friendly materials: There is a growing preference for sustainable and eco-friendly materials in various industries. The use of thermoset materials, which are durable and long-lasting, can help reduce waste and promote sustainability.
4. Increased use in 3D printing: The use of thermoset materials in 3D printing is growing due to their unique properties such as excellent mechanical strength and chemical resistance. This is enabling the development of new applications in industries such as aerospace and automotive.
5. Growing demand from emerging economies: Emerging economies such as China and India are expected to drive the growth of the thermoset market due to increasing demand from various end-use industries and the growing use of thermoset materials in new applications.

Overall, the global thermoset market is expected to experience significant growth in the coming years due to these trends and factors such as the increasing demand from end-use industries and advancements in technology.

Thermoset Market  Factors

Some of the key factors driving the growth of the thermoset market include:

1. Increasing demand from end-use industries: The thermoset market is driven by the increasing demand from various end-use industries such as automotive and transportation, construction, electrical and electronics, and aerospace, among others. The growing demand for lightweight and fuel-efficient vehicles, along with the increasing use of thermoset materials in new applications, is expected to drive the growth of the market.
2. Growing preference for durable and long-lasting materials: Thermoset materials are known for their durability and long-lasting nature, making them ideal for use in various industries. The increasing demand for durable and long-lasting materials is expected to drive the growth of the thermoset market.
3. Advancements in technology: Advancements in technology are enabling the development of new and innovative thermoset materials with improved properties such as better mechanical strength, thermal stability, and chemical resistance. This is expected to drive the growth of the market.
4. Increasing use in 3D printing: The use of thermoset materials in 3D printing is growing due to their unique properties such as excellent mechanical strength and chemical resistance. This is enabling the development of new applications in industries such as aerospace and automotive.
5. Growing demand from emerging economies: Emerging economies such as China and India are expected to drive the growth of the thermoset market due to increasing demand from various end-use industries and the growing use of thermoset materials in new applications.
6. Regulations and policies: Regulations and policies related to the use of plastics and other materials are also expected to drive the growth of the thermoset market. The increasing focus on sustainability and the use of eco-friendly materials is expected to further drive the growth of the market.

Thermoset Market  Regional Analysis

The thermoset market can be analyzed based on various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America and Europe are mature markets for thermoset materials, with a high level of technological advancement and innovation in the industry. The increasing demand for lightweight and fuel-efficient vehicles and the growing use of thermoset materials in new applications are expected to drive the growth of the market in these regions.The Asia-Pacific region is expected to be the fastest-growing market for thermoset materials due to the increasing demand from various end-use industries such as automotive, construction, and electrical and electronics. The growing population and increasing urbanization in the region are also driving the demand for thermoset materials.Latin America and the Middle East and Africa regions are also expected to see significant growth in the thermoset market due to the increasing demand from various end-use industries and the growing use of thermoset materials in new applications. However, the growth in these regions is expected to be relatively slower compared to other regions due to various economic and political factors.Overall, the global thermoset market is expected to witness significant growth in the coming years, driven by the increasing demand from various end-use industries and the development of new and innovative thermoset materials with improved properties.

Thermoset Market Forecasts 2030 

The global thermoset market is expected to continue its growth trajectory and reach a value of USD 131.8 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030.The automotive industry is expected to remain the largest consumer of thermoset materials, driven by the increasing demand for lightweight and fuel-efficient vehicles. The construction industry is also expected to witness significant growth in the use of thermoset materials, driven by the growing demand for energy-efficient buildings and infrastructure.In terms of type, the epoxy resin segment is expected to continue to dominate the market due to its superior properties such as high strength, chemical resistance, and durability. However, the polyurethane segment is expected to witness the fastest growth due to its increasing use in various end-use industries such as automotive, construction, and furniture.In terms of region, the Asia-Pacific region is expected to witness the fastest growth due to the increasing demand from various end-use industries and the growing population and urbanization in the region. North America and Europe are also expected to witness significant growth, driven by the increasing demand for lightweight and fuel-efficient vehicles and the growing use of thermoset materials in new applications.Overall, the thermoset market is expected to witness significant growth in the coming years, driven by the increasing demand from various end-use industries and the development of new and innovative thermoset materials with improved properties.

Thermoset Market  Key Industry Players

Some of the key players operating in the global thermoset market include:

1. Huntsman Corporation
2. BASF SE
3. Dow Chemical Company
4. Mitsubishi Chemical Corporation
5. Sumitomo Bakelite Co., Ltd.
6. Ashland Inc.
7. Momentive Performance Materials Inc.
8. SABIC
9. Hexcel Corporation
10. Owens Corning

These companies are investing heavily in research and development activities to develop new and innovative thermoset materials with improved properties, such as high strength, chemical resistance, and durability, to meet the increasing demand from various end-use industries such as automotive, construction, and electrical and electronics.Moreover, these companies are also focusing on expanding their production capacities, establishing strategic partnerships and collaborations, and adopting various growth strategies such as mergers and acquisitions to strengthen their position in the market and gain a competitive edge.