Stratview Research in its recent report has offered an overlook of the current Recyclable Thermoset Market scenarios and has also estimated the Recyclable Thermoset Market size to reach grow at CAGR of 6.3% by 2023. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.
Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2018-2023, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.
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Thermoset is the most widely accepted matrix system for fabricating composite parts. The matrix system has efficaciously been gaining penetration in most of the end-use industries, owing to its excellent strength and interlaminar properties. Unsaturated polyester, epoxy, and phenolic are the most commonly used matrices globally. Other major thermosets are polyurethane, vinyl esters, BMI, cyanate esters, and silicones. However, one of the biggest constraints of thermoset resin is its non-recyclability, owing to a large number of cross-link in its structure. The generation of waste from thermoset composites is mainly derived from the end-of-life of composite parts as well as from the scrap accumulated during the fabrication of composite parts.
Stringent regulations regarding the fuel efficiency enhancements and the carbon emission reductions, such as CAFÉ Standards, are creating an enormous pressure on automakers to make their vehicles fuel efficient. Automakers are unraveling this challenge by incorporating lightweight composite materials in the structural and semi-structural sections of their new vehicle models. A similar trend has been observed in the aerospace & defense industry where major airframers are introducing the next-generation aircraft with composites content up to 50% of the structural weight of the aircraft with the purpose to improve the fuel efficiency and to reduce the carbon emissions.
Such factors are incessantly engendering a greater demand for composite materials, especially of thermoset composites, in order to address different requirements of various industries. All the major stakeholders of various industries are increasingly betting on these materials in order to meet their existing as well as upcoming requirements, but the non-recyclability of thermosets is limiting their potential up to some extent.
As of now, major composite thermoset players are paying for landfill disposable but the introductions on strict landfill regulations and high focus on saving the environment by opting green materials are leading the thermoset recycling necessary. Mechanical recycling and incineration (energy recovery) are currently the most used recycling technologies of thermoset materials but these technologies have certain disadvantages including the non-economic viability. To maintain the inevitable growth momentum of composite thermosets, it is important for the composite industry stakeholders to make rigorous efforts towards the development of efficient recycling technologies for thermoset composites that can be commercially viable and economical in nature.
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Based on the technology type, the recyclable thermoset market is segmented into Mechanical Recycling, Feedstock Technology, and Energy Recovery. Mechanical recycling currently dominates the market, driven by a high usage in the Asia-Pacific, the largest thermoset composites market. Mechanical recycling is a manual process in which thermoset-made parts are pierced into fine particles, which are used as a filler or as a reinforcement. The recycling process is highly labor intensive and is highly preferred in China and India, owing to the availability of low-cost labor coupled with relatively less stringent landfill regulations. The process produces relatively low-quality fillers, which cannot be used in high-performance applications and also, this is a bit more expensive than the fillers, such as clay.
Based on the thermoset type, the market is segmented into Unsaturated Polyester Resin (UPR), Epoxy Resin, Phenolic Resin, Polyurethane Resin, and Other Resins. UPR is likely to remain the most dominant segment of the market during the forecast period, driven by a high usage in various cost-sensitive industries including transportation and building & construction. UPR is the most widely used resin systems that offer excellent performance at a relatively low cost.
Based on the end-use industry type, the market is segmented into Building & Construction, Transportation, Wind Energy, Electricals & Electronics, Aerospace & Defense, and Others. Building & Construction and transportation are the largest consumers of thermoset composites worldwide, driven by an increasing demand for lightweight, durable, corrosion-resistant, and highly aesthetic parts.
The transportation and aerospace & defense industries are likely to be the fastest-growing market over the next five years. Both end-use industries are increasingly increasing the penetration of composite parts into the structural and semi-structural applications in order to meet their current market requirements. Composite recycling becomes a necessity as both industries are highly relying upon thermoset composites.
Based on the regions, Asia-Pacific is likely to remain the largest recyclable thermoset market over the next five years, driven by a higher usage of mechanical recycling technology, which is further propelled by a low-cost labor and relatively less stringent regulations regarding the usage of waste. Also, Asia-Pacific is the largest producer as well as the procurer of composite materials, driven by the presence of assembly/manufacturing plants of highly cost-sensitive industries including electricals & electronics, wind energy, transportation, and building & construction.
Europe, another major market for recyclable thermoset, is likely to witness the highest growth over the next five years, driven by the stringent government laws regarding the ban of landfill and usage of waste, such as European Union’s end-of-life-vehicle (ELV) directive. Aerospace & Defense and transportation segments are likely to drive the demand for recycling of thermosets in the region in the coming years.
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Highlights of the Report:
The global recyclable thermoset market is likely to grow at a healthy CAGR of 6.3% over the next five years, propelled by a host of factors including organic growth of the composites industry, an increasing preference of thermoset over thermoplastics, high focus on the green and sustainable materials, and the introduction of strict government regulations regarding the ban of landfill disposal.
A recent study suggests that merely 2% of composite industry players are active recyclers. However, the numbers of players have sharply been raising, owing to the industry’s focus on recycling thermosets. Connora Technologies, Adesso Advanced Materials Inc., Mallinda, LLC, and INTCO Recycling the major players active in the market.
Most of the major players are successful in getting investment from the various industry stakeholders in order to commercially develop their technologies. At the same time, major players are focusing on the development of those technologies that are economical and gives a better result than the landfill or incineration.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Recyclable Thermoset Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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