According to SPER Market Research, the Thermoset Molding Compound Market is estimated to reach USD 20.91 billion by 2032 with a CAGR of 6.52%. Thermoset molding compounds, which are thermosetting polymers utilized for a broad spectrum of applications such as automotive, aerospace, electrical and electronics, and consumer goods, constitute a rapidly expanding segment of the overall thermoset resin market. The demand for these compounds is fueled by the need for light-weight and high-strength materials in various end-use industries. The exceptional mechanical properties of thermoset molding compounds, including high stiffness, strength, and resistance to heat and chemicals, make them a highly appealing alternative for a wide range of applications.
The market for thermoset molding compounds is anticipated to continue expanding in the forthcoming years, propelled by the surging demand for lightweight and high-strength materials in various end-use industries. The development of new thermoset molding compounds with enhanced mechanical properties and processing capabilities is expected to further augment the growth of the market. Nevertheless, the market might encounter hurdles due to the increasing adoption of thermoplastic composites, which offer similar mechanical properties and processing capabilities, but with the added advantage of being recyclable.
Thermoset Molding Compound Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 6.52%
- Forecast Market Size (2032): 20.91 billion
The automotive and aerospace industries, which are major end-use markets for thermoset molding compounds, were significantly impacted by the pandemic, with production activities disrupted due to supply chain disruptions, factory shutdowns, and reduced demand. This led to a decline in demand for thermoset molding compounds in these industries, which had a substantial impact on the market.
In general, the impact of the COVID-19 pandemic on the global thermoset molding compound market has been mixed, with some end-use industries experiencing a decline in demand, while others saw an increase. As the pandemic continues to evolve, it remains to be seen how the market will be affected in the long term, and whether the demand for thermoset molding compounds will recover in industries such as automotive and aerospace that were hit hard by the pandemic.
Impact of COVID-19 on the Thermoset Molding Compound Market
The COVID-19 pandemic has had a significant impact on the global thermoset molding compound market, both in terms of demand and supply. The pandemic has caused disruptions in the global supply chain and production activities, leading to a decline in demand and sales of thermoset molding compounds in some regions.
The automotive and aerospace industries, two major end-use markets for thermoset molding compounds, have been hit hard by the pandemic, with production activities disrupted due to supply chain disruptions, factory shutdowns, and reduced demand. This has led to a decline in demand for thermoset molding compounds in these industries, which has had a significant impact on the market.
In addition, the construction industry, another major end-use market for thermoset molding compounds, has also been impacted by the pandemic. The pandemic has led to a slowdown in construction activities and delays in project timelines, which has had an impact on the demand for thermoset molding compounds in this industry. However, the pandemic has also led to an increase in demand for thermoset molding compounds in some end-use industries, such as electrical and electronics, as people have increasingly relied on electronic devices for work and entertainment during lockdowns and remote work. This has resulted in an increase in demand for electronic components, such as connectors, switches, and housings, that are made using thermoset molding compounds.
Overall, the impact of the COVID-19 pandemic on the global thermoset molding compound market has been mixed, with some end-use industries experiencing a decline in demand, while others have seen an increase in demand. As the pandemic continues to evolve, it remains to be seen how the market will be affected in the long term, and whether the demand for thermoset molding compounds will recover in industries such as automotive and aerospace that have been hit hard by the pandemic.
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Thermoset Molding Compound Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
- Epoxy Resin
- Melamine Formaldehyde
- Phenolic Resin
- Polyester Resin
- Urea Formaldehyde
- Others
By End User:
- Aerospace
- Automotive
- Electrical and Electronics
- Others
By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
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