[FURL=https://www.industryarc.com/Report/16295/thermoset-resins-market.html]Thermoset Resin Market[/FURL] size is forecast to reach $38 billion by 2025, after growing at a CAGR of 4.6% during 2020-2025. The thermoset resins are being widely used in various end-use applications due to its extensive set of properties such as high-heat resistance, dimensional stability, electrical insulation capability, and more. Also, it delivers superior performance as compared to other substitute products such as metals and thermoplastics. Thermoset resins are generally stronger than thermoplastics due to the polymer cross-linking and they are better suited for high-temperature applications. Moreover, factors such as the need for weight reduction in aerospace & transportation and rise in demand for thermally stable & corrosion resistance components are anticipated to drive the thermoset resin market substantially during the forecast period.Key Takeaways
Asia Pacific dominates the thermoset resin market, owing to the increasing demand for thermoset resins from aerospace industries in the region. According to Boeing India is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years. Increasing per capita income and population is the key factor driving the aviation industry in the Asia Pacific region.
The demand for thermoset resin is increasing in the electrical & electronics industries to manufacture components such as printed circuit boards, electrical encapsulation circuits, components & assembly Materials, owing to its excellent properties such as toughness, resistance to several environmental factors, stability, and flame resistance.
Due to the COVID-19 Pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as aerospace & defense and automotive & transportation has been negatively affected, which is hampering the thermoset resin industry growth
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Thermoset Resin Market Segment Analysis - By Geography
Asia Pacific region held the largest share in the thermoset resin market in 2019 up to 32%, owing to the increasing aerospace sector in the region. The thermoset resins are particularly attractive to aerospace applications because of their exceptional strength, better stiffness-to-density ratios, and superior physical properties. Also, they provide relatively lightweight aerospace parts with stronger and stiffer fibers.
Thermoset Resin Market Drivers
Growing Wind Power Sector
Increase In Automotive Production
Thermoset Resin Market Landscape
Major players in the 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, and GAIL.
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