Thermoset Composites Market - In-Depth Insights & Industry Analysis 2032

Thermoset Composites Market Synopsis

Thermoset Composites Market Size Was Valued at USD 42.60 Billion in 2023, and is Projected to Reach USD 83.75 Billion by 2032, Growing at a CAGR of 7.80% From 2024-2032.

Thermoset composites are produced from thermosetting matrix reinforced with fibers; after going through a curing process, the shapes and properties of the said composite permanently set. These composites have improved mechanical characteristics, good wear and high temperature stability. Thermoset composites finding extensive utility across aerospace, automotive, wind energy, and marine industries, due to their attributes like, lightweight coupled with high strength & corrosion resistance. Recoverable or re-mouldable thermosetting resins are non-recyclable as after curing they cannot be melted again, giving the best performance in applications where mechanical performance is needed.

The advancement of the thermoset composites market is bolstered by the rising requirement of light and high-capacity products in automotive, aerospace and other related industries. The environmental cause in addition to the trend to develop fuel efficient vehicles and aircraft to enhance fuel efficiency necessitated use of qualified alternatives to conventional materials. Thermoset composites are especially valuable due to weight, strength and stability characteristics that create improved fuel efficiency and performance, lighter weight.

On the same note, the need to embrace green sources of energy, including wind energy has boosted the market. The application of the thermoset composites in the wind turbine blade is in steady rise because the structure of the wind turbines and the enhanced characteristics of lightweight and strength make them the most preferable amongst all the other types of composite materials. Energy demand from renewable sources is increasing globally and therefore the uptake of thermoset composites into renewable energy related sectors will further increase in the future.

Thermoset Composites Market Trend Analysis:

Use of environment friendly products

• One of the major trends that have been identified in the thermoset composites market is the use of environment friendly products. In recent years, industries placing more emphasis on environmentally friendly products, manufacturers of composites are trending towards the use of bio based resins and recycled fiber. These developments not only make the environment better but also help to meet the growing customer and industrial sociale requires for environmentally-friendly products. This trend is expected to carry more push forward the advancements of the thermal set composites with increased recyclability and decreased carbon footprint.
• Another development is the delegation of composite manufacturing methods with more methods of automated manufacturing. Automations has several advantages, including higher accuracy, lower cost of production, and improve ability to scale up. As the size of the thermoset composites market expands more companies are employing automated fiber placement (AFP) and automated tape laying (ATL) technologies to satisfy the higher volume markets such as automotive and aerospace sectors which require high repeatability.

EVs as manufacturers seek to incorporate light-weight materials

• The growth of the automotive market especially with the entry of EVs has presented thermoset composites with a broad prospect. This has placed thermoset composites as the epitome of the materials set to define the future designs of EVs as manufacturers seek to incorporate light-weight materials to enhance vehicle dynamic and battery performance. Of these, the strength to weight ratio of the thermoset composites is highly beneficial in electric vehicles as they aim at providing the best performance range.
• Also, the important demand of the population towards the use of 3D printing technologies for composite material attracts new perspective for thermoset composites. In the recent years, 3D printing technology has made it easier for manufactures to use thermoset resins to create elaborate and unique designed components thus improving on flexibility and efficiency in the best use of material. This is opening up new opportunities not only for aerospace manufacturers, for suppliers of medical devices and of consumer electronics where precision and elaborate differentiation are highly valued.

Thermoset Composites Market Segment Analysis:

Thermoset Composites Market is Segmented on the basis of Resin Type, Fiber Type, End-Use Industry, and Region

Resin Type, Epoxy segment is expected to dominate the market during the forecast period

• Some of the resin types in thermoset composites are epoxy, polyester, vinyl ester and phenolic and other kinds. Owing to its superior mechanical characteristics, adhesion and chemical inactivity epoxy resin is the most widely used resin. Polyester is perhaps the most versatile in the classification of matrix material for general purpose composites due to its relatively low cost coupled with reasonable mechanical properties. Vinyl ester offer better corrosion comparison to epoxy resins and this makes vinyl ester suitable for harsh environment. The phenolic resins that are highly famous for its fire resistance find its application in aerospace, automobiles etc. The other types of resins are polyurethane and silicone and they are used sometimes in very special cases.

Fiber Type, Glass Fiber segment expected to held the largest share

• Thermoset composites use several types of reinforcing fibers including glass fiber, carbon fiber, aramid fiber and natural fiber. Glass fiber is most preferred for EMI shielding due to its high strength, low cost and ease of use. Carbon fiber reinforced polymers possess application enchilada/el superior strength to weight ratio and are thus widely used for aerospace and automobile industry. High impact resistance fibre known as aramid is used in products that need high strength such as military and protective clothing. New trends have newer and natural being the use of fibers such as hemp, jute and flax that are environmentally friendly and include benefits like sustainability and biodegradability that can be used in automotive and consumer products.

Thermoset Composites Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• Asia Pacific continues to drive the thermoset composites market due to the growth in automotive, aerospace industries and wind electric power in the region. This is due to the fast industrialization and embracing of technology in countries such as china, Japan and India which have fueled the demand for high performance material as thermoset composites. The increase in utilization of renewable energy, especially in the wind sector of the region increases the demand for thermoset composites especially in the wind turbine blades. Having a well-developed manufacturing industry, Asia Pacific is likely to retain the leading position in the market due to the rising investments in infrastructures.
• Furthermore, growth of the automotive industry in Asia Pacific has played a huge role in the growth of the market. As global concern for the environment grows along with fleets of electric vehicles and the implementation of rigorous fuel standards, automobile manufacturers in the area rely on the rising light-weight materials such as thermoset composites. Ongoing demand for these materials in the automotive field including demand for durable and cost efficient and energy efficient material will help the thermoset composites market to grow and sustain by Asia Pacific.

Active Key Players in the Thermoset Composites Market

• BASF SE (Germany)
• Hexcel Corporation (USA)
• Huntsman Corporation (USA)
• Jushi Group (China)
• Mitsubishi Chemical Corporation (Japan)
• Momentive Performance Materials Inc. (USA)
• Owosso Motor Car Company (USA)
• SABIC (Saudi Arabia)
• Teijin Limited (Japan)
• Toray Industries, Inc. (Japan)
• Other Active Players