Thermosets are defined as materials that will undergo or have undergone a chemical reaction by the action of heat, catalyst, ultraviolet light, etc., resulting in a relatively infusible state. Growing demand for high-performance lightweight materials is driving the market for thermosets and increasing its overall applications in various end-user industries. The growing automotive demand from emerging economies like China, India, Russia, etc. is expected to propel the demand for Thermoset globally on account of rising transportation activities and rising demand for electric vehicles. Further, factors like high mechanical strength, chemical resistance, heat resistance, electrical properties, and other mechanical properties are expected to propel the market demand for Thermoset material. The development of recyclable thermosets in the market is expected to act as an opportunity for the market in the coming years.

Global Thermoset Market report provides deep insight into the current and future state of the Thermoset market across various regions. The study comprehensively analyzes the Thermoset market by segmenting based on geography, by type (Unsaturated Polyester, Epoxy, Vinyl Ester, Phenolic, Polyurethane & Others), By End use (Construction, Automotive, Electrical and Electronics, Oil & Gas, and others). The report examines the market drivers and restraints that are influencing the growth in detail. Impact of Covid-19 outbreak on the consumption of thermosets. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of major companies including their market shares and projects.

The global thermosets market is highly fragmented in terms of producers/suppliers due to the presence of both multinational players and local/domestic producers in each region. Currently, the global production volume of thermoset compounds is between 42 and 48 million tons, about 10-15% of global plastics production. Thermosetting plastics are being widely used in construction activities due to their excellent mechanical properties. Thermosetting plastics are usually preferred for structural application in buildings that includes adhesives and sealants. Epoxy and Unsaturated Polyesters have wide applications in the construction industry. Epoxy Resin is being used due to its high strength, electrical properties, chemical resistance, heat resistance, mechanical strength, etc. Unsaturated Polyesters are used for roofs, awnings, skylight domes, wall siding, partitions, decorative fixtures, etc.

In May 2020, Huntsman International LLC announced the acquisition of CVC Thermoset Specialties, a North American specialty chemicals manufacturer. CVC Thermoset Specialties has annual revenues of around USD 115 million with 2 manufacturing facilities located in Ohio and New Jersey.

In May 2020, a research team from the Fraunhofer Institute for Chemical Technology ICT has successfully manufactured a camshaft module using fiber-reinforced thermoset polymers. The deployment of thermoset polymers helps in lowering engine weight and reduces overall assembly costs.