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Thermoset molding is an unavoidable molding process by which adaptable plastic shapes are pushed into a heated mold and molded into their complete version. Thermoset materials are usually stronger than thermoplastic materials owing to the precursors that are applied to the base compound that trigger chemical reactions at the molecular scale, resulting in a more complicated, irreversible final shape. Thermoset plastics cannot be re-melted, only ground and used as a replacement for a number of applications. Due to the excellent electrochemical characteristics, epoxy molding compounds are used for a wide variety of applications in the electrical and automotive sectors. The molded part is established from a melted low - molecular weight and low viscous substance by functionalization as a result of a chemical reaction inside the mould.
The market is driven by an increasing application in the elaectronic sector sector. Thermoset molding compounds provides anti-corrosive and heat resistant properties which increase product life cycle and greater efficiency in electrical applications which in turn drives the market. However, high competition among the several global giants are likely to impede market development.
Based on the resin type, the market is classified into phenolic resin, epoxy resin, polyester resin, urea formaldehyde resin, melamine formaldehyde resin. Based on the application the market is classified into automotive, aerospace, electrical & electronics, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Increasing application in electronic sector drives the market.
Key Market Restraint -
High competition among the manufacturers will restrict the market growth.
The global thermoset molding compounds market is fairly fragmented, with number of players operating in the global markets. Some of the key players in the global thermoset molding compounds market includes BASF SE, Eastman Chemical Company, Evonik Industries AG, Hexion Inc., Huntsman Corporation, Kolon Industries Inc., Kyocera Chemical Corporation, Plastics Engineering Company (Plenco), Rogers Corporation and others.
The global thermoset molding compounds market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market is dominated by the Asia Pacific . Due to the rapid rise in population explosion in these countries, along with the increased investments in electronic sector which has propelled the market growth. North America holds a significant market share. Increasing awareness, along with increasing people's spending power in the US and Canada, has driven market growth in the North American regions. Excessive focus on phenolic resin in the electrical components which have a high mechanical strength and thermal resistance that is ideal for electrical applications all over the world. And henceforth giving rise to the market growth of the thermoset molding compound. Due to the presence of a major automotive base in the region, Europe holds a significant market share. Thermoset molding compounds offer significant advantages in the prevention of rust on the vehicle body and crucial mechanical components, thereby protecting servicing time and boosting the expected duration that expands its implementation in the automotive sector and henceforth drives market growth. The Middle East and the African region will be among the most recent developments in global industrial development. The development of the industries and the improvement of the financial situation in the area have led to an rise in the demand for thermoset molding compounds. Latin America is showing slow growth due to government interference in the region.
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