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Thermoset Molding Compound Market Latest Trend 2023, Global Key Players, Industry Size, Share, Demand, Regional Growth, Global Forecast Report by 2031
Thermoset Molding Compound Market
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Thermoset Molding Compound Market size will witness a significant growth rate during over 2020-2030. growing demand for heavy metals and safety in transportation and aerospace sectors, advantageous properties of thermosetting molding compounds such as their anti-corrosive nature, greater heat resistance, and toughness, which make them ideal for use in electrical & electronics applications, superior performance of these compounds as compared to other substitute products such as metals and thermoplastics, and increase in investment in the electronics sector and transportation infrastructure of developing countries drive the growth of the market. The advent of nanotechnology and the spike in demand for fuel-efficient and lightweight vehicles present favorable growth opportunities for the industry.
In terms of region, Asia-Pacific held the major share in 2020, grabbing nearly half of the global market and is expected to rule the roost through 2030. The same segment is projected to register the highest CAGR of 6.89% during the forecast period.
The global thermoset molding compound market is analyzed on the basis of type, end-user, and region. In terms of type, the polyester resin segment held the major share, capturing nearly one-third of the global market in 2020 and is likely to maintain this trend during the forecast period. On the other hand, the melamine formaldehyde segment is predicted to grow at the fastest CAGR of 7.77% through 2030.
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Based on end user, the electrical and electronics segment grabbed the largest share in 2020, accounting for more than half of the global market and is expected to maintain its dominance through 2030. However, the aerospace segment is anticipated to grow at the highest CAGR of 7.32% during the forecast period.
Leading players of the global thermoset molding compound market analyzed in the research 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), and Rogers Corporation.
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By Type
Phenolic Resin
Epoxy Resin
Polyester Resin
Urea Formaldehyde
Melamine Formaldehyde
Others
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