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.
The COVID-19 pandemic has had a significant impact on the global thermoset molding compound market. The pandemic led to disruptions in the global supply chain and production activities, resulting in a decline in demand and sales of thermoset molding compounds in some regions.
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.
Moreover, the construction industry, another significant end-use market for thermoset molding compounds, was also impacted by the pandemic. The pandemic caused a slowdown in construction activities and delays in project timelines, which affected the demand for thermoset molding compounds in this industry.
However, the pandemic also led to an increase in demand for thermoset molding compounds in some end-use industries, such as electrical and electronics. As people increasingly relied on electronic devices for work and entertainment during lockdowns and remote work, the demand for electronic components made using thermoset molding compounds, such as connectors, switches, and housings, increased.
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.
Thermoset Molding Compound Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ashland Global Holding Inc., BASF, Eastman Chemical Company, Evonik Industries AG, Hexion Inc, Huntsman Corporation, Kolon Industries Inc, Kyocera Chemical Corporation, Plastics Engineering Company, Rogers Corporation
Global Thermoset Molding Compound Market Segmentation:
By Type: Based on the Type, Global Thermoset Molding Compound Market is segmented as; Phenolic Resin, Epoxy Resin, Polyester Resin, Urea Formaldehyde, Melamine Formaldehyde, Others.
By End User: Based on the End User, Global Thermoset Molding Compound Market is segmented as; Automotive, Aerospace, Electrical and Electronic, Others.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America. The Asia-Pacific region is expected to be the largest market for thermoset molding compounds, driven by the growing demand for lightweight materials in the automotive and aerospace industries, as well as the increasing use of thermoset molding compounds in electrical and electronics applications. North America and Europe are also significant markets for thermoset molding compounds, driven by the growing demand for high-performance materials in various end-use industries.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.