Thermoset Resin Market Size, Revenue, Status and Forecast 2024
The global composite industry has been expanding significantly in terms of production, technological advancements, and developments. Thermoset resin plays a vital role in the composite industry. Thermoset resins are used extensively in the manufacture of composites; these resins are employed in the fabrication of products for end-use industries such as aerospace, automotive, sporting goods, construction, electronics, and wind energy. The thermoset resin market can be segmented into six resin types: polyester resin, epoxy resin, vinyl ester resin, phenolic, polyurethane, and high temperature resins (such as cyanate ester).
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Thermoset resins exhibit characteristics such as mechanical strength, corrosion resistance, and low weight. These resins are used widely in various applications. Thermoset resins form long polymer chains and can be easily customized as per the requirements of end products. Thermoset resins offer many advantages. These include balance of numerous properties such as mechanical & chemical stability and dimensional stability; low cost; and easy processing, and handling. The vinyl ester resin segment accounts for significant share of the thermoset resin market. Vinyl ester resins are less susceptible to damage caused by hydrolysis. Therefore, these resins are used in the manufacture of corrosion-resistant containers such as fiberglass tanks and FRP pipes. Vinyl ester resins are also employed in grating applications.
The epoxy resin segment also holds key share of the thermoset resin market. Epoxy resins are used in various applications; for instance, they are employed in coatings, adhesives & composite materials, and fiberglass reinforcements. Epoxy coating dries quickly; hence, it provides a strong and durable protective coating with excellent abrasion resistance. It can also be applied for corrosion protection of steel pipes and fittings, which are employed in the hydrocarbon industry. Phenolic resins emit less amount of smoke and have lower toxicity levels as compared to other thermoset resins.
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Phenolic thermoset resins are primarily used in the manufacture of aircraft interiors and galley walls. These resins are also employed in other commercial markets that require flame resistant and low smoke properties.
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