Thermoset Molding Compound Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The thermosets are gaining in popularity, owing to their superior mechanical strength and their high temperature stability. They are used in many different applications, especially in the automobile, aeronautics, and electrical industries. There are several reasons for the growing use of these materials, including the increasing use of lightweight materials in automobile construction, in order to improve the fuel economy and reduce the exhaust emissions. Injection molding and 3D printing are also opening up new possibilities for the thermosets. Several companies, such as BASF, Huntsman, and DuPont, are working on strategic alliances and investing in R&D to develop new products and applications. The recent introduction of bio-based thermosets is a good example of the industry’s focus on sustainable development, and this is expected to have a positive effect on the growth of the market.

Regional Market Size

Regional Deep Dive

The Thermoset Molding Compound Market is growing significantly across various regions, mainly due to the increasing demand from the automobile, aeronautical and electrical industries. North America is characterized by the high manufacturing capabilities and innovation, while Europe is characterized by the high emphasis on safety and regulatory compliance. Asia-Pacific is characterized by the rapid urbanization and industrialization, which is causing a strong demand for thermoset materials. The Middle East and Africa are gradually adopting thermoset compounds due to the development of the infrastructural network, while Latin America is characterized by the increasing local manufacturing initiatives based on thermosets.

Europe

• The European Union's Green Deal is influencing the thermoset molding compound market by promoting the use of sustainable materials, leading companies like Covestro to develop bio-based thermoset resins.
• Innovations in recycling technologies for thermoset materials are being spearheaded by organizations such as the European Composites Industry Association (EUCIA), which is expected to enhance the circular economy in the region.

Asia Pacific

• China's rapid industrial growth is driving demand for thermoset molding compounds, particularly in the electronics and automotive sectors, with companies like Huawei and BYD leading the charge in adopting advanced materials.
• India's government initiatives, such as 'Make in India,' are encouraging local production of thermoset materials, fostering partnerships between domestic firms and global players like Huntsman Corporation.

Latin America

• Brazil is focusing on enhancing its automotive sector, with local manufacturers increasingly utilizing thermoset molding compounds to meet international standards and improve vehicle performance.
• Government incentives in Mexico are encouraging foreign investment in thermoset production facilities, with companies like SABIC establishing operations to cater to the growing demand in North America.

North America

• The U.S. is witnessing a surge in the use of thermoset molding compounds in electric vehicle production, with companies like Tesla and General Motors investing heavily in advanced materials to enhance vehicle performance and sustainability.
• Recent regulatory changes in California aimed at reducing emissions are pushing manufacturers to adopt more eco-friendly thermoset materials, prompting companies like DuPont and BASF to innovate in bio-based thermoset formulations.

Middle East And Africa

• The UAE's Vision 2021 is promoting the use of advanced materials in construction and infrastructure projects, leading to increased adoption of thermoset molding compounds in the region.
• South Africa is seeing a rise in local manufacturing of thermoset materials, supported by government programs aimed at boosting the local economy and reducing reliance on imports.

Did You Know?

“Thermoset materials are known for their durability and heat resistance, making them ideal for applications in extreme environments, such as aerospace and automotive industries.” — American Composites Manufacturers Association (ACMA)

Segmental Market Size

Thermoset Molding Compounds play a key role in the overall thermoset materials market. They are currently in high demand, owing to the extensive applications of thermoset materials in many industries. The growing demand for lightweight and durable materials in the automobile and aerospace industries is a major driving factor for the growth of the thermoset molding compounds market. Stringent government regulations promoting the use of high-performance composites is also a key driver of the market. In addition, the emergence of new manufacturing processes, such as injection molding and compression molding, have increased the efficiency and scalability of thermoset molding compounds. At present, thermoset molding compounds are used in mature applications, with companies such as BASF and Huntsman leading the way in new applications. These materials are mainly used in automobile components, electrical insulators, and consumer goods, indicating their versatility. The growing trend of using eco-friendly materials, which is in line with the concept of sustainable development, is another key factor driving the growth of the market. However, the advent of 3D printing and advanced composites will shape the future of the market.

Future Outlook

The Thermoset Molding Compound market is expected to show strong growth from 2023 to 2032, with a CAGR of 6.84%. This growth is mainly driven by the rising demand for lightweight and durable materials in various industries such as the automobile, aeronautics, and electrical and electronics. Besides, as manufacturers increasingly focus on sustainable and energy-efficient products, thermoset molding compounds will be in demand due to their superior mechanical properties, resistance to heat and chemicals, and their suitability for high-performance applications. The development of bio-based thermosets and the improved processing of thermosets will also lead to a higher penetration of this market. Besides, the stricter regulations on reducing the carbon footprint of products and the increasing need for recyclability of products will encourage manufacturers to adopt thermoset materials. Emerging trends such as the integration of smart materials and the rise of 3D printing will also have an impact on the thermoset molding compound market, fostering innovation and extending their applications. Competition and collaboration in this market will be strong in the coming years, which will result in an improved product portfolio and higher penetration of the market.