Pune, India, June 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Thermoset Molding Compound Market.
The global thermoset molding compound market is projected to exhibit a CAGR of 6.84% during the forecast period of 2022 to 2030.
Market Research Future has recognized the following companies as the key players in the global thermoset molding compound market BASF, Ashland Global Holding Inc, Eastman chemical company, Huntsman Corporation, Evonik Industries, Kolon Industries Inc, Hexion Inc, Plastics engineering company (Plenco), Kyocera chemical corporation, Rogers Corporation.
The global thermoset molding compound market is projected to be valued at approximately $19.5 Billion by 2030, recording a CAGR of 6.84% during the forecast period. Thermoset resins give thermosetting plastic parts heat resistance, dimensional stability, maximum bending strength, heat insulation, and usability, making them perfect for a wide range of applications. Thermoset molding is a common molding technique that entails pressing flexible plastic forms into a heated mold and molding them into their final shape. Precursors are added to the base substance to drive molecular chemical reactions, resulting in a more complex, irreversible final structure. Thermoset materials have a longer lifespan than thermoplastics. Market expansion is being fueled by rising demand for heavy metals and safety in transportation and aircraft, and there is a need for thermal properties and corrosive composites.
The thermoset molding compound market's growth trend was thrown off by the COVID-19 outbreak. As a result of the crisis, governments implemented lockdowns, preventing the international movement of non-essential commodities and resources, putting a halt to the production activities of a variety of businesses that generate massive demand for thermoset molding compounds. The transportation industry is the primary source of demand for these materials; as a result, any change in the manufacturing of automobiles has a corresponding impact on the demand for thermoset compounds.
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The global thermoset molding compound market has been segmented based on type, end-user, and region.
By type, the global thermoset molding compound market has been segmented into epoxy resin, phenolic resin, polyester resin, urea-formaldehyde, melamine-formaldehyde, and others. The phenolic resin segment holds the largest market share in the global thermoset molding compound market because of their increased qualities, such as strong heat resistance, high moldability, mechanical strength, low smoke toxicity, and ability to combine with polymers, they are becoming more used in a variety of industries. It is commonly utilized in vehicle parts and electric switches due to its great heat resistance. Phenolic resins are suited for use in insulation due to their low thermal conductivity. Because of its water resilience, phenol-formaldehyde is used as a durable binder and adhesive for wooden building panels, as a binder for mineral wool insulation.
Based on end-user, the global thermoset molding compound market has been segmented into aerospace, automotive, electrical & electronics, and others. The automotive segment holds the largest market share in the global thermoset molding compound market. since it may be classified as using gasoline in addition to gasoline, diesel, electric, and several hybrids or potential gasoline motors consisting of ethanol and mixed electric motor-warmth engine drive As the demand for motors grows in tandem with the demand for product and passenger transportation, the demand for motors is likely to rise. The demand for road transportation has increased the demand for lightweight and stable automobile items such as cars, trucks, and other road transport vehicles. The expansion of the automobile industry within the transportation sector had offered lucrative opportunities for market growth.
Geographically, the global thermoset molding compound market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The Asia Pacific region dominates the market. The rapid expansion in population in these countries, combined with rising investments in the electronic industry, has accelerated market growth. North America captures a large portion of the market. Market growth in the North American regions has been fueled by rising awareness and rising consumer buying power in the U.S. and Canada. Excessive emphasis on the phenolic resin in electrical components, which has great mechanical strength and thermal resistance, making it perfect for electrical applications around the world. Europe has a considerable market share due to the presence of a major automobile base in the region. Thermoset molding compounds provide considerable benefits in the prevention of rust on the vehicle body and critical mechanical components, reducing service time and increasing predicted lifespan, which promotes its use in the automotive sector and, as a result, drives the market growth. The Middle East and Africa will have the most developments in the global industrial sector. The development of companies and the strengthening of the region's financial status have increased the demand for thermoset molding compounds. Latin America's economy is slowing as a result of government meddling in the region.