Pune, India -- (SBWIRE) -- 01/23/2018 -- The Global Thermoset Composites Market accounted for USD 42.0 billion in 2016 and is projected to grow at a CAGR of 6.8% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

Thermoset composites are commonly based on glass, carbon or aramid fibers, usually incorporated with resins such as polyesters, vinyl esters, epoxies or phenolics. There is a growing demand for thermoset composites in aerospace & defense, wind energy, transport, sporting goods, marine, construction & infrastructure, pipe & tank and electrical & electronics on account of their light weight and high performance, which is expected to be a key driver of the market over the next seven years.

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Major Market Drivers:
- Use of thermoset composites for manufacturing of structural composite parts for aircraft
- Increasing demand for lightweight materials from the transport sector
- Increasing usage of thermoset composites in the wind energy

Market Restraint:
- Issues related to recyclability
- Issues related to testing of thermoset composites

Market Segmentation: Global Thermoset Composites Market
The thermoset composites market is segmented on the basis of fiber type into glass fiber, carbon and other.
On the basis of resin type, the market is segmented into polyester, epoxy, vinyl ester and others.
On the basis of manufacturing process, the market is segmented into lay-up, filament winding, injection molding, pultrusion and others.

On the basis of end-user, the market is segmented into aerospace & defense, wind energy, transport, sporting goods, marine, construction & infrastructure, pipe & tank, electrical & electronics and other.
On the basis of geography, the thermoset composites market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

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Competitive Landscape: Global Thermoset Composites Market
The global thermoset composites market is fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

Major Market Competitors: Global Thermoset Composites Market
Some of the major players in thermoset composites market include AGY Holdings Corp., Carbon Mods, Chongqing Polycomp International Corporation, Cytec Industries Inc., Hexcel Corporation
Hexion Inc., Huntsman Corporation, Johns Manville Corporation, Jushi Group Co., Ltd, Kemrock Industries and Exports Limited, Mitsubishi Rayon Co., Ltd., Owens Corning, PPG Industries Inc., SGL Group, Taekwang Industries Co Ltd., Teijin Limited, Toray Industries Inc. and many more.

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