Thermosetting molding compounds provide thermal resistance, dimensional stability, high flexural strength, electrical insulation, and capabilities to the thermosetting plastic parts makes them ideal for several applications. Its molecules are bonded via cross-linking process through irreversible chemical reaction under heat & pressure. These are generally stronger than thermoplastics due to the polymer cross-linking and are better suited for high temperature applications. Each type of thermosetting plastic has a unique set of properties and find their use in wide range of applications such as electrical & electronics, automobile bodies, and aerospace. The global thermoset molding compound is anticipated to grow at a CAGR of 6.2% to reach $12,298 million by 2022, from $8,096 million in 2015.
The global thermosetting molding compound market is in its growth stage. Asia-Pacific and Europe are the leading markets for thermoset resin compounds owing to the rapid growth in urbanization and rise in demand from electronic & automotive industries. It is the cost-effective substitute for heavy metals and the need for weight reduction & safety in transportation & aerospace, and rise in demand for thermally stable & corrosion resistant composites drive the market growth. However, fluctuating crude oil prices and regulatory challenges regarding hazardous waste are expected to hamper the market growth.
The report segments the thermoset molding compound market on the basis of resin type, end-user, and geography. Based on resin type, it is divided into phenolic, epoxy, polyester, urea formaldehyde, and melamine formaldehyde including other resins. On the basis of end-user, it is categorized into automotive, aerospace, electrical & electronics, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Recent development in the market include the development of new EPIKOTE epoxy resin system from Hexion Inc. This resin system has been specified by BMW Group, which can be used for volume production of structural composites parts in new BMW-7 series automobiles. Similarly, Evonik Corporation planned to reopen its specialty polyester production plant located in Mobile, Ala. The company is expected to complete construction of this facility by 2018.
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Comprehensive competitive analysis and profiles of the major market players include:
Ashland Global Holding Inc.
Eastman Chemical Company
Evonik Industries AG
Kolon Industries Inc.
Kyocera Chemical Corporation
Plastics Engineering Company (Plenco)
KEY MARKET BENEFITS:
This report provides an extensive analysis of the current and emerging market trends and dynamics in the global thermoset molding compounds market, in terms of revenue and volume.
In-depth analysis of all regions is conducted by constructing market estimations for key segments between 2014 and 2022, which assist in identifying the prevailing market opportunities.
The report assists in understanding the strategies adopted by the companies for the growth of the market.
This study evaluates competitive landscape to understand the competitive environment across the geographies.
Extensive analysis is conducted by following key player positioning and monitoring the top competitors within the market framework.
KEY MARKET SEGMENTS:
By Resin Type
Urea Formaldehyde Resin
Melamine Formaldehyde Resin
Electrical & Electronics
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
Other major players in the industry include:
Hitachi Chemical Company Ltd.
Cosmic Plastics Inc.
Chang Chun Plastics Co. Ltd.
Saudi Basic Industries Corporation (SABIC)
Nan Ya Plastics Corporation
Allnex Belgium S.A.
Georgia-Pacific Chemicals LLC
Jiangsu Tianxin Chemical Co., Ltd.
Mitsui Chemicals Inc.
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