Thermoset Molding Compounds Market to Grow USD12.9 Billion by 2022
Thermoset Molding
Compounds Market Outlook 2019-2026:
Global Thermoset
Molding Compounds Market key players are Ashland Global Holding Inc., BASF
SE, Eastman Chemical Company, Evonik Industries AG, Hexion Inc., Huntsman Corporation,
Kolon Industries Inc., Kyocera Chemical Corporation, Plastics Engineering
Company (Plenco), Rogers Corporation.
Thermoset Molding Compounds Market is expected
to garner $12,298 million by 2022, registering a CAGR of 6.2% during the
period. Unsaturated polyester resin is the largest segment by type and is
expected to grow at a CAGR of 6.1% during the forecast period.
The thermoset molding compound market is in
its growth stage due to need for weight reduction & safety in
transportation and aerospace and increase in demand for thermally stable and
corrosion resistant composites. It is emerged as a cost-effective substitute
material for the heavy metal in different applications.
Factors that drive the growth of the global thermoset molding compound market are need for safety in transportation & aerospace industry, economically viable option than heavy metals, rise in need for thermally stable & corrosion resistant components, and ease in production of complex shape parts. Economic development in the emerging economies of regions such as Asia-Pacific and LAMEA are expected to provide significant growth opportunities to the industry players. However, factors such as volatility in crude oil prices and stringent regulation associated with thermoset resin may hamper the market growth during the forecast period.
Factors that drive the growth of the global thermoset molding compound market are need for safety in transportation & aerospace industry, economically viable option than heavy metals, rise in need for thermally stable & corrosion resistant components, and ease in production of complex shape parts. Economic development in the emerging economies of regions such as Asia-Pacific and LAMEA are expected to provide significant growth opportunities to the industry players. However, factors such as volatility in crude oil prices and stringent regulation associated with thermoset resin may hamper the market growth during the forecast period.
In 2015, polyester resin was the leading
segment, with almost one-third market share in terms of revenue, followed by
phenolic, urea formaldehyde, and epoxy resin. Polyester resin molding compounds
offer remarkable flexibility and it is used for diverse application needs from automotive
body panel to a rugged underground utility box. It offers excellent resistance
to broad range of chemicals at room temperature such as aliphatic hydrocarbons,
gasoline, alcohols, glycols, and ethers. These resins are advantageous for the
applications where high mechanical properties, corrosion resistance, and low
weight are the foremost important factors. Further, its applications in
airplanes, trucks, buses, as structural part in building, sanitary ware market,
and cladding panels, roofing tiles, and pipes drives the growth of the market.
Electrical & electronics end-user segment
generated the highest revenue in 2015, with almost half of the total market
share, followed by automotive segment. Thermosetting molding compounds are used
to encapsulate different types of electronic packages such as capacitors,
transistors, central processing units (CPUs), memory devices, and others. Along
with this, molding compound are also employed in different electrical
appliances & circuits owing to its distinct properties, such as rigidity,
toughness, resistance to several environmental factors, low cost, stability,
and flame resistance.
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Thermoset Molding Compounds Market Key Findings:
Thermoset Molding Compounds Market Key Findings:
- In 2015, Asia-Pacific dominated the global market with
around half of the share in overall market in terms of revenue.
- Automotive is the fastest developing end-user industry
growing at a highest CAGR of 6.9% in terms of revenue, from 2016 to 2022.
- Polyester is the leading segment comprise of one-third
share of the total market revenue in 2015.
- In 2015, phenolic resin holds the largest market in
terms of volume in the global market.
- Melamine formaldehyde segment is expected to grow at a
lucrative rate of 7.3% during the forecast period
In 2015, Asia-Pacific is the leading region owing
to the increase in disposable income, rapid growth in urbanization, and rise in
need for weight reduction in automotive components. Further, LAMEA is projected
to be the fastest growing region, with a CAGR of 6.8% followed by Europe with
6.4% owing to the rapid industrialization and increase in demand from
electrical & electronics industries.
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