Thermoset composites market size to increase by USD 20.73 billion from 2021 to 2026; APAC to account for 46% market growth - Technavio

NEW YORK, April 5, 2023 /PRNewswire/ -- The thermoset composites market size is forecast to grow by USD 20.73 billion from 2021 to 2026. The growth momentum will be accelerating at a CAGR of 6.92% during the forecast period. APAC will account for 46% of the market growth during the forecast period. The growth of the regional market is driven by factors such as the increased focus on development, rapid industrialization, and the flourishing automotive industry in China and India. Also, increasing energy requirements and a rise in the number of vendors entering APAC to gain cost advantages are driving the growth of the regional market. For more insights on the market size (2022 to 2026) – Request a report sample

Vendor Analysis

The global thermoset composites market is fragmented. The market is characterized by the presence of a few large, medium, and small-scale vendors. Most large and established vendors sell and distribute their offerings to customers worldwide, whereas most smaller manufacturers are concentrated in their regional markets. Vendors compete based on parameters such as price, quality, innovation, reputation, brand identity, and distribution. The rivalry among vendors is intense and forces them to adopt pricing and marketing strategies to retain their existing market shares and seize new market opportunities. High product differentiation among vendors intensifies the competition in the market. Some of the key vendors covered in the report include:

• Hexcel Corp. - The company offers thermoset composites that can be transported and stored at room temperature and used for aerospace and industrial applications, using specially formulated epoxy, phenolic, and BMI resin matrix systems. 
• China Jushi Co. Ltd. - The company offers thermoset composites that come with significant property improvement in strength, modulus, corrosion resistance, and heat resistance. 
• Huntsman International LLC - The company offers thermoset composites that have short cycle times of under 60 sec with improved recyclability and repairability as well as integration of function and load introduction elements. 
• Accurate Plastics
• Advanced Composite Structures Australia Pty Ltd.
• C2 Composites
• Hexcel Corp.
• Hexion Inc.
• Huntsman International LLC
• Johns Manville
• Mar Bal Inc.
• Owens Corning
• PPG Industries Inc.
• Reliance Industries Ltd.
• SGL Carbon SE
• Solvay SA
• Teijin Ltd.
• Toray Industries Inc.

Market Dynamics

The growth of the market is driven by factors such as the demand for lightweight materials in automotive sector, the increasing demand from developing countries, and the high-performance composites replacing metals in key applications. However, the high cost of thermoset composites will challenge the growth of the market.

Thermoset composites such as carbon fibers are widely used in the automobile industry to produce various interior and exterior components. The growing need for the development of lightweight vehicles to improve fuel efficiency has significantly increased the use of carbon fiber among automakers. For instance, automakers in the US are trying to achieve the set average fleet fuel efficiency target of 35 miles per gallon (mpg) to 54.5 mpg by 2025, in accordance with the Corporate Average Fuel Economy (CAFE) legislation. Such regulations are keeping the automotive sector occupied to come up with innovative developments. Besides, the automotive industry is expected to undergo steady progress toward material change in key automotive segments such as powertrain, chassis, exterior, and interior. All these factors will create a significant demand for thermoset components during the forecast period.

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Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others. Request a Sample

Market Segmentation

• By type, the market is segmented into polyester resin, epoxy resin, and others.
• By geography, the market is segmented into APAC, Europe, Middle East and Africa, North America, and South America.

The market growth in the polyester resin segment will be significant during the forecast period. Polyester resins are easy to handle and cost less. They exhibit good dimensional stability, as well as good mechanical, chemical resistance, and electrical properties. Such properties have increased the application of polyester resins, ranging from creating molds to casting materials. They are used in building boats and casting gutters and bumpers. Polyester resins are also used to produce interior components, frames, panels, and various other components applicable in the automotive, transportation, agriculture, and construction industries. Such wide applications of polyester resin composites are driving the growth of the segment.

Related Reports:

• The carbon composites market is estimated to grow at a CAGR of 11.49% between 2022 and 2027. The size of the market is forecast to increase by 177.9 million t. The market is segmented by type (virgin fiber (VCF) and recycled fiber (RCF)), end-user (aerospace and defense, automotive, wind energy, sporting goods, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
• The tooling composites market size is estimated to grow at a CAGR of 7.57% between 2022 and 2027. The tooling composites market size is forecast to increase by USD 251.25 million. The market is segmented by application (aerospace, automotive, construction, wind energy, and others), raw material (polyester, glass fiber, and vinyl esters and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

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What are the key data covered in this thermoset composites market report?

• CAGR of the market during the forecast period.
• Detailed information on factors that will drive the growth of the market between 2022 and 2026
• Precise estimation of the size of the thermoset composites market and its contribution to the parent market.
• Accurate predictions about upcoming trends and changes in consumer behavior.
• Growth of the market across APAC, Europe, Middle East and Africa, North America, and South America.
• A thorough analysis of the market's competitive landscape and detailed information about vendors.
• Comprehensive analysis of factors that will challenge the growth of thermoset composites market vendors.

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Resin Type
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Resin Type

• 5.1 Market segments 
• Exhibit 24: Chart on Resin Type - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Resin Type - Market share 2021-2026 (%)

• 5.2 Comparison by Resin Type 
• Exhibit 26: Chart on Comparison by Resin Type
• Exhibit 27: Data Table on Comparison by Resin Type

• 5.3 Polyester resin - Market size and forecast 2021-2026
• Exhibit 28: Chart on Polyester resin - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Polyester resin - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Polyester resin - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Polyester resin - Year-over-year growth 2021-2026 (%)

• 5.4 Epoxy resin - Market size and forecast 2021-2026
• Exhibit 32: Chart on Epoxy resin - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Epoxy resin - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Epoxy resin - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Epoxy resin - Year-over-year growth 2021-2026 (%)

• 5.5 Others - Market size and forecast 2021-2026
• Exhibit 36: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.6 Market opportunity by Resin Type 
• Exhibit 40: Market opportunity by Resin Type ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 42: Chart on Market share by geography 2021-2026 (%)
• Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 44: Chart on Geographic comparison
• Exhibit 45: Data Table on Geographic comparison

• 7.3 APAC - Market size and forecast 2021-2026
• Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.4 North America - Market size and forecast 2021-2026
• Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.5 Europe - Market size and forecast 2021-2026
• Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026
• Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026
• Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 Japan - Market size and forecast 2021-2026
• Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.11 Germany - Market size and forecast 2021-2026
• Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.12 UK - Market size and forecast 2021-2026
• Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 86: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 87: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 88: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 89: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 90: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 91: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 92: Matrix on vendor position and classification

• 10.3 China Jushi Co. Ltd. 
• Exhibit 93: China Jushi Co. Ltd. - Overview
• Exhibit 94: China Jushi Co. Ltd. - Product / Service
• Exhibit 95: China Jushi Co. Ltd. - Key offerings

• 10.4 Hexcel Corp. 
• Exhibit 96: Hexcel Corp. - Overview
• Exhibit 97: Hexcel Corp. - Business segments
• Exhibit 98: Hexcel Corp. - Key news
• Exhibit 99: Hexcel Corp. - Key offerings
• Exhibit 100: Hexcel Corp. - Segment focus

• 10.5 Huntsman International LLC 
• Exhibit 101: Huntsman International LLC - Overview
• Exhibit 102: Huntsman International LLC - Business segments
• Exhibit 103: Huntsman International LLC - Key news
• Exhibit 104: Huntsman International LLC - Key offerings
• Exhibit 105: Huntsman International LLC - Segment focus

• 10.6 Mitsubishi Chemical Corp. 
• Exhibit 106: Mitsubishi Chemical Corp. - Overview
• Exhibit 107: Mitsubishi Chemical Corp. - Business segments
• Exhibit 108: Mitsubishi Chemical Corp. - Key news
• Exhibit 109: Mitsubishi Chemical Corp. - Key offerings
• Exhibit 110: Mitsubishi Chemical Corp. - Segment focus

• 10.7 Owens Corning 
• Exhibit 111: Owens Corning - Overview
• Exhibit 112: Owens Corning - Business segments
• Exhibit 113: Owens Corning - Key news
• Exhibit 114: Owens Corning - Key offerings
• Exhibit 115: Owens Corning - Segment focus

• 10.8 PPG Industries Inc. 
• Exhibit 116: PPG Industries Inc. - Overview
• Exhibit 117: PPG Industries Inc. - Business segments
• Exhibit 118: PPG Industries Inc. - Key offerings
• Exhibit 119: PPG Industries Inc. - Segment focus

• 10.9 SGL Carbon SE 
• Exhibit 120: SGL Carbon SE - Overview
• Exhibit 121: SGL Carbon SE - Business segments
• Exhibit 122: SGL Carbon SE - Key news
• Exhibit 123: SGL Carbon SE - Key offerings
• Exhibit 124: SGL Carbon SE - Segment focus

• 10.10 Solvay SA 
• Exhibit 125: Solvay SA - Overview
• Exhibit 126: Solvay SA - Business segments
• Exhibit 127: Solvay SA - Key news
• Exhibit 128: Solvay SA - Key offerings
• Exhibit 129: Solvay SA - Segment focus

• 10.11 Teijin Ltd. 
• Exhibit 130: Teijin Ltd. - Overview
• Exhibit 131: Teijin Ltd. - Business segments
• Exhibit 132: Teijin Ltd. - Key offerings
• Exhibit 133: Teijin Ltd. - Segment focus

• 10.12 Toray Industries Inc. 
• Exhibit 134: Toray Industries Inc. - Overview
• Exhibit 135: Toray Industries Inc. - Business segments
• Exhibit 136: Toray Industries Inc. - Key news
• Exhibit 137: Toray Industries Inc. - Key offerings
• Exhibit 138: Toray Industries Inc. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 139: Inclusions checklist
• Exhibit 140: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 141: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 142: Research methodology
• Exhibit 143: Validation techniques employed for market sizing
• Exhibit 144: Information sources

• 11.5 List of abbreviations 
• Exhibit 145: List of abbreviations

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