Global Thermoset Resin Market Overview
The Thermoset Resin Market Size was estimated at 14.78 (USD Billion) in 2022.The Thermoset Resin Market Industry is expected to grow from 15.25(USD Billion) in 2023 to 20.23 (USD Billion) by 2032. The Thermoset Resin Market CAGR (growth rate) is expected to be around 3.19% during the forecast period (2024 - 2032).
Key Thermoset Resin Market Trends Highlighted
Key market drivers for thermoset resins include the increasing demand for lightweight and durable materials in industries such as transportation, aerospace, and construction. The growth of the automotive industry, particularly in emerging markets, is driving the demand for thermoset resins in body panels, bumpers, and interior components. Additionally, the rising demand for composites and advanced materials in infrastructure applications is fueling the market's expansion.Opportunities for growth in the thermoset resin market lie in the development of sustainable and eco-friendly materials. The adoption of bio-based and recyclable resins is gaining traction, driven by increasing environmental concerns. The growing popularity of renewable energy sources, such as wind turbines and solar panels, is also creating opportunities for thermoset resins designed for harsh outdoor environments.Recent trends in the thermoset resin market include advancements in resin technology. The development of high-performance, lightweight, and fire-resistant resins is expanding the application scope in demanding industries. The use of nanotechnology in thermoset resins is also emerging, leading to improved material properties and enhanced functionality. The market is witnessing increasing collaboration between resin manufacturers and end-use industries, fostering innovation and tailored solutions for specific applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermoset Resin Market Drivers
Increasing Demand from Aerospace and Automotive Industries
Thermoset resins are widely used in the aerospace and automotive industries due to their exceptional strength, lightweight, and resistance to extreme temperatures. The growing demand for lightweight and fuel-efficient vehicles is driving the market for thermoset resins in these industries. In the aerospace sector, thermoset resins are used in the production of aircraft components, such as wings, fuselages, and interiors. These resins provide the necessary strength and durability to withstand the harsh conditions of flight.Similarly, in the automotive industry, thermoset resins are utilized in the manufacturing of body panels, bumpers, and other structural components, contributing to improved vehicle performance and safety. The increasing production of aircraft and automobiles globally is expected to bolster the demand for thermoset resins in the coming years.
Advancements in Renewable Energy Technologies
The Thermoset resin market is expected to grow due to the increased use of renewable energy solutions in the form of wind and solar power. Currently, the resins are used in the production of wind turbine blades, solar panels, and other renewable energy systems. Its advantages, such as high electrical insulation, weather resistance, strength, and rigidity properties, provide these materials with important assets to renewable energy resources. Therefore, the increased pace of renewable energy and emphasis on its importance in a sustainable future would positively impact demand for thermoset resin.
Government Regulations on Emissions Reduction
Stringent government regulations aimed at reducing carbon emissions are driving the demand for thermoset resins in various industries. Thermoset resins are used in the production of lightweight materials and components, which contribute to improved energy efficiency and reduced emissions. For instance, in the transportation sector, the use of thermoset resins in-vehicle components helps reduce fuel consumption and greenhouse gas emissions. Additionally, thermoset resins are employed in the manufacturing of energy-efficient appliances, insulation materials, and other products that contribute to overall energy savings.As governments worldwide implement stricter environmental regulations, the demand for thermoset resins is expected to grow in the Thermoset Resin Market Industry.
Thermoset Resin Market Segment Insights
Thermoset Resin Market Application Insights
In the application segment of the Thermoset Resin Market, each sector has different applications and corresponding orders of thermoset resins. As for Aerospace and Defense applications, high-performance thermoset resins, which are not affected by high temperatures, chemicals, and mechanical stresses, are mainly used. Recently, lightweight, and strong aircraft parts and other products that can reduce fuel emission and conserve resources are highly demanded, leading to the growth of the market. In the Automotive and Transportation sector, thermoset resins are used for the parts of the body, bumpers, windshields, and interior.In particular, there is a growing demand for thermoset resins from electric vehicle manufacturers. As for Building and Construction applications, thermoset resins are mostly used for the structural elements, flooring, and corrugated roofing materials. Currently, demand is growing for lightweight and durable materials for construction and environmentally sustainable materials, which drives the market. As for Consumer Goods, thermoset resins are used in consumer electronics, household appliances, and sportswear. The demand is growing for durable and aesthetic products, which are driving the market.With regard to Electrical/Electronics applications, thermoset resins are used for encapsulants, insulators, and printed circuit boards. The demand is growing for other industries that require electronics, such as automotive, medical, or home electronics. Finally, the Industrial applications of such resins also have wide applications in such segments as chemical processing, oil and gas or machinery industries, where thermal stability, rigidity, and chemical resistance are important. Thus, demand growth is expected for order application segments. The estimated size of the Thermoset Resin Market will reach USD 16.24 billion in 2024, with a CAGR of 3.4% from 2024 to 2030. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermoset Resin Market Product Type Insights
-Product Type Epoxy Resins Polyester Resins Phenolic Resins Amino Resins Polyurethane Resins Others -Relation product type The Epoxy Resins segment held the largest market share of 35% in 2023 and is expected to remain the leader over the forecast period. The dominance of the segment is attributed to the exceptional properties of epoxy resins, including high strength, chemical resistance, and electrical insulation. The Polyester Resins segment is expected to emerge as the fastest-growing sector, witnessing a CAGR of 4.5% over the forecast period.The increasing demand for lightweight and durable materials in the automotive and construction industries is driving the growth of the segment.
