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The global thermoset composites market is expected to grow at with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the increasing demand from aerospace industry. However, high cost of thermoset composites is hindering the growth of the market studied.
- Aerospace Industry accounts for the highest market share and is expected to continue dominating during the forecast period.
- Increasing Investments in the wind energy sector is likely to provide a major growth opportunity for the market studied in the coming years.
- Asia-Pacific accounts for the highest market share and is expected to continue dominating during the forecast period.
Key Market Trends
Aerospace & Defense Industry to Dominate the Market
- There has been a rapid growth in the usage of thermoset composites from the aerospace & defense sector, owing to its requirement in interior components, offering high strength, superior physical properties, and stiffness-to-density ratios.
- Such composites help in the reduction of airframe weight enabling better fuel economy, thereby lowering the overall operational costs.
- Additionally, the increasing R&D and investments in the aerospace sector are expected to boost the demand for thermoset composites.
- The growing manufacturing of aircrafts in countries like United States and Canada is driving the application of thermoset composites in aerospace industry.
- Hence, owing to the above-mentioned factors, the aerospace industry is expected to dominate the market studied during the forecast period.
Asia-pacific to Dominate the Market
- Asia-Pacific is expected to dominate the global thermoset composites market with the maximum share during the forecast period. This is majorly because of the increasing usage in electronics, and construction sector of the emerging economies in the region, including India, China, and ASEAN Countries.
- China is expected to have the largest market in the region due to increasing investments in the electronics sector. Additionally, increasing infrastructural investments in the region are also likely to boost the demand for thermoset composites.
- Additionally, the India construction industry is also witnessing significant growth in the recent past which is likely to boost the demand for thermoset composites in the country.
- Hence, Asia-Pacific is expected to dominate the thermoset composites market due to these factors, over the forecast period.
The thermoset composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Hexcel Corporation, JEC Group, TEIJIN LMITED, Johns Manville, and Huntsman International LLC, among others.
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