Market Size of Thermoset Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thermoset Composites Market Analysis
The global thermoset composites market is expected to grow at with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the increasing demand from aerospace industry. However, high cost of thermoset composites is hindering the growth of the market studied.
- Aerospace Industry accounts for the highest market share and is expected to continue dominating during the forecast period.
- Increasing Investments in the wind energy sector is likely to provide a major growth opportunity for the market studied in the coming years.
- Asia-Pacific accounts for the highest market share and is expected to continue dominating during the forecast period.
Thermoset Composites Industry Segmentation
The Gobal Thermoset Composites market report include:
| Fiber Type | |
| Carbon Fiber | |
| Glass Fiber | |
| Others |
| Resin Type | |
| Epoxy Resin | |
| Phenolic Resin | |
| Polyester Resin | |
| Polyurethane Resin | |
| Vinyl Ester Resin | |
| Others |
| End-user Industry | |
| Aerospace & Defense | |
| Automotive | |
| Construction & Infrastructure | |
| Electrical & Electronics | |
| Marine | |
| Pipes & Tanks | |
| Transportation | |
| Wind Energy | |
| Others |
| Geography | ||||||||
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Thermoset Composites Market Size Summary
The thermoset composites market is poised for significant growth, driven primarily by the aerospace industry's increasing demand. This sector holds the largest market share, benefiting from the composites' ability to enhance fuel efficiency and reduce operational costs through weight reduction. The aerospace and defense sectors are rapidly adopting these materials for their superior strength and stiffness-to-density ratios, which are crucial for interior components. Despite the high cost of thermoset composites posing a challenge, the market is expected to expand, supported by rising investments in research and development within the aerospace sector. The manufacturing surge in countries like the United States and Canada further propels the application of these composites, ensuring the aerospace industry remains a dominant force in the market.
Asia-Pacific is anticipated to maintain its leadership in the global thermoset composites market, driven by burgeoning demand in the electronics and construction sectors of emerging economies such as India, China, and ASEAN countries. China's robust investments in electronics and the region's increasing infrastructural developments are key factors contributing to this dominance. Additionally, India's construction industry has seen notable growth, further boosting the demand for thermoset composites. The market is moderately fragmented, with significant players like Hexcel Corporation, JEC Group, TEIJIN LIMITED, Johns Manville, and Huntsman International LLC sharing the market space. These dynamics suggest a competitive landscape with opportunities for growth across various sectors and regions.
Thermoset Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Preference of Thermoset Composites from Wind Energy
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1.1.2 Rapidly Increasing Demand from Aerospace Industry
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Challenges Faced During Recycling and Remoulding
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1.2.2 Other Restraints
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1.3 Industry Value-chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Fiber Type
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2.1.1 Carbon Fiber
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2.1.2 Glass Fiber
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2.1.3 Others
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2.2 Resin Type
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2.2.1 Epoxy Resin
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2.2.2 Phenolic Resin
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2.2.3 Polyester Resin
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2.2.4 Polyurethane Resin
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2.2.5 Vinyl Ester Resin
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2.2.6 Others
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2.3 End-user Industry
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2.3.1 Aerospace & Defense
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2.3.2 Automotive
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2.3.3 Construction & Infrastructure
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2.3.4 Electrical & Electronics
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2.3.5 Marine
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2.3.6 Pipes & Tanks
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2.3.7 Transportation
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2.3.8 Wind Energy
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2.3.9 Others
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 ASEAN Countries
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2.4.1.6 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East & Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East & Africa
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Thermoset Composites Market Size FAQs
What is the current Thermoset Composites Market size?
The Thermoset Composites Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Thermoset Composites Market?
Hexcel Corporation , Huntsman International LLC, JEC Group , TEIJIN LIMITED. and Johns Manville. are the major companies operating in the Thermoset Composites Market.
