Thermoset Molding Compound Market By Type, By End-Use : Global Opportunity Analysis and Industry Forecast, 2024-2033

The global thermoset molding compound market size was valued at $11.7 billion in 2023, and is projected to reach $21.5 billion by 2033, growing at a CAGR of 6.3% from 2024 to 2033.

Thermoset molding compounds refer to a class of materials used in manufacturing processes where heat and pressure are applied to shape and form a solid product. These materials undergo a chemical reaction during molding that irreversibly cures them into a hardened state. Thermoset molding compounds include epoxy resins, phenolic resins, and polyester resins, each chosen for specific mechanical, thermal, or electrical properties required for the end application. Thermoset molding compounds are used in industries such as automotive, aerospace, electronics, and construction due to their durability, heat resistance, and dimensional stability.

The trend towards electric vehicles (EVs), renewable energy systems, and smart technologies has further boosted the demand for thermoset molding compounds in electrical and electronic applications. As these industries continue to grow, there is an increase in the need for advanced materials that deliver high performance, reliability, and longevity under demanding operating conditions. All these factors are expected to drive the demand for thermoset molding compound market during the forecast period.

The production of thermoset molding compounds requires stringent adherence to environmental and safety regulations, necessitating investments in compliance measures and waste management systems. This compliance cost is substantial and varies across different regions, influencing where manufacturers choose to establish their production facilities. In addition, the high initial costs impact smaller manufacturers and startups disproportionately, limiting their ability to enter the market or expand operations. This barrier to entry restricts competition and innovation within the industry, slowing overall market growth and technological advancement.

Advancements in recycling technologies are enabling the reprocessing of thermoset molding compounds, albeit to a limited extent compared to thermoplastics. Techniques such as grinding, pyrolysis, or chemical recycling are being explored to recover valuable components or convert cured thermoset materials into secondary products, reducing waste and landfill burdens. Moreover, regulatory frameworks and consumer preferences increasingly favor sustainable and environmentally responsible products. Companies investing in research and development to enhance the sustainability credentials of their thermoset molding compounds gain competitive advantages and meet evolving market demands for greener alternatives. All these factors are anticipated to offer new growth opportunities for the thermoset molding compound market during the forecast period.

The thermoset molding compound market is segmented into type, end-use, and region. On the basis of type, the market is divided into phenolic resin, epoxy resin, polyester resin, urea formaldehyde, melamine formaldehyde, and others. By end-use, the market is segmented into automotive, aerospace, electrical and electronics, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

On the basis of type, the market is divided into phenolic resin, epoxy resin, polyester resin, urea formaldehyde, melamine formaldehyde, and others. The phenolic resin segment accounted for more than one-third of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. Cost-effectiveness is a crucial factor contributing to the adaption of phenolic resins in thermoset molding compounds. Compared to other high-performance resins, phenolic resins offer a balance of cost and performance that is attractive to manufacturers. Their relatively low cost of production, coupled with their robust performance attributes, allows for the production of economically viable and high-quality components. This cost advantage, along with their durability and performance, makes phenolic resins a competitive option in the market.

By end-use, the market is segmented into automotive, aerospace, electrical and electronics, and others. The electrical and electronics segment accounted for less than half of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. The rise of advanced technologies such as 5G, electric vehicles (EVs), and smart devices is also propelling the demand for thermoset molding compounds. These technologies require components that withstand high temperatures, resist chemical exposure, and provide long-term reliability. Thermoset materials are well-suited for these demanding applications due to their thermal stability, chemical resistance, and durability. For instance, in electric vehicles, thermoset compounds are used in motor components, battery casings, and power electronics, where their high performance contributes to the overall efficiency and safety of the vehicle.

Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific accounted for less than half of the thermoset molding compound market share in 2023 and is expected to maintain its dominance during the forecast period. Rapid urbanization and infrastructure development across Asia-Pacific countries are fueling demand for thermoset molding compounds. These materials are crucial in construction applications for manufacturing durable components such as electrical insulators, pipes, and structural parts that withstand harsh environmental conditions. Furthermore, increases in investments in renewable energy infrastructure such as wind turbines and solar panels are boosting the demand for thermoset materials.

Key players in the thermoset molding compound market include BASF SE, Rebling, SBHPP, Huntsman Corporation, Kyocera Corporation, Evonik Industries AG, Kolon Industries Inc., Plastics Engineering Company (PLENCO), HEXION INC., and Eastman Chemical Company.

Key findings of the study

• On the basis of type, the melamine formaldehyde segment is anticipated to grow at the fastest CAGR of 7.4% during the forecast period.
• On the basis of end-use, the aerospace segment is anticipated to grow at the fastest CAGR of 7.5% during the forecast period.
• Region-wise, Asia-Pacific has the highest share in 2022 in terms of revenue.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermoset molding compound market analysis from 2023 to 2033 to identify the prevailing thermoset molding compound market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the thermoset molding compound market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global thermoset molding compound market trends, key players, market segments, application areas, and market growth strategies.

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• 24-hour priority response*
• Free Industry updates and white papers.

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Key Market Segments

By Type

• Phenolic Resin
• Epoxy Resin
• Polyester Resin
• Urea Formaldehyde
• Melamine Formaldehyde
• Others

By End-Use

• Automotive
• Aerospace
• Electrical and Electronics
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • South Africa
  • Rest of LAMEA

Key Market Players:

• BASF SE
• Eastman Chemical Company
• Evonik Industries AG
• HEXION INC.
• Huntsman International LLC.
• Kolon Industries, Inc.
• KYOCERA Corporation
• Plastics Engineering Company (Plenco)
• Rebling
• SBHPP