Thermoset Resin Market Reinforcement Type Insights
The Thermoset Resin Market is segmented by Reinforcement Type into Fiberglass, Carbon Fiber, Aramid Fiber, Natural Fiber, and Others. In 2023, the Fiberglass segment held the largest market share, accounting for approximately 55% of the Thermoset Resin Market revenue. The growth of the Fiberglass segment can be attributed to the increasing demand for lightweight and durable materials in various industries, including automotive, construction, and aerospace. The Carbon Fiber segment is projected to witness the highest growth rate during the forecast period, owing to its superior strength-to-weight ratio and increasing adoption in high-performance applications.The Aramid Fiber segment is also expected to experience significant growth, driven by its high strength and thermal resistance properties.
Thermoset Resin Market Cure Type Insights
The Thermoset Resin Market is segmented by cure type into thermal cure, UV cure, electron beam cure, and others. The thermal cure segment is expected to hold the largest market share during the forecast period, owing to its wide range of applications in the automotive, aerospace, and electrical electronics industries. The growing demand for lightweight and high-performance materials in various industries is driving the growth of the Thermoset Resin Market. Thermoset resins offer excellent mechanical properties, chemical resistance, and thermal stability, making them suitable for use in a wide range of applications.The increasing adoption of thermoset resins in the automotive industry to produce body panels, bumpers, and other components is contributing to the growth of the market. The use of thermoset resins in aerospace applications, such as in aircraft interiors and structural components, is also driving market growth. The growing demand for thermoset resins in the electrical electronics industry to produce printed circuit boards, insulators, and other components is further fueling the market growth.
Thermoset Resin Market End-Use Industry Insights
The Thermoset Resin Market is segmented by End-Use Industry into Automotive, Aerospace, Wind Energy, Marine, Construction, and Others. The Automotive segment is expected to account for the largest share of the market in 2023, with a valuation of USD 5.23 Billion. This is due to the increasing demand for lightweight and durable materials in the automotive industry. The Aerospace segment is also expected to witness significant growth, with a CAGR of 3.8% over the forecast period. This growth is attributed to the rising demand for thermoset resins in aircraft components such as wings, fuselages, and landing gear.The Wind Energy segment is expected to grow at a CAGR of 4.2% over the forecast period, driven by the increasing adoption of wind energy as a renewable source of energy. The Marine segment is also expected to witness steady growth, with a CAGR of 3.5% over the forecast period. This growth is attributed to the increasing demand for thermoset resins in boat hulls and other marine components. The Construction segment is expected to account for a significant share of the market in 2023, with a valuation of USD 4.12 Billion. This is due to the increasing use of thermoset resins in construction applications such as flooring, roofing, and insulation.The Others segment is expected to witness moderate growth over the forecast period, with a CAGR of 2.9%.
Thermoset Resin Market Regional Insights
The Thermoset Resin Market is segmented into several regions, including North America, Europe, Asia-Pacific (APAC), South America, and Middle East Africa (MEA). Each region offers unique growth opportunities and challenges for the thermoset resin market. North America and Europe are mature markets with a well-established thermoset resin industry. The growth in these regions is largely driven by the automotive and aerospace sectors. APAC is the largest regional market for thermoset resins, driven by the growing demand from industries such as electronics, automotive, and construction.The South American and MEA markets are expected to witness significant growth in the coming years due to increasing urbanization and industrialization. The Thermoset Resin Market is expected to grow from USD 15.25 billion in 2023 to USD 20.23 billion by 2032 at a CAGR of 3.19%. The growth of the thermoset resin market is primarily attributed to the increasing demand from the automotive, aerospace, and construction industries. Thermoset resins are used in a wide range of applications, including automotive parts, aircraft components, and building materials. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermoset Resin Market Key Players and Competitive Insights
The leading players in the Thermoset Resin Market industry are always involved in research and development activities to enhance their products. These players are working on the development of resin formulations with better properties, including higher strength, better heat resistance, and better chemical resistance. The biggest players in the Thermoset Resin Market are also trying to expand their geographies and increase their production capacity. The market has been witnessing many partnerships, mergers, and acquisitions in the Thermoset Resin Market. Industry names in the Thermoset Resin Market Development are expected to remain dominant in the Thermoset Resin Market Competitive Landscape as these players would be seen adopting strategies for production capacity expansion, product innovation, and the growth of strategic operations.Hexion Inc., a market leader in the Thermoset Resin Market, produces a range of thermoset resins from epoxy to phenolic to vinyl ester and beyond. Hexion manufactures its products and is present in multiple geographies in North America, Europe, and Asia-Pacific. Hexion has been a leader in terms of innovative resin formulations, with a large share of its revenues invested in research and development. These resins are developed to cater to the needs of specific customers. Hexion is also known to enjoy a wide distribution network, which enables these to reach the end-users of these products.Ashland Holdings Inc. is another leading player in the Thermoset Resin Market industry. The company has been present in most of the functional thermoset resins, including unsaturated polyester resins, vinyl ester resins, and epoxy resins. Ashland, a market leader, is a company with its manufacturing plants across North America, Europe, and Asia-Pacific. The company also has a strong technical support segment that works closely with customers to develop product solutions. Ashland has a wide distribution network to reach a large section of end-users.
