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Global Thermosets Market: Demand from Automotive Sector in Asia Pacific to Drive Market

Transparency Market Research Report Added "Thermosets Market" to its database.


Albany, NY -- (SBWIRE) -- 07/14/2015 -- Thermosets or thermoset resins are made by joining polymers through chemical bonds to acquire a highly cross-linked polymer structure. The highly cross-linked structure of the chemical bonds provides higher physical and mechanical strength to thermoset polymers compared to elastomers or thermoplastic materials. The demand for thermosets across various end-use industries such as automotive, water tanks, and chemical tanks is expected to boost the global thermosets market. The overall market is expected to achieve a double-digit growth rate during the period between 2012 and 2018.

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Growing Environmental Concerns to Restrain Global Thermosets Market

Thermosets are irreversibly changed from a viscous liquid state to a solid state during the chemical curing process. Once changed to the solid state, the material cannot be molded or processed further. The highly cross-linked polymer structure achieved during the curing process leads to poor elasticity or elongation of the thermosets.The wide range of applications of thermoset resins is expected to propel the global thermosets market in the next couple of years. However, there is no scope to recycle thermosets, as once they are cross-linked or cured into solid state, it is impossible to convert them back to liquid phase. This is expected to restrict the market owing to growing environmental concerns over this aspect of usage of thermosets. Frequent fluctuation of raw material prices will also hamper the market. In the aerospace industry, thermosets are used in all types of military and commercial aircraft. The increasing use of thermosets in this sector is expected to open new opportunities for the global thermosets market.

Demand for Polyurethane and Polyester Resins to Dominate Global Thermosets Market

On the basis of product type, the global thermosets market is classified into epoxy resins, polyester resins, vinyl ester resins, phenolic resins, polyurethane, and other high temperature resins including cyanate esters. Epoxy resins are known for their high strength and resistance to chemical and environmental damage. Epoxy resins are commonly used as resin binders and casting resins in composite construction.

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Polyester resins find application in transportation, construction, consumer products, automotive, shipbuilding, and others. Polyurethane is widely used as a foam material in automotive, construction, and electronics. Vinyl ester resins are used while constructing boat hulls or water tanks, as a surface barrier of vinyl ester reduces water penetration considerably without a significant increase in cost. Polyurethane and polyester resins are mostly in demand in the global thermosets market.

Growing Demand from Asia Pacific to Drive Global Thermosets Market

The global thermosets market has been segmented into four key regions: Asia Pacific, North America, Europe, and Rest of the World. Owing to the increased demand for thermosets from automobile industries in countries such as India and China, Asia Pacific has emerged as the biggest market for thermosets. China is the largest automobile market in the world and India is also among the top five global automobile markets. The demand for thermosets from these countries is expected to increase further. Japan is a mature market and is expected to remain stagnant in the near future.

Key Players in Global Thermosets Market

Some of the key players in the global thermosets market are Dow Chemical Company, BASF, and Bayer AG.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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