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Thermoset Molding Compound Market Growth Projections and Opportunities
For 2022, the thermoset molding compound market was worth USD 11.5 billion. With a CAGR of 6.84%, the thermoset molding compound market is expected to grow from USD 12.2 billion in 2023 to USD 20.8 billion in 2032.
Connectors, encasings, and switchgear use these compounds. For electrical and electronic frameworks, thermoset molding materials are appropriate due to their fire resistance, layering precision, and protection. As gadget makers improve and scale down parts, thermoset molding materials with superior electrical characteristics become more popular.
Another major thermoset molding compound market player is the avionics industry. Aviation uses thermosets to assemble underneath, interior, and airplane parts. High strength-to-weight ratio, fire resistance, and plan adaptability make thermoset molding compounds suitable for aerospace applications. The increased demand for eco-friendly airplanes and air travel interest are driving thermoset material use in aviation.
Additionally, mechanical advances in thermoset molding compound specifications and handling procedures boost the market. Analysts and manufacturers work on mechanical qualities, effect blockage, and surface finish. Infusion and pressure molding increase the productivity and precision of complex shapes and parts. Continued improvement in thermoset molding materials ensures their use in many industries.
Geological dispersion of assembly exercises, current framework, and administrative rules affects thermoset molding compound market. Asia-Pacific, North America, and Europe are hotbeds for thermoset molding compounds in automobile, gadget, and aviation manufacturing. In addition, local environmental, health, and market factors affect thermoset material selection.
Recyclability issues, thermoplastic competition, and unpredictable raw substance pricing may affect the thermoset molding compound market. These compounds are thermosetting, making reuse problematic. The company is looking for end-of-life solutions. Due to competition from thermoplastics, which are more recyclable and handleable, thermoset molding compound manufacturers must differentiate their products by performance and application requirements.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 12.2 billion |
| Growth Rate | 11.60% (2023-2032) |
Thermoset Molding Compound Market Highlights:
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