DALLAS, TX / ACCESSWIRE / January 21, 2021 / According to a new market report published by Lucintel, the future of thermoset resin in the global composites industry looks good with opportunities in pipe and tank, construction, electrical/electronics, wind energy, marine, transportation, aerospace/defense, and consumer goods industries. The thermoset market is declined in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $15.7 billion by 2026 with a CAGR of 3% to 5% from 2021 to 2026. The major drivers for market growth are the increasing demand for lightweight materials, and performance benefits of reinforced composites over rival materials. .

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In this market, pipe and tank, construction, electrical/electronics, wind energy, marine, transportation, aerospace/defense, and consumer goods are the major end use industries. On the basis of its comprehensive research, Lucintel forecasts that the aerospace/defense, transportation, and construction segments are expected to show above average growth during the forecast period.

Within the thermoset resin market in the global composites industry, pipe and tank is expected to remain the largest segment by value and construction by volume. Expected growth in the infrastructure development, rehabilitation of old infrastructures, and capital investment in industrial development are the major driving forces that spur growth for these segments over the forecast period.

By resin type, polyester is expected to remain the largest segment due to its lower-cost and ability to meet many of the application requirements in the composites industry. By process, hand lay-up/Spray up is expected to remain the largest segment for thermoset resin demand in composites application as it is the most common method for composite part fabrication with low tooling and capital cost.

Asia Pacific is expected to remain the largest market and witness the highest growth rate during the forecast period due to the anticipated growth in the end user industries and increasing demand for lightweight materials.

For business expansion, Lucintel's report suggests innovation to achieve higher strength, lower environmental impact, fast curing, and ease of processing. Emerging trends, which have a direct impact on the dynamics of the industry, include development of rapid cure resin systems, emergence of bio based thermosets, and increasing use of Fire, Smoke, and Toxic (FST) resin. Ashland, DSM, Reichhold, Huntsman, BASF SE, Polynt, AOC, Dow Chemicals, Olin Epoxy, Bayer, and Momentive are among the major suppliers of thermoset resin in the global composites industry.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the thermoset resin market in the global composites industry by end use industry, process, resin, and region, and has complied a comprehensive research report entitled 'Growth Opportunities for Thermoset Resin in the Global Composites Industry 2021-2026: Trends, Forecast, and Opportunity Analysis.' The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the thermoset resin market in the global composites industry by end use industry, process, resin, and region, as follows:

By end use industry [Volume (M lbs) and Value ($ Million) from 2015 to 2026]:

• Pipe and Tank
• Construction
• Electrical/Electronics
• Wind Energy
• Transportation
• Marine
• Consumer Goods
• Aerospace/Defense
• Others

By process [Volume (M lbs) from 2015 to 2026]:

• Hand Lay-Up/Spray Up
• Filament Winding
• Injection molding
• Compression molding
• Prepreg Lay-Up
• Resin Infusion
• Pultrusion
• Others

By resin [Volume (M lbs) and Value ($ Million) from 2015 to 2026]:

• Polyester
• Epoxy
• Vinyl Ester
• Phenolic
• Polyurethane
• Others

By Region [Volume (M lbs) and Value ($ Million) from 2015 to 2026]:

• North America
• Europe
• Asia Pacific
• Rest of the World

This 164-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link helpdesk@lucintel.com.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751

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SOURCE: Lucintel