The global Thermoset Composites Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By End-User (Transportation, Aerospace & Defense, Sporting Goods, Wind Energy, Construction & Infrastructure, Pipe & Tank, Marine, Electrical & Electronics, Others), By Fiber (Carbon Fiber, Glass Fiber, Others), By Manufacturing Process (Lay-Up, Filament Winding, Resin Infusion, Compression Molding, Injection Molding, Pultrusion, Others), By Resin (Polyester, Epoxy, Vinyl Ester, Phenolic, Polyurethane, Others).
Thermoset composites, reinforced with fibers or fillers and cured through a chemical reaction, remain essential materials in aerospace, automotive, marine, construction, and sporting goods industries in 2024. These composites offer advantages such as high strength-to-weight ratio, corrosion resistance, dimensional stability, and fatigue resistance, making them ideal for applications requiring lightweight, durable materials. Thermoset composites encompass materials such as fiberglass, carbon fiber, epoxy, polyester, and vinyl ester resins, offering a wide range of performance characteristics and processing options. In aerospace, thermoset composites are used for aircraft components such as wings, empennages, and engine nacelles, offering weight savings and improved performance. Similarly, in automotive manufacturing, thermoset composites find applications in body panels, chassis components, and interior parts, contributing to lightweighting and fuel efficiency. With advancements in resin formulations, curing techniques, and manufacturing processes, thermoset composites to drive innovation and enable advancements in product design and performance across diverse industries.
The market report analyses the leading companies in the industry including Accurate Plastics, Advanced Composite Structures Australia Pty Ltd, AGY Holding Corp, C2 Composites, China Jushi Co. Ltd, Hexcel Corp, Hexion Inc, Huntsman International LLC, Johns Manville, Lingol Corp, Mar Bal Inc, Mitsubishi Chemical Corp, Owens Corning, PPG Industries Inc, Reliance Industries Ltd, SGL Carbon SE, Solvay SA, Teijin Ltd, Toray Industries Inc, and others.
A prominent trend in the thermoset composites market is the increasing adoption of these materials in the automotive and aerospace industries. Thermoset composites offer exceptional strength-to-weight ratios, corrosion resistance, and design flexibility, making them ideal for applications where lightweight, high-performance materials are essential. In the automotive sector, thermoset composites are used to manufacture lightweight body panels, interior components, and structural reinforcements, contributing to fuel efficiency and vehicle performance. Similarly, in the aerospace industry, thermoset composites are utilized in aircraft structures, interior components, and engine components, enabling manufacturers to achieve weight savings and enhance aircraft efficiency. This trend towards the adoption of thermoset composites in automotive and aerospace applications is driving market growth and innovation.
The primary driver for the thermoset composites market is the increasing demand for lightweight and high-strength materials across various industries. Industries such as automotive, aerospace, wind energy, and construction are seeking materials that offer superior mechanical properties, durability, and corrosion resistance while minimizing weight. Thermoset composites meet these requirements by providing exceptional strength-to-weight ratios, fatigue resistance, and dimensional stability, making them ideal for replacing traditional materials like metals and thermoplastics in demanding applications. Additionally, advancements in manufacturing processes such as resin infusion, compression molding, and filament winding have improved the production efficiency and cost-effectiveness of thermoset composites, further driving their adoption. The demand for lightweight and high-strength materials is fueling the growth of the thermoset composites market as industries continue to prioritize performance, efficiency, and sustainability.
A significant opportunity for the thermoset composites market lies in the expansion into renewable energy and infrastructure applications. With the global shift towards renewable energy sources such as wind and solar power, there is a growing demand for lightweight, durable materials for wind turbine blades, solar panels, and energy storage systems. Thermoset composites offer advantages such as excellent fatigue resistance, corrosion resistance, and dimensional stability, making them well-suited for these applications. Additionally, in the infrastructure sector, thermoset composites can be used for bridge decks, structural reinforcements, and corrosion-resistant components, offering long-term durability and maintenance savings. By leveraging their unique properties and performance advantages, thermoset composites manufacturers can capitalize on opportunities in the renewable energy and infrastructure markets, providing innovative solutions for sustainable infrastructure development and clean energy generation. As governments and industries invest in renewable energy and infrastructure projects worldwide, the expansion into these sectors presents significant growth opportunities for the thermoset composites market.
The Transportation segment is the largest segment within thermoset Composites Market. In particular, the transportation industry, including automotive, rail, and aerospace sectors, is a significant consumer of thermoset composites due to their lightweight, high-strength, and corrosion-resistant properties. Thermoset composites are extensively used in transportation applications such as automotive body panels, aircraft components, and railcar interiors, where they offer significant weight reduction potential compared to traditional materials like metals. Moreover, the increasing focus on fuel efficiency, emission reduction, and vehicle electrification in the automotive sector drives the demand for lightweight materials like thermoset composites. Additionally, the aerospace industry utilizes thermoset composites for aircraft structures and components to enhance performance, reduce fuel consumption, and improve safety. Furthermore, advancements in composite manufacturing processes and material formulations have led to the development of thermoset composites with improved properties and cost-effectiveness, further contributing to their widespread adoption in the transportation sector, solidifying their position as the largest segment within thermoset Composites Market.
