Press release
United States Sees Market Consolidation in Thermosets Sector
Thermosets Market
The global thermosets market, valued at $3.81 billion in 2023, is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 11.2%, reaching approximately $8.01 billion by 2030. This growth is primarily driven by the increasing demand from the automotive and construction industries, which seek materials with superior thermal stability and durability.
United States: Growth and Consolidation in the Thermosets Market
In the United States, the thermosets market is experiencing significant growth, propelled by advancements in the automotive and aerospace sectors. Companies such as 3M, DuPont, and Huntsman are leading the market, focusing on mergers and acquisitions to enhance their product portfolios and market presence.
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Asia Pacific: Opportunities Amidst Rapid Industrialization
The Asia Pacific region presents substantial opportunities for the thermosets market, driven by rapid industrialization and urbanization. The region accounts for approximately 40% of the global thermosets market, with significant demand from the automotive and construction industries.
Companies are investing in research and development to cater to the growing demand for high-performance materials in this region.
Europe: Trends Towards Sustainability and Innovation
Europe continues to be a significant market for thermosets, with a focus on sustainability and innovation. The region's stringent environmental regulations are pushing manufacturers to adopt recyclable thermosets, aligning with global sustainability goals. Companies are investing in new product developments to meet the evolving demands of various industries.
Middle East and Africa: Emerging Markets with Growth Potential
The Middle East and Africa are emerging as potential markets for thermosets, attributed to urbanization and the adoption of advanced construction materials. The increasing presence of manufacturing industries and infrastructure development are expected to drive the demand for thermoset materials in these regions.
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Seitan Market segmentation :
by Type
Vinyl ester resins
Epoxy resins
Cyanate esters
Polyester resins
Polyurethane
Phenolic
Other
With a registered market share of over 40.0% of the total revenue share in 2023, the polyurethane resin sector was the largest product group and is predicted to increase steadily over the course of the estimated year. The industrial sector, construction equipment, pipes, heavy casting, structural steel, consumer appliances, metal coating, automotive, and other applications all accept and use polyurethane coatings. Fire resistance, UV light resistance, gloss retention, abrasion resistance, high weathering resistance, and vapor permeability are some of the properties that attract vendors to invest in and the different end users to use for the final product coating. These properties are driving its demand among the aforementioned applications.
by End-Users
Electrical and Electronics
Aerospace and Defense
Chemical tanks
Automotive
Construction
Other
Additionally, there are other divisions where these coatings are utilized in other formulations, such as powder-based, solvent-borne, and waterborne. Additionally, it meets the high need in the automotive industry for the engineering of interior components, such as the dashboard, armrests, headliners, and headrests. Another factor driving market demand in the near future is the acceptance of lightweight and high-performance materials in automotive production to improve fuel efficiency.
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Learn about the top players driving innovation in the Seitan Market :
1. Chevron Phillips Chemical Company LLC
2. Asahi Kasei Chemical Corp
3. Eastman Chemical Company
4. Sinopec
5. Bayer AG
6. BASF
7. LyondellBasell Industries
8. Dow Chemical Company
9. Arkema
10. Evonik Industries AG
11. Hexion Inc
12. Huntsman Corporation
13. Kolon Industries Inc
14. Kyocera Chemical Corporation
15. Plastics Engineering Company
16. Rogers
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