Key Companies in the Thermoset Resin Market Include
Thermoset Resin Market Industry Developments
The Thermoset Resin Market is poised to experience steady growth over the forecast period of 2024-2032, driven by rising demand from key end-use industries such as automotive, aerospace, and construction. The market is expected to reach a valuation of USD 15.25 billion by 2023, with a projected CAGR of 3.19% during the forecast period. Epoxy resins are anticipated to hold the largest market share due to their superior performance characteristics, including high strength, chemical resistance, and adhesion properties. The Asia-Pacific region is expected to dominate the market, driven by robust growth in the automotive and construction sectors in countries like China, India, and Japan. Strategic partnerships, acquisitions, and investments in research and development are key trends shaping the competitive landscape of the Thermoset Resin Market. Recent developments include Solvay's acquisition of Composite Materials Inc. to expand its portfolio of advanced materials and Huntsman's investment in a new epoxy resin production facility in China to meet growing demand in the region.
Thermoset Resin Market Segmentation Insights
Thermoset Resin Market Application Outlook
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Aerospace and Defense
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Automotive and Transportation
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Building and Construction
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Consumer Goods
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Electrical and Electronics
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Industrial
Thermoset Resin Market Product Type Outlook
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Epoxy Resins
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Polyester Resins
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Phenolic Resins
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Amino Resins
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Polyurethane Resins
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Others
Thermoset Resin Market Reinforcement Type Outlook
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Fiberglass
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Carbon Fiber
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Aramid Fiber
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Natural Fiber
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Others
Thermoset Resin Market Cure Type Outlook
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Thermal Cure
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UV Cure
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Electron Beam Cure
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Others
Thermoset Resin Market End-Use Industry Outlook
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Automotive
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Aerospace
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Wind Energy
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Marine
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Construction
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Others
Thermoset Resin Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
| Report Attribute/Metric |
Details |
| Market Size 2022 |
14.78(USD Billion) |
| Market Size 2023 |
15.25(USD Billion) |
| Market Size 2032 |
20.23(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.19% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
BASF SE, Solvay, Formosa Plastics, LANXESS AG, Hexion Inc., Ineos Group, Mitsubishi Chemical Corporation, LG Chem, TOTAL SA, SABIC, Kemira Oyj, CCP Composites, Dow Inc., Ashland, Huntsman |
| Segments Covered |
Application, Product Type, Reinforcement Type, Cure Type, End-Use Industry, Regional |
| Key Market Opportunities |
Growing demand for composites in automotive and aerospace industriesIncreasing use in wind energy applicationsRising adoption of electronics and electrical componentsExpansion of the construction industry in emerging marketsDevelopment of biobased thermoset resins |
| Key Market Dynamics |
Increasing demand in aerospace automotive construction |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Thermoset Resin Market is expected to reach a valuation of 15.25 Billion USD by the end of 2023
The key factors driving the growth of the Thermoset Resin Market include increasing demand from the automotive, aerospace, and construction industries, as well as the growing adoption of lightweight and durable materials
Thermoset Resins are used in a wide range of applications, including automotive parts, aerospace components, construction materials, and electrical insulation
The key regions contributing to the growth of the Thermoset Resin Market include Asia-Pacific, North America, and Europe
The key competitors in the Thermoset Resin Market include Ashland, BASF, Huntsman, and SABIC
The Thermoset Resin Market is expected to grow at a CAGR of 3.19% from 2024 to 2032
The challenges faced by the Thermoset Resin Market include fluctuating raw material prices, environmental regulations, and competition from alternative materials
The opportunities for growth in the Thermoset Resin Market include the development of new applications, the expansion of emerging markets, and the adoption of sustainable manufacturing practices
The key trends in the Thermoset Resin Market include the increasing demand for lightweight and durable materials, the adoption of bio-based and sustainable resins, and the development of new manufacturing technologies
The COVID-19 pandemic had a negative impact on the Thermoset Resin Market in the short term, but the market is expected to recover and continue to grow in the long term
