Deerfield Beach, FL -- (SBWIRE) -- 09/18/2017 -- Zion Market Research has published a new report titled "Thermosets (Phenolic, Epoxy Resins, Cyanate Esters, Polyester Resins, Polyurethane, Vinyl Ester Resins and Others) Market for Aerospace and Defense, Automotive, Construction, Electrical and Electronics, Chemical Tanks and Other End Users: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021" According to the report, global demand for thermosets market was valued at over USD 77.3 Million in 2015, is expected to reach around USD 140.8 Million in 2021 and is anticipated to grow at a CAGR of slightly above 10.5% between 2016 and 2021.

Thermosets are the polymers that are arranged to form a network. Network forming polymer thermosets include unsaturated polyester, bismaleimide, phenolic, polyurethane, epoxy, dicyanate and acrylate among others. One of the parameters of thermosets materials is gel point, which is an irreversible process of converting the viscous liquid to solid state. When the material is in the gel point, it changes from viscous to solid state. Over the gel point, the material cannot be processed or molded. The drawback of thermosets is they do not possess the ability to recycle or reuse due to cross-linking. Thermosets do not melt even at high temperatures is the major driving property. As compared to thermoplastics, thermosets are temperature independent, therefore posses several mechanical properties such as hardness, tensile strength, compressive strength.

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Increasing demand for high performance and lightweight materials from end-user applications such as chemicals, automotive, electrical and electronics drives the thermosets market. Rapid industrialization in emerging countries like India, China, Russia, and Brazil contributes impetus growth to the thermosets market. Though, a variation of the raw material cost is likely to impede the growth of thermosets market. The ongoing research for cost-effective manufacturing practices is likely to open new market avenues in the near future.

Phenolic, epoxy resins, cyanate esters, polyester resins, polyurethane and vinyl ester resins among others are the types of thermosets. Polyester resins and polyurethane are the leading segments and are anticipated to remain dominant in the near future owing to wide range of applications. Epoxy resins are also one of the fastest growing segment. End users of thermosets include aerospace and defense, automotive, construction, electrical and electronics and chemical tanks among others. Other applications include households, switches, lighting boards etc. Automotive is the dominating segment owing to rapid industrialization in developing economies. Electrical and electronics emerged as potential segment and expected to propel market growth over the years to come.

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Asia Pacific dominates the thermosets market owing to rapid growth in automobile industries, mainly in India and China. China is leading due to largest automobile market and is projected to remain competitive with the presence of a large number of industries. The mature market in Japan is estimated to remain stagnant over the forecast period. North America is likely to grow at the fastest pace in the next few years. Latin America, Middle East, and Africa are projected to have moderate growth during the estimated period owing to superior capabilities of thermosets.

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Eastman Chemical Company, Sinopec, Bayer AG, BASF, LyondellBasell Industries, Dow Chemical Company, Chevron Phillips Chemical Company LLC, Asahi Kasei Chemical Corp and Arkema among others are some of the leading key players in thermosets market. Launching of new products, joint ventures and partnerships are the strategies followed by the organizations for the growth of the market.

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