ID: MRFR/CnM/9373-HCR | 100 Pages | Published By Priya Nagrale on March 2023
The global Thermoset Molding Compound market size is projected to reach approximately $19.5 Billion by 2030, at a CAGR of 6.84% from 2021 to 2030. Thermoset molding is an inevitable molding method that involves pushing flexible plastic forms into a heated mold and shaping them into their final form. Precursors are given to the base compound to stimulate chemical processes at the molecular scale, resulting in a more intricate, irreversible final structure. Thermoset materials are typically more durable than thermoplastics. Thermoset polymers cannot be remelted; instead, they must be ground and used as a substitute for a variety of purposes. Epoxy molding compounds are employed in a wide range of electrical and automotive applications due to their superior electrochemical properties. The molded part is made from a melting low-molecular-weight, a low-viscous substance that has been functionalized by a chemical process inside the mold.
COVID-19 Impact Analysis
COVID-19 had a significant impact on the global economy and has devastated trade, which not only had a negative impact on the supply chains of businesses, households, and financial institutions but also on industrial establishments and infrastructure companies. International trade restrictions and regulatory changes in the chemicals industry, which will limit demand in the short term, will have a considerable effect on the market.
As a result of the COVID-19 epidemic, the molding industry is being compelled to shut down or curtail production operations for non-essential applications. The thermoset molding compound market has also experienced a slowdown as a result of this pandemic.
The market is being driven by an increase in electronic sector applications. Thermoset molding compounds have anti-corrosive and heat-resistant qualities, which extend the product life cycle and improve efficiency in electrical applications. They also save weight, which drives the market. High competition and high investment costs among the global heavyweights, on the other hand, are expected to hinder the market growth.
The thermoset molding compound is a high-performance raw material with applications in a variety of industries, including automotive, infrastructure, aerospace, and wind energy. Because it can survive the severe stress of extreme environments, it is a good product for these sectors. Traditional thermosets are being replaced by thermoset molding compounds, which are a new form of resin. Thermosets have been around for a long time, but they need a lot of energy and are heavier than the alternatives. Thermoset molding compounds are formed of plastics that can be heated or cooled to produce items like cups, containers, and cookware. These novel compounds have a smaller environmental impact because they don't require as much energy and weigh less than old thermosets, which is driving the market's growth.
A thermoset molding compound is a form of plastic that is molded into the required shape after being polymerized (hardened) in a mold. Cosmetic parts, furniture, insulation, sporting equipment, electrical components, and other items are made from this sort of plastic. The cost of creating TMCs has risen in tandem with the advancement of technology. The market for TMCs has risen as a result of this. The market's expansion will be hindered by factors such as high investment costs and a limited range of applications for these materials.
Many industries to be revolutionized by the IoT will be manufacturing, which had experienced changes in its processes, go-to-market strategies, and supply chain operations. The Thermoset Molding Compound market has experienced several technological advancements in recent years such as the introduction of a smart thermoset molding compound (SMTC) will lead to a more intelligent and connected supply chain. Manufacturers and suppliers will have real-time access to important data and insights and will be able to make highly informed decisions about their products, pricing, and delivery options.
Based on Type, the global thermoset molding compound market has been divided into epoxy resin, phenolic resin, polyester resin, urea-formaldehyde, melamine-formaldehyde, and others. The global market for thermosetting molding compounds is dominated by the phenolic resin segment. 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.
Based on End-User, the global thermoset molding compound market has been divided into aerospace, automotive, electrical & electronics, and others. The global thermoset molding compound market is dominated by the automotive industry. Automobiles or motors can be classified based on their fuel type, which includes gasoline, diesel, electric, and a variety of hybrid or alternative gasoline motors that include ethanol and combined electric motor-warmth engine drives.
Global Thermoset Molding Compound Market Share, by Region, 2021 (%)Regional Analysis
By region, the global Thermoset Molding Compound market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the largest market share. North America is projected to exhibit the highest CAGR during the review period.
Asia-Pacific is the largest market in 2021 and is expected to experience a decent growth rate during the forecast period in the global Thermoset Molding Compound market. The region includes China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific, which accounts for the majority of the thermoset molding compound market. During the projected period, China and India are expected to lead the market for thermoset molding compounds. Furthermore, the ruling governments of India and China are projected to contribute significantly to the expansion of the thermoset molding compounds market through their efforts to construct smart cities and modern infrastructure.
North America Market
North America is expected to experience the highest CAGR during the forecast period in the global Thermoset Molding Compound market. In the North American region, the US holds the largest market share due to the upward trend in the demand for thermoset molding compounds owing to the increasing demand for composite materials and rising investments in the infrastructure and construction industry will drive the market growth.
Tier-1, tier-2, and local players compete in the market. Tier-1 and tier-2 players have a global footprint and varied product ranges. Due to product differentiation, financial stability, strategic advancements, and a diverse regional presence, companies such as BASF, Eastman Chemical Company, Evonik Industries, and Kolon Industries Inc dominate the global thermoset molding compound market. The players are concentrating their efforts on research and development. They also use strategic growth activities including product launches, expansion, joint ventures, and collaboration to boost their market position and attract a big consumer base.
Prominent players in the global Thermoset Molding Compound market include Ashland Global Holding Inc, BASF, Eastman chemical company, Evonik industries, Hexion Inc, Huntsman Corporation, Kolon Industries Inc, Kyocera chemical corporation, Plastics engineering company (Plenco), Rogers Corporation.
In March 2021, BASF announced a collaboration with Sumitomo (SHI) Demag to develop a new high-performance polymer manufacturing cell, the first all-electric fully automated injection molding cell.
On 16 April 2020: Evonik announced the completion of its polyamide plant expansion in Marl. The compound also has excellent UV resistance, uses very little water, has great structural correctness, and combines quality and performance with excellent parameter estimation. The goal of this expansion was to increase output and hence expand the company's product offers around the world.
Scope of the Report
Global Thermoset Molding Compound Market, by Type
Global Thermoset Molding Compound Market, by End User
Global Thermoset Molding Compound Market, by Region
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Market Size and Forecast:
To identify and estimate the market size for the global Thermoset Molding Compound market segmented by type, end-user by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Thermoset Molding Compound from 2021 to 2030
Market Landscape and Trends:
To identify and infer, the drivers, restraints, opportunities, and challenges for the global Thermoset Molding Compound market
Market Influencing Factors:
To find out the factors which are affecting the sales of Thermoset Molding Compound among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the global Thermoset Molding Compound market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||• 2030: USD 19.5 billion|
|CAGR||• 6.84% CAGR (2021-2030)|
|Base Year||• 2021|
|Forecast Period||• 2022-2030|
|Historical Data||• 2020|
|Forecast Units||• Value (USD Million)|
|Report Coverage||• Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||• Type, End-User|
|Geographies Covered||• North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||• Ashland Global Holding Inc, BASF, Eastman chemical company, Evonik industries, Hexion Inc, Huntsman Corporation, Kolon Industries Inc, Kyocera chemical corporation, Plastics engineering company (Plenco), Rogers Corporation|
|Key Market Opportunities||• Technological Advancements in The Thermoset Molding Compound Market|
|Key Market Drivers||• Weight saving advantage for various industries|
The study period of the global Thermoset Molding Compound market is 2020 - 2030
The global Thermoset Molding Compound market is growing at a CAGR of ~ 6.84% over the next 10 years
North America is expected to register the highest CAGR during 2021 - 2030
The Asia Pacific holds the largest share in 2021
BASF, Eastman Chemical Company, Evonik Industries, and Kolon Industries Inc are the major companies operating in the global thermoset molding compound market.