Carbon Fiber is the fastest-growing segment within thermoset Composites Market. In particular, carbon fiber composites offer exceptional mechanical properties, including high strength-to-weight ratio, stiffness, and fatigue resistance, making them ideal for lightweight and high-performance applications in industries such as aerospace, automotive, and sports equipment. The unique properties of carbon fiber composites enable the production of components that are stronger, lighter, and more durable than those made from traditional materials like metals. Moreover, the increasing demand for fuel-efficient vehicles, coupled with stringent emission regulations, drives the adoption of carbon fiber composites in automotive applications to reduce vehicle weight and improve fuel efficiency. Additionally, advancements in carbon fiber manufacturing technology and material science have led to the development of cost-effective carbon fiber composites, further fuelling their growth in various end-use sectors. Furthermore, the growing trend towards sustainability and environmental responsibility drives the demand for carbon fiber composites as they offer significant energy savings and contribute to the overall reduction of carbon emissions, solidifying their position as the fastest-growing segment within thermoset Composites Market.
Pultrusion is the largest segment within thermoset Composites Market. In particular, pultrusion is a highly efficient manufacturing process for producing continuous, uniform profiles with high fiber content, making it suitable for a wide range of applications in industries such as construction, infrastructure, and aerospace. Pultruded composites offer excellent mechanical properties, including high strength, stiffness, and corrosion resistance, making them ideal for structural components like beams, panels, and tubes. Moreover, the pultrusion process allows for the customization of composite profiles with specific fiber orientations and resin formulations to meet the performance requirements of various end-use applications. Additionally, pultrusion offers cost-effective production with minimal waste, making it a preferred choice for large-scale manufacturing operations. Furthermore, advancements in pultrusion technology and material formulations continue to expand the application potential of pultruded composites, further solidifying their position as the largest segment within thermoset Composites Market.
Polyurethane is the fastest-growing segment within thermoset Composites Market. In particular, polyurethane resins offer a unique combination of properties, including high strength, flexibility, chemical resistance, and thermal stability, making them suitable for a wide range of applications in industries such as automotive, construction, and consumer goods. Polyurethane composites are increasingly utilized in applications requiring lightweight, durable, and impact-resistant materials, such as automotive body panels, building facades, and sporting goods. Moreover, the versatility of polyurethane resins allows for the formulation of composites with tailored properties to meet specific application requirements, driving their adoption in diverse end-use sectors. Additionally, advancements in polyurethane chemistry and manufacturing processes have led to the development of high-performance polyurethane composites with improved mechanical properties and processing characteristics. Furthermore, the growing demand for sustainable and environmentally friendly materials further accelerates the adoption of polyurethane composites, solidifying their position as the fastest-growing segment within thermoset Composites Market.
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Accurate Plastics
Advanced Composite Structures Australia Pty Ltd
AGY Holding Corp
C2 Composites
China Jushi Co. Ltd
Hexcel Corp
Hexion Inc
Huntsman International LLC
Johns Manville
Lingol Corp
Mar Bal Inc
Mitsubishi Chemical Corp
Owens Corning
PPG Industries Inc
Reliance Industries Ltd
SGL Carbon SE
Solvay SA
Teijin Ltd
Toray Industries Inc
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Thermoset Composites Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Thermoset Composites Market Size Outlook, $ Million, 2021 to 2032
3.2 Thermoset Composites Market Outlook by Type, $ Million, 2021 to 2032
3.3 Thermoset Composites Market Outlook by Product, $ Million, 2021 to 2032
3.4 Thermoset Composites Market Outlook by Application, $ Million, 2021 to 2032
3.5 Thermoset Composites Market Outlook by Key Countries, $ Million, 2021 to 2032
4 Market Dynamics
4.1 Key Driving Forces of Thermoset Composites Industry
4.2 Key Market Trends in Thermoset Composites Industry
4.3 Potential Opportunities in Thermoset Composites Industry
4.4 Key Challenges in Thermoset Composites Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Thermoset Composites Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Thermoset Composites Market Outlook by Segments
7.1 Thermoset Composites Market Outlook by Segments, $ Million, 2021- 2032
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
8 North America Thermoset Composites Market Analysis and Outlook To 2032
8.1 Introduction to North America Thermoset Composites Markets in 2024
8.2 North America Thermoset Composites Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Thermoset Composites Market size Outlook by Segments, 2021-2032
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
9 Europe Thermoset Composites Market Analysis and Outlook To 2032
9.1 Introduction to Europe Thermoset Composites Markets in 2024
9.2 Europe Thermoset Composites Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Thermoset Composites Market Size Outlook by Segments, 2021-2032
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
10 Asia Pacific Thermoset Composites Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Thermoset Composites Markets in 2024
10.2 Asia Pacific Thermoset Composites Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Thermoset Composites Market size Outlook by Segments, 2021-2032
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
11 South America Thermoset Composites Market Analysis and Outlook To 2032
11.1 Introduction to South America Thermoset Composites Markets in 2024
11.2 South America Thermoset Composites Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Thermoset Composites Market size Outlook by Segments, 2021-2032
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
12 Middle East and Africa Thermoset Composites Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Thermoset Composites Markets in 2024
12.2 Middle East and Africa Thermoset Composites Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Thermoset Composites Market size Outlook by Segments, 2021-2032
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Accurate Plastics
Advanced Composite Structures Australia Pty Ltd
AGY Holding Corp
C2 Composites
China Jushi Co. Ltd
Hexcel Corp
Hexion Inc
Huntsman International LLC
Johns Manville
Lingol Corp
Mar Bal Inc
Mitsubishi Chemical Corp
Owens Corning
PPG Industries Inc
Reliance Industries Ltd
SGL Carbon SE
Solvay SA
Teijin Ltd
Toray Industries Inc
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By End-User
Transportation
Aerospace & Defense
Sporting Goods
Wind Energy
Construction & Infrastructure
Pipe & Tank
Marine
Electrical & Electronics
Others
By Fiber
Carbon Fiber
Glass Fiber
Others
By Manufacturing Process
Lay-Up
Filament Winding
Resin Infusion
Compression