Thermoset Resin Market - Global Industry Analysis and Forecast 2024

The global composite industry has been expanding significantly in terms of production, technological advancements, and developments. Thermoset resin plays a vital role in the composite industry. Thermoset resins are used extensively in the manufacture of composites; these resins are employed in the fabrication of products for end-use industries such as aerospace, automotive, sporting goods, construction, electronics, and wind energy. The thermoset resin market can be segmented into six resin types: polyester resin, epoxy resin, vinyl ester resin, phenolic, polyurethane, and high temperature resins (such as cyanate ester).

Browse Market Research Report @
http://www.transparencymarketresearch.com/thermoset-resins-market.html

Thermoset resins exhibit characteristics such as mechanical strength, corrosion resistance, and low weight. These resins are used widely in various applications. Thermoset resins form long polymer chains and can be easily customized as per the requirements of end products. Thermoset resins offer many advantages. These include balance of numerous properties such as mechanical & chemical stability and dimensional stability; low cost; and easy processing, and handling. The vinyl ester resin segment accounts for significant share of the thermoset resin market. Vinyl ester resins are less susceptible to damage caused by hydrolysis. Therefore, these resins are used in the manufacture of corrosion-resistant containers such as fiberglass tanks and FRP pipes. Vinyl ester resins are also employed in grating applications.

The epoxy resin segment also holds key share of the thermoset resin market. Epoxy resins are used in various applications; for instance, they are employed in coatings, adhesives & composite materials, and fiberglass reinforcements. Epoxy coating dries quickly; hence, it provides a strong and durable protective coating with excellent abrasion resistance. It can also be applied for corrosion protection of steel pipes and fittings, which are employed in the hydrocarbon industry. Phenolic resins emit less amount of smoke and have lower toxicity levels as compared to other thermoset resins. Phenolic thermoset resins are primarily used in the manufacture of aircraft interiors and galley walls.

These resins are also employed in other commercial markets that require flame resistant and low smoke properties. Polyurethane thermoset resins exhibit wide range of hardness, stiffness, and density. Thus, these resins are used in the manufacture of seats, headrests, armrests, dashboards, headliners, and instrument panels. Polymer resins undergo the curing chemical reaction to form three-dimensional cross-linked structures, which are generally known as thermoset resins. After curing, polymer resins tend to form a rigid cross-linked structure due to the better physical properties as compared to other resins. Exposure of polymer resins to a high radiation source is another way of initiating the curing process. Thermoset resins are generally found in the form of liquids or molding powders. Composite materials can be formed by reinforcing cured resins with polymer fibers that exhibit excellent properties vis-à-vis conventional polymers.

Asia Pacific, Middle East & Africa, and North America are the major regions of the global thermoset resin market. Rising demand for specialized composite materials is driving the global thermoset resin market. Key drivers of the thermoset resin market include performance benefits of reinforced composites over rival materials and increase in demand for lightweight materials. Thermoset resins cannot be re-processed or recycled in their original form, neither can they be decomposed naturally; hence, environmental concerns are the major restraints of the thermoset resin market. The usage of thermoset resin in the aerospace industry is increasing significantly. This is likely to propel the thermoset resin market in the near future.

In terms of revenue, the thermoset resin market is projected to reach more than US$ 15 Bn by the end of 2022 at a CAGR of over 5%. This indicates the vast potential of the global thermoset resin market.

Prominent players operating in the global thermoset resin market are AEP Industries, Teijin Chemicals, DuPont Corporation, American Packaging Corporation, North American Pipe Corporation, The Dow Chemical Company, Reliance Industries Ltd., Saudi Kayan Petrochemical Co., National Petrochemical Company (NPC), and GAIL (India). Opportunities and applications of thermoset resin in various industries are projected to significantly drive the market in the near future.

Fill the form to gain deeper insights on this market @
http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1441

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact

Transparency Market Research
90 State Street, Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.