Global Thermoset Molding Compound Market: Snapshot
In the current past, thermosets have turned out to be superb trade for metallic or metallic components as they provide highly valuable properties, for instance, mechanical quality, high temperature resistance, compound resistance, electrical protection, and different other advantages. Swift urbanization is having a positive impact on many industries wherein lightweight and solidness of the items are fundamental needs in terms of product. Therefore, the demand in the worldwide thermoset molding compound market is anticipated to grow at an exponential rate in the years ahead.
The expanding requirement for security and safety in aerospace and transportation industries is an essential driver of the global thermoset molding compound market, as thermosets offer quality and sturdiness other than being lightweight. The requirement for financially suitable material to supplant heavy metals, expanding requirement for thermally steady and resistance to corrosion, and easy production of complex are some of the various dynamics pushing the growth of the worldwide thermoset molding compound market. On the other hand, fluctuating prices of crude oil and stringent administrative strategies relating to thermoset resin are anticipated to inhibit the development rate in the upcoming years.
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Some of the key end users of thermoset molding are aerospace, electrical and electronics, and most of all automotive. The automotive industry is the probable leading end user owing to the use of thermoset molding in the manufacturing of interior and exterior automotive components.
Global Thermoset Molding Compound Market: Overview
In the recent past, thermosets have become excellent replacement for thermoplastic or metallic components as they offer highly useful properties such as mechanical strength, high temperature resistance, chemical resistance, electrical insulation, and other benefits. Rapid urbanization is reflecting positively on several industries wherein lightweight and durability of the products are essential. As a result, the demand in the global thermoset molding compound market is projected to expand at a robust rate during the forecast period of 2017 to 2025.
This report on global market for thermoset molding compound is an all-inclusive overview of the current condition and based a thorough analysis of all the factors that my influence the demand in the near future, it estimates the state of the market until 2025. This report has been prepared to act as an information guide for targeted audiences such as thermoset molding compound manufacturers, distributors and suppliers, raw material suppliers, end-use industries, and investment research firms. The hallmark of the report is its section on company profiles, wherein a number of prominent players currently active in this market have been overviewed for their market share, operating business segments, business performance, and key strategic moves and recent developments.
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The global thermoset molding compound market can be segmented on the basis of resin type into phenolic, epoxy, polyester, and other resins, while on the basis of application, the market can be categorized into aerospace, electrical, automotive, and others. Geographically, the report studies the potential of the market in the regions such as Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
Global Thermoset Molding Compound Market: Trends and Opportunities
The increasing need for safety in transportation and aerospace industry is the primary driver of this market, as thermosets offer strength and durability besides being lightweight. The need for economically viable material to replace heavy metals, increasing need for thermally stable and resistance against corrosion, and ease in production of complex shapes are some of the other factors augmenting the demand the global thermoset molding compound market. Conversely, volatility of crude oil prices and stringent regulatory policies pertaining to thermoset resin are expected to hinder the growth rate during the forecast period.
Among all the resin type segments, polyester resin has maximum demand, owing to its property of remarkable flexibility and increasing application in automotive body panel. Polyester resin thermoset molding offers excellent resistance to a wide range of chemicals at room temperature such as gasoline, aliphatic hydrocarbons, alcohols, and glycols. Among the end-use application, the electrical and electronics segment continues to be most lucrative as thermoset molding compound are used for various types of electronic packages such as transistors, capacitors, memory devices, and central processing units (CPUs).
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Global Thermoset Molding Compound Market: Regional Outlook
Countries such as China and India have become manufacturing hubs for several end-use industries in the recent past. This factor makes this Asia Pacific the most important regional market for thermoset molding compound. The growing economy, low cost labor, and escalating demand for low-maintenance products are some of the factors augmenting the demand from Asia Pacific region.
Companies mentioned in the research report
The report identifies Eastman Chemical Company, Ashland Global Holding Inc., BASF SE, Hexion Inc., Huntsman Corporation, Evonik Industries AG, Kolon Industries Inc., Plastics Engineering Company (Plenco), Kyocera Chemical Corporation, and Rogers Corporation as the key players in global thermoset molding compound market. Product development, collaboration and partnerships, and regional expansion are the key strategies adopted by these players to maintain their stronghold over the market. Some of the other notable players are Hitachi Chemical Company Ltd., Chang Chun Plastics Co. Ltd., Cosmic Plastics Inc., Saudi Basic Industries Corporation (SABIC), and Jiangsu Tianxin Chemical Co., Ltd.