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Thermoset Molding Compounds Market Value to Witness $12,298 Million Growth by 2022

06-19-2019 01:03 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Thermoset Molding Compounds Market

Thermoset Molding Compounds Market

The properties of thermoset molding compounds such as high-heat resistance, dimensional stability, and electrical insulation capability makes them ideal material for several end-use applications. These are highly used in electrical & electronics applications owing to its toughness, resistance to several environmental factors, stability, and flame resistance. It delivers superior performance as compared to other substitute products such as metals and thermoplastics. As these are generally stronger than thermoplastics due to the polymer cross-linking and are better suited for high temperature applications. Moreover, the factors such as need for weight reduction in aerospace & transportation and rise in demand for thermally stable & corrosion resistance components drive the growth of thermoset molding compounds market. However, volatile crude oil prices and regulatory challenges associated with these compounds are projected to hamper the market growth.

Thermoset Molding Compounds Market report, published by Allied Market Research, forecasts that the global market is expected to garner $12,298 million by 2022, registering a CAGR of 6.2% during the period. Unsaturated polyester resin is the largest segment by type and is expected to grow at a CAGR of 6.1% during the forecast period.

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The thermoset molding compound market is in its growth stage due to need for weight reduction & safety in transportation and aerospace and increase in demand for thermally stable and corrosion resistant composites. It is emerged as a cost-effective substitute material for the heavy metal in different applications.

Factors that drive the growth of the global thermoset molding compound market are need for safety in transportation & aerospace industry, economically viable option than heavy metals, rise in need for thermally stable & corrosion resistant components, and ease in production of complex shape parts. Economic development in the emerging economies of regions such as Asia-Pacific and LAMEA are expected to provide significant growth opportunities to the industry players. However, factors such as volatility in crude oil prices and stringent regulation associated with thermoset resin may hamper the market growth during the forecast period.

In 2015, polyester resin was the leading segment, with almost one-third market share in terms of revenue, followed by phenolic, urea formaldehyde, and epoxy resin. Polyester resin molding compounds offer remarkable flexibility and it is used for diverse application needs from automotive body panel to a rugged underground utility box. It offers excellent resistance to broad range of chemicals at room temperature such as aliphatic hydrocarbons, gasoline, alcohols, glycols, and ethers. These resins are advantageous for the applications where high mechanical properties, corrosion resistance, and low weight are the foremost important factors. Further, its applications in airplanes, trucks, buses, as structural part in building, sanitary ware market, and cladding panels, roofing tiles, and pipes drives the growth of the market.

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Electrical & electronics end-user segment generated the highest revenue in 2015, with almost half of the total market share, followed by automotive segment. Thermosetting molding compounds are used to encapsulate different types of electronic packages such as capacitors, transistors, central processing units (CPUs), memory devices, and others. Along with this, molding compound are also employed in different electrical appliances & circuits owing to its distinct properties, such as rigidity, toughness, resistance to several environmental factors, low cost, stability, and flame resistance.

Key Findings of the Thermoset Molding Compounds Market

• In 2015, Asia-Pacific dominated the global market with around half of the share in overall market in terms of revenue.
• Automotive is the fastest developing end-user industry growing at a highest CAGR of 6.9% in terms of revenue, from 2016 to 2022.
• Polyester is the leading segment comprise of one-third share of the total market revenue in 2015.
• In 2015, phenolic resin holds the largest market in terms of volume in the global market.
• Melamine formaldehyde segment is expected to grow at a lucrative rate of 7.3% during the forecast period

In 2015, Asia-Pacific is the leading region owing to the increase in disposable income, rapid growth in urbanization, and rise in need for weight reduction in automotive components. Further, LAMEA is projected to be the fastest growing region, with a CAGR of 6.8% followed by Europe with 6.4% owing to the rapid industrialization and increase in demand from electrical & electronics industries.

The major companies profiled in the report include Ashland Global Holding Inc., BASF SE, Eastman Chemical Company, Evonik Industries AG, Hexion Inc., Huntsman Corporation, Kolon Industries Inc., Kyocera Chemical Corporation, Plastics Engineering Company (Plenco), Rogers Corporation.

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About us

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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