Market Revenue Thermoset Composites Industry growth rise in 2022 | Page 2

prices. It is said that they possess excellent mechanical and physical properties and that’s the reason
they have attained huge recognition all over the world as a feasible substitute to die castings, metal
assemblies, and traditional plastic materials in the markets, entailing industrial equipment,
automotive, consumer goods, and many others.
Moreover, characteristics like high impact power, enhanced surface quality, reduced product
rejection, high rigidity at elevated and sub-zero temperature, creep resistance under harsh
surroundings and balanced load have ultimately turned the thermoset market more productive as
compared to the thermoset and metals. A price-to-performance benefit has made these materials
more striking and useful among various industries like aerospace & defense, transportation, electrical
and electronics. Due to factors like rapid industrialization, growth in middle and upper middle class
population and economic upturn in countries such as India, Brazil, and China, the demand for
thermoset composites has seen a sudden upsurge because of the augmented demand from
transportation, consumer goods, and electrical & electronics industry.
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Thermoset Composites Market size on the basis of manufacturing process spans Lay-Up, Filament
Winding, Injection Molding, Pultrusion, Resin Infusion, Compression Molding, and others. Thermoset
Composites Market size on the basis of Fiber Type spans Glass, Carbon, and others. Market size on
the basis of Resin Type spans Polyester, Epoxy, and Vinyl Ester, Phenolic, Polyurethane, and others.
Market size on the basis of end use spans Transportation, Aerospace & Defense, Sporting Goods,
Wind Energy, Construction & Infrastructure, Pipe & Tank, Marine, Electrical & Electronics, and others.
Market size on the basis of geography spans North America, Europe, Asia-Pacific, Latin America, and
Middle East & Africa. As far as the geography is concerned, Asia-Pacific is currently dominating the
market and it is likely to display the highest growth rate in near future, the reason being growing
economies of China and India that are experiencing augmented demand for thermoset composites.
One of the prominent factor like rise in demand from automobiles, aerospace and electric &
electronics is playing a major role in boosting the overall growth of thermoset composites market
across the globe.