Thermoset Composites Market is valued at USD 24.08 billion in 2019 and is expected to reach USD 31.7 billion in 2026, growing at CAGR of 5.00% from 2020 to 2026.
Thermoset composite parts are typically made from epoxy or polyester resins and reinforced with glass fibers. These are an attractive alternative to metals and thermoplastics due to its exceptional physical properties and surface appearance. Thermoset composites remain steady in high and dynamic temperature applications, a beneficial quality in the rapidly shifting world of manufacturing. Thermoset composites give creators nearly unlimited flexibility in designing shapes and forms. It offers lower costs in both cost per cubic inch and raw material cost. Thermoset composites can be found in many different industries but are especially conspicuous in household appliance use. Thermosets are ultimate for use in household appliances due to their durability. For example, thermoset composites, which are commonly based on glass, carbon or aramid fibers, are usually incorporated with resins such as polyesters, vinyl esters, epoxies, bismaleimides, cyanate esters, polyimides or phenolics.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2019:||USD 24.08 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||31.07 %|
|Market Size Expected in 2026:||USD 31.7 Billion|
|Tables, Charts & Figures:||175|
Owens Coming, Toray Industries, Hexcel Corporation, Teijin Ltd, SGL Group, Mitsubishi, CPIC and others
|Segments Covered||By Fiber Type, By Resin Type, By End-user|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Growing demand for lightweight materials is the main driving factor for thermoset composites market. Additionally, increasing demand for thermoset composites among various end-use industries including construction and infrastructure and aerospace and defense are estimated to create an upsurge in the thermoset composites market. Thermoset composites for the automotive industry offer a low coefficient of thermal expansion excellent dimensional stability, high impact strength, relatively low weight, receptiveness to paint and other important composite properties. According to U.S. & world economies, in 2018, the U.S. automotive industry contributed 2.7% to U.S. gross domestic product. That's USD 545.4 billion out of the total USD 20.5 trillion produced. Of that, USD 327.1 billion was auto manufacturing and USD 218.3 billion was vehicle retail sales. However, the issues related to the remold ability and recyclability might restrict the growth of the thermoset composites market. Moreover, the potential opportunities in new applications are likely to showcase growth opportunities for the thermoset composites market during the forecast period..
The study provides a crucial view of global Thermoset composites market by segmenting the market based on fiber type, Resin Type, manufacturing process, end user Industry and region. On the basis of fiber type, global Thermoset composites market is segmented as carbon fiber, glass fiber and other fiber. On the basis of resin type, global thermoset composites market is segmented as polyester, epoxy, vinyl ester, phenolic, polyurethane and others. On the basis of manufacturing process, the market is segmented into lay-up, filament winding, resin infusion, compression molding, injection molding, pultrusion and others. On the basis of end user, the market is segmented into transportation, aerospace and defense, sporting goods, wind energy, construction and infrastructure, pipe and tank, marine, electrical and electronics and others.
By Fiber Type
By Resin Type
The Fiber Type segment of thermoset composite market is dominated by glass fiber by capturing the largest market share 78.31% in year 2019. The Resin type segment of thermoset composite market is dominated by polyester in year 2019. The Manufacturing Process segment of thermoset composite market is dominated by lay-up by capturing the largest market share in year 2019. The End-Use Industry segment of thermoset composite market is dominated by automotive by capturing the largest market share 28.37% in year 2019.
A few of the major manufactures which are,
A lot of the drivers which influence the growth of the global thermoset composites market has been the performance benefits of the reinforced composites in the other materials which are added with the increase in demand for the lightweight materials. The composites have been an affordable alternative to the metals and thermoplastics in a lot of the industries which have been placed under the stress. These have been widely adopted in the industries of aerospace and military control. Rise in the R&D from a lot of the governments have been growing the investments in the market and are therefore boosting the global thermoset composites market growth.
North America is expected to drive the growth of Thermoset composites market, owing to the presence of well-established end use industries such as aerospace & defense, along with sports industry. U.S. is constantly increasing its military power to lead in the list of major military powers. This in turn is expected favor market of thermoplastic composite in this region. The aerospace and defense workforce continues to be the core of industry's success. At nearly 2.2 million strong in 2019, A&D workers represented 1.4% of America's total workforce, according to facts & figures of U.S. Aerospace & defense, in 2019. The impact of defense spending on state economies cannot be overstated. Also, According to Department of Defense 2018 statistics, The Aerospace & defense industry saw business growth in 49 states and the District of Columbia in 2019. Additionally, increasing demand from the transportation industry to drive the demand for Thermoset composites in Europe.
Asia-Pacific held the largest market share of 36.54% in 2019. In Asia-pacific, China is one and the major revenue contributing countries and will always have a special role in the global Thermoset composites market. Growing with a CAGR of 5.80% Asia-Pacific is likely to occupy a higher Thermoset composites market share by the end of 2026.
Market Trends of Thermoset Composites Market
Most thermoplastic composite parts are made with non-continuous fibers using injection molding. Short fibers (less than 1/8-inch) have been used in thermoplastic composites in the automotive sector for decades. Moreover, long fiber reinforced thermoplastics (LFRTs) from 1/8-inch to one inch have entered the market. LFRTs are commonly available as pellets and used primarily in injection molding and compression molding. Aerospace manufacturers were early adopters of LFRT technology. LFRTs have begun to proliferate the automotive market not only for light-weighting advantages, but also because they are easy to process.
Additionally, direct long fiber thermoplastics (DLFTs) are a newer processing technique that provides long fibers without melting preformed pellets. In a three-step process, DLFT compounds a resin – typically polypropylene – with any additives, cuts continuous fiber roving’s directly into the resin and then extrudes a portion of the reinforced material into a compression molding tool in the form of a dough-like charge or ‘bun.’ This allows control of the fiber length.
Over molding refers to hybrid processes in which two different materials are molded together, with the base layer molded first and additional layers molded into, on or around the original part. In the most common type of over molding, CFRT is placed into an injection molding tool and then short or long fiber thermoplastics are injected into the mold. Over molding can also be used with CFRT compression molding. For example, PolyOne’s Polystrand continuous fiber thermoplastic reinforcements are strategically placed into a tool and then compression over molded with long fiber polypropylene in certain automotive applications. This provides reinforcement that keeps parts from unlatching upon impact. In a different type of over molding, thermoplastic is injected onto the surface of basic compression molded parts. This allows for increasingly complex details, such as channels, bolts, and inserts.
Continuous fiber reinforced thermoplastics (CFRTs) are found in unidirectional tapes and used for woven sheets, filament winding and pultrusion. Continuous Fiber Reinforced Thermoplastic (CFR-TP) is a composite material containing high performance continuous fibers such as glass fiber, carbon fiber and aramid fiber which is impregnated under matrix of thermoplastics such as polycarbonates. One application is truck liners. For years, truck liners were made with glass reinforced polyester thermosets, which were easily damaged. “The thermoplastics [liners] ended up being much more puncture proof. They would take the abuse more than the polyester thermal liners.
The expansion of engineering resins with long and short carbon fiber reinforced polyamides and high-performance polyphthalamides – are key drivers to the spread of thermoplastic composites. Unlike less expensive commodity resins, engineering polymers offer exceptional mechanical properties at elevated temperatures, increased stiffness and toughness, and low creep. This makes them ideal for more metal-to-plastic structural components opportunities.
For decades, the automotive sector used the appealing polymer such as acrylonitrile butadiene styrene and polycarbonate to make aesthetic, interior composite parts, such as interior trim. Currently, automakers are turning to polyphthalamide (PPA) thermoplastic and carbon fiber reinforced polyamide composites for more structural parts. For example, Ford uses Ultramid short carbon fiber polyamide to manufacture a chassis part for the Shelby GT350 Mustang and has demonstrated advanced powertrain parts in long carbon fiber polyamide. PPAs are important because they enable the conversion from heavier steel parts to lighter composite parts that wasn’t previously possible. Engineering plastics will play a big role in helping OEMs cost effectively meet emission and fuel efficiency standards.
Additionally, advanced thermoplastic polymer composites also enable many digital technologies, including advanced driver-assistance systems designed to automate and enhance vehicle systems for safer driving. PPAs are used to fabricate the many censors and electrical connections these systems require because they are small, thin and light and have high temperature tolerances that allow them to be safely packed together in small spaces.
While not as widely used as injection molding – especially in the United States compression molding can be a lower cost alternative. It won’t be as fast as injection molding, but if manufacturers are making fewer parts, it’s a lot less costly to build the mold.
Compression molding can also produce higher fiber parts. For instance, the University of Alabama at Birmingham’s Materials Processing & Applications Development Center has used selective reinforced compression molding to achieve 65 to 70 percent fiber content, a marked contrast to injection-molded parts that typically yield 30 to 40 percent. Higher fiber content can help maximize properties, especially stiffness, for applications where that are important. Numerous efforts to increase the speed of compression molding for structural parts are underway. The Alfond Lab at the University of Maine is working with industry to demonstrate the efficacy of combining automatic tape laying (ATL) with compression molding. The lab uses an ATL machine to rapidly lay down pre-consolidated structural tapes in various orientations before they are ultrasonically welded together, and compression molded. The lab has used the process to develop a prototype of an automobile differential cover.
Meanwhile, an industry consortium based in France, the IRT-M2P, has developed an innovative processing method called Fast RTM. The resin transfer molding process enables two-minute cycle part production of structural thermoplastic and thermoset composite parts for the automobile and aerospace industries.
Middle East and Africa
Key Benefits for Global Thermoset Composites Market Report: