The global thermoset molding compound market size was valued at $11.7 billion in 2023, and is projected to reach $21.5 billion by 2033, growing at a CAGR of 6.3% from 2024 to 2033.
Thermoset molding compounds refer to a class of materials used in manufacturing processes where heat and pressure are applied to shape and form a solid product. These materials undergo a chemical reaction during molding that irreversibly cures them into a hardened state. Thermoset molding compounds include epoxy resins, phenolic resins, and polyester resins, each chosen for specific mechanical, thermal, or electrical properties required for the end application. Thermoset molding compounds are used in industries such as automotive, aerospace, electronics, and construction due to their durability, heat resistance, and dimensional stability.
The trend towards electric vehicles (EVs), renewable energy systems, and smart technologies has further boosted the demand for thermoset molding compounds in electrical and electronic applications. As these industries continue to grow, there is an increase in the need for advanced materials that deliver high performance, reliability, and longevity under demanding operating conditions. All these factors are expected to drive the demand for thermoset molding compound market during the forecast period.
The production of thermoset molding compounds requires stringent adherence to environmental and safety regulations, necessitating investments in compliance measures and waste management systems. This compliance cost is substantial and varies across different regions, influencing where manufacturers choose to establish their production facilities. In addition, the high initial costs impact smaller manufacturers and startups disproportionately, limiting their ability to enter the market or expand operations. This barrier to entry restricts competition and innovation within the industry, slowing overall market growth and technological advancement.
Advancements in recycling technologies are enabling the reprocessing of thermoset molding compounds, albeit to a limited extent compared to thermoplastics. Techniques such as grinding, pyrolysis, or chemical recycling are being explored to recover valuable components or convert cured thermoset materials into secondary products, reducing waste and landfill burdens. Moreover, regulatory frameworks and consumer preferences increasingly favor sustainable and environmentally responsible products. Companies investing in research and development to enhance the sustainability credentials of their thermoset molding compounds gain competitive advantages and meet evolving market demands for greener alternatives. All these factors are anticipated to offer new growth opportunities for the thermoset molding compound market during the forecast period.
The thermoset molding compound market is segmented into type, end-use, and region. On the basis of type, the market is divided into phenolic resin, epoxy resin, polyester resin, urea formaldehyde, melamine formaldehyde, and others. By end-use, the market is segmented into automotive, aerospace, electrical and electronics, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
On the basis of type, the market is divided into phenolic resin, epoxy resin, polyester resin, urea formaldehyde, melamine formaldehyde, and others. The phenolic resin segment accounted for more than one-third of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. Cost-effectiveness is a crucial factor contributing to the adaption of phenolic resins in thermoset molding compounds. Compared to other high-performance resins, phenolic resins offer a balance of cost and performance that is attractive to manufacturers. Their relatively low cost of production, coupled with their robust performance attributes, allows for the production of economically viable and high-quality components. This cost advantage, along with their durability and performance, makes phenolic resins a competitive option in the market.
By end-use, the market is segmented into automotive, aerospace, electrical and electronics, and others. The electrical and electronics segment accounted for less than half of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. The rise of advanced technologies such as 5G, electric vehicles (EVs), and smart devices is also propelling the demand for thermoset molding compounds. These technologies require components that withstand high temperatures, resist chemical exposure, and provide long-term reliability. Thermoset materials are well-suited for these demanding applications due to their thermal stability, chemical resistance, and durability. For instance, in electric vehicles, thermoset compounds are used in motor components, battery casings, and power electronics, where their high performance contributes to the overall efficiency and safety of the vehicle.
Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific accounted for less than half of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. Rapid urbanization and infrastructure development across Asia-Pacific countries are fueling demand for thermoset molding compounds. These materials are crucial in construction applications for manufacturing durable components such as electrical insulators, pipes, and structural parts that withstand harsh environmental conditions. Furthermore, increases in investments in renewable energy infrastructure such as wind turbines and solar panels are boosting the demand for thermoset materials.
Key players in the thermoset molding compound market include BASF SE, Rebling, SBHPP, Huntsman Corporation, Kyocera Corporation, Evonik Industries AG, Kolon Industries Inc., Plastics Engineering Company (PLENCO), HEXION INC., and Eastman Chemical Company.
Thermoset molding compounds refer to a class of materials used in manufacturing processes where heat and pressure are applied to shape and form a solid product. These materials undergo a chemical reaction during molding that irreversibly cures them into a hardened state. Thermoset molding compounds include epoxy resins, phenolic resins, and polyester resins, each chosen for specific mechanical, thermal, or electrical properties required for the end application. Thermoset molding compounds are used in industries such as automotive, aerospace, electronics, and construction due to their durability, heat resistance, and dimensional stability.
The trend towards electric vehicles (EVs), renewable energy systems, and smart technologies has further boosted the demand for thermoset molding compounds in electrical and electronic applications. As these industries continue to grow, there is an increase in the need for advanced materials that deliver high performance, reliability, and longevity under demanding operating conditions. All these factors are expected to drive the demand for thermoset molding compound market during the forecast period.
The production of thermoset molding compounds requires stringent adherence to environmental and safety regulations, necessitating investments in compliance measures and waste management systems. This compliance cost is substantial and varies across different regions, influencing where manufacturers choose to establish their production facilities. In addition, the high initial costs impact smaller manufacturers and startups disproportionately, limiting their ability to enter the market or expand operations. This barrier to entry restricts competition and innovation within the industry, slowing overall market growth and technological advancement.
Advancements in recycling technologies are enabling the reprocessing of thermoset molding compounds, albeit to a limited extent compared to thermoplastics. Techniques such as grinding, pyrolysis, or chemical recycling are being explored to recover valuable components or convert cured thermoset materials into secondary products, reducing waste and landfill burdens. Moreover, regulatory frameworks and consumer preferences increasingly favor sustainable and environmentally responsible products. Companies investing in research and development to enhance the sustainability credentials of their thermoset molding compounds gain competitive advantages and meet evolving market demands for greener alternatives. All these factors are anticipated to offer new growth opportunities for the thermoset molding compound market during the forecast period.
The thermoset molding compound market is segmented into type, end-use, and region. On the basis of type, the market is divided into phenolic resin, epoxy resin, polyester resin, urea formaldehyde, melamine formaldehyde, and others. By end-use, the market is segmented into automotive, aerospace, electrical and electronics, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
On the basis of type, the market is divided into phenolic resin, epoxy resin, polyester resin, urea formaldehyde, melamine formaldehyde, and others. The phenolic resin segment accounted for more than one-third of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. Cost-effectiveness is a crucial factor contributing to the adaption of phenolic resins in thermoset molding compounds. Compared to other high-performance resins, phenolic resins offer a balance of cost and performance that is attractive to manufacturers. Their relatively low cost of production, coupled with their robust performance attributes, allows for the production of economically viable and high-quality components. This cost advantage, along with their durability and performance, makes phenolic resins a competitive option in the market.
By end-use, the market is segmented into automotive, aerospace, electrical and electronics, and others. The electrical and electronics segment accounted for less than half of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. The rise of advanced technologies such as 5G, electric vehicles (EVs), and smart devices is also propelling the demand for thermoset molding compounds. These technologies require components that withstand high temperatures, resist chemical exposure, and provide long-term reliability. Thermoset materials are well-suited for these demanding applications due to their thermal stability, chemical resistance, and durability. For instance, in electric vehicles, thermoset compounds are used in motor components, battery casings, and power electronics, where their high performance contributes to the overall efficiency and safety of the vehicle.
Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific accounted for less than half of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. Rapid urbanization and infrastructure development across Asia-Pacific countries are fueling demand for thermoset molding compounds. These materials are crucial in construction applications for manufacturing durable components such as electrical insulators, pipes, and structural parts that withstand harsh environmental conditions. Furthermore, increases in investments in renewable energy infrastructure such as wind turbines and solar panels are boosting the demand for thermoset materials.
Key players in the thermoset molding compound market include BASF SE, Rebling, SBHPP, Huntsman Corporation, Kyocera Corporation, Evonik Industries AG, Kolon Industries Inc., Plastics Engineering Company (PLENCO), HEXION INC., and Eastman Chemical Company.
Key findings of the study
- On the basis of type, the melamine formaldehyde segment is anticipated to grow at the fastest CAGR of 7.4% during the forecast period.
- On the basis of end-use, the aerospace segment is anticipated to grow at the fastest CAGR of 7.5% during the forecast period.
- Region-wise, Asia-Pacific has the highest share in 2022 in terms of revenue.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermoset molding compound market analysis from 2023 to 2033 to identify the prevailing thermoset molding compound market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the thermoset molding compound market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global thermoset molding compound market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Phenolic Resin
- Epoxy Resin
- Polyester Resin
- Urea Formaldehyde
- Melamine Formaldehyde
- Others
By End-Use
- Automotive
- Aerospace
- Electrical and Electronics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Rest of LAMEA
Key Market Players
- BASF SE
- Eastman Chemical Company
- Evonik Industries AG
- HEXION INC.
- Huntsman International LLC.
- Kolon Industries, Inc.
- KYOCERA Corporation
- Plastics Engineering Company (Plenco)
- Rebling
- SBHPP
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: THERMOSET MOLDING COMPOUND MARKET, BY TYPE
CHAPTER 5: THERMOSET MOLDING COMPOUND MARKET, BY END-USE
CHAPTER 6: THERMOSET MOLDING COMPOUND MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Thermoset Molding Compound Market,' the thermoset molding compound market was valued at $9.8 billion in 2020, and is estimated to reach $18.0 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.Thermoset molding compounds, such as high-heat resistance, dimensional stability, and electrical insulation capability make them ideal material for several end-use applications. These are highly used in electrical & electronics applications owing to its toughness, resistance to several environmental factors, stability, and flame resistance. It delivers superior performance as compared to other substitute products, such as metals and thermoplastics as these are generally stronger than thermoplastics due to the polymer cross-linking and are better suited for high temperature applications.
The thermoset molding compound market is driven by increase in application in the electronic sector. It also provides anti-corrosive and heat resistance properties, which increases product life cycle and greater efficiency in electrical applications, which boost the market growth. Factors such as need for weight reduction in aerospace & transportation and rise in demand for thermally stable & corrosion resistance components drive the growth of thermoset molding compounds market. Thermosetting compounds offer significant advantages in preventing rust on car bodies and key mechanical components, thereby protecting service times, extending expected periods, and expanding implementation in the automotive sector, promoting the growth of the market in the future.
The rapid increase in population explosions and increase in investment in the electronics sector in developing countries drive the market growth. Increase in public awareness and purchasing power in both developed and developing countries drive the market growth globally. Phenolic resins for electrical components with high mechanical strength and heat resistance, which are ideal for electronic applications attract the attention of manufacturers. Volatile oil prices, regulatory challenges associated with these compounds, and fierce competition from various global giants can hinder the market development.
The outbreak of COVID19 disrupted the growth trajectory of the thermoset molding compound market. The crisis has imposed blockades, limiting the international movement of non-essential goods and resources, and ultimately delaying the manufacturing activities of various industries that create huge demand for thermosetting molding compounds.
The global thermoset molding compound market is segmented on the basis of type, end-user, and region.
The global thermoset molding compounds market mainly emphasizes on thermoset resins and its different types including phenolic resin, epoxy resin, polyester resin, urea formaldehyde resin, melamine formaldehyde resin, and others. Thermoset molding compound market analysis further includes the current market trends and future opportunities in several end-use industries such as automotive, aerospace, and electrical & electronics. The global thermoset molding compound market is analyzed based on four regions, which include North America, Europe, Asia-Pacific, and LAMEA. Amongst them, Asia-Pacific leads the global thermoset molding compound market in terms of value and volume. LAMEA is the fastest growing region owing to the rise in urbanization and growth in demand for lightweight materials in automotive industries.
The key players operating in the global Thermoset molding compound market are Ashland Global Holding Inc., BASF SE, Eastman Chemical Company, Evonik Industries AG, Hexion Inc., Huntsman Corporation, Kolon Industries Inc., Kyocera Chemical Corporation, Plastics Engineering Company (Plenco), and Rogers Corporation. Other major players in the market 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., and Chemiplastica SPA are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the thermoset molding compound market in the forecast period.
Key Findings of Study
- By region, Asia-Pacific accounted for the largest market share in 2020.
- By type, the phenolic resin segment held the largest market share in 2020.
- By end-user, the automotive segment held the largest market share in 2020.
IMPACT OF COVID-19 ON GLOBAL THERMOSET MOLDING COMPOUND MARKET
- Emergence of COVID-19 had less impact on the growth of the global thermoset molding compound market during the pandemic outbreak period.
- This impact is mostly attributed to significant disruptions in the raw material transportation, unavailability of labor, and shutdown of many manufacturing industries.
- The decrease in demand for many non-essential products and shut down of manufacturing industries created a negative impact on the development of the global thermoset molding compound market.
Companies Mentioned
- BASF SE
- Eastman Chemical Company
- Evonik Industries AG
- HEXION INC.
- Huntsman International LLC.
- Kolon Industries, Inc.
- KYOCERA Corporation
- Plastics Engineering Company (Plenco)
- Rebling
- SBHPP
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 344 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 11.7 billion |
| Forecasted Market Value ( USD | $ 21.5 billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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