LONDON, June 2, 2016 /PRNewswire/ -- Global molding compounds market by thermoset resin type to grow from USD 8.04 billion in 2015 to USD 10.96 billion by 2020, at a compound annual growth rate (CAGR) of 6.40% between 2015 and 2020, as the thermoset molding compounds are being increasingly used in electrical and automotive applications.
"Electrical application accounts for the largest market share in molding compound market by thermoset resin type"
Thermoset molding compounds can be molded into complex shaped and have been proved to be safe in electric application due to its high performance properties. With improvement of infrastructure, consumer demand for electrical home has changed, as well as use of thermoset molding compounds in electrical components which offer design flexibility. Also, thermoset molding compounds provide great advantages in preventing rust and corrosion of vehicles' body and key metal parts, thus saving maintenance costs and increasing average lifespan. These are some of the factors driving the global thermoset molding compounds market.
"Phenolic molding compounds to register maximum growth during the forecast period"
Phenolic resin is the most commonly used resin for the production of thermoset molding compounds. There are certain properties of phenolic resins which make superior thermoset molding compounds in comparison to other resins used. Phenolic molding compounds are specified to insulate and protect sensitive components from the adverse effect of high temperature exposure and also maintain the structural integrity of thermoset molding compounds. Moreover, as phenolic resins offer consumer safety when the potential for the end product to melt, overheat, or initiate a fire is minimized through the use of a heat resistant phenolic molding material. Due to these properties phenolic molding compounds is expected to register the highest CAGR in the next five years.
"Asia-Pacific is projected to be the fastest-growing thermoset molding compounds market"
Asia-Pacific dominated the thermoset molding compounds market followed by North America. China is expected to register the largest market share in the Asia-Pacific region, due to the growing economy and progressing lifestyle in the country, the need for high performance products in homes and industries in increasing.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted as follows:-
- By Company Type: Tier 1 (50%), Tier 2 (37%) and Tier 3 (13%).
- By Designation: C-level (46%), Director Level (21%) and others (33%)
- By Region: North America (34%), Europe (31%), APAC (23%), and RoW (12%).
Thermoset molding compounds are finding its place in new applications such as consumer goods, which use thermoset molding compounds as one of its core materials in cookware handles, knobs, and electric appliances.
The various key players profiled in the report are as follows:
1. Hexion Inc. (U.S.)
2. Hitachi Chemical Company (Japan)
3. BASF SE (Germany)
4. Huntsman International LLC (U.S.)
5. Eastman Chemical Company (U.S.)
6. Kyocera Chemical Corporation (Japan)
7. Evonik Industries (Germany)
8. Kolon Industries (South Korea)
9. Ashland Inc. (U.S.)
10. Kukdo Chemicals Company (Korea)
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the thermoset molding compounds market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, mergers and acquisitions.
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