Thermoset Composites Market to grow at a CAGR of 6.1% during 2024-2028
The Thermoset Composites Market is expected to grow at a CAGR of 6.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 17.86 billion. In the renewable energy sector, wind energy has emerged as a cost-effective and sustainable source for electricity generation. Notably, developed regions such as North America and Western Europe lead the way in wind tower installations, representing the largest investments globally. Thermoset composites, with their superior strength-to-weight ratio and durability, are a prime material choice for wind turbine manufacturing. This segment's fastest growing product is turbine blades. Market participants are increasingly focusing on advanced research and development to cater to this high-potential application area.
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Technavio analysts predict that the Polyester resin subsegment will lead the Resin Type segment during 2024 and 2028 In the realm of thermoset composites, polyester resins stand out for their versatility and desirable properties. These resins provide excellent handling characteristics, cost-effectiveness, and robust dimensional stability. Notably, their ability to bond effectively with glass fibers, owing to their high saturation effect, is a significant advantage. Once cured, polyester resins deliver impressive resistance to water, weathering, aqueous salt solutions, and weak non-oxidizing acids like hydrochloric acid. The applications of polyester resins span across various industries, including automotive, transportation, agriculture, construction, and marine, where they are employed to manufacture interior components, frames, panels, and a multitude of other essential parts.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Global Thermoset Composites Market include:
There are several factors that are causing the market to flourish demand for lightweight materials in automotive sector
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The Thermoset Composites Market is experiencing significant growth due to the increasing demand for lightweight, high-strength materials in various industries. Collaboration and partnerships between key players and research institutions are driving innovation in this sector, with a focus on digital manufacturing technologies and eco-friendly formulations. One of the major applications for thermoset composites is in the Wind Energy sector, where they are used to manufacture wind turbine blades. In the Automotive and Aerospace industries, thermoset composites are used for interior components, as well as in aircraft manufacturing for airframes and fuel tanks, due to their excellent physical properties, including high strength, stiffness-to-density ratios, and low fuel economy. The Electronics Sector also utilizes thermoset composites for various applications, including in the production of consumer goods and electrical and electronics components. Infrastructural Investments in emerging economies are expected to drive demand for thermoset composites in the Construction sector, particularly for pipe and tank applications. Sustainability is a key consideration in the Thermoset Composites Market, with a focus on developing eco-friendly resin formulations. The Aerospace and Defense sector is also investing in thermoset composites for their lightweight and high-strength properties, which can help reduce operational costs and improve airframe weight. Overall, the Thermoset Composites Market is expected to continue growing in the coming years, particularly in the Wind Energy, Transportation, and Construction sectors.
The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this sector excludes companies producing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the commodity chemicals market size is determined by the consolidated revenue generated by the manufacturers of these aforementioned industrial and basic chemicals. Key growth drivers for this market include the increasing demand for plastic packaging and the continuous innovation in the development of lightweight, corrosion-resistant materials. Plastic, being the most widely used material in the packaging industry, is witnessing significant demand due to its versatility and cost-effectiveness. This trend is leading to the development of advanced plastic packaging materials, which in turn, is fueling the growth of the commodity chemicals market.
The Thermoset Composites Market is experiencing significant growth, fueled by the demand for lightweight materials in automotive sector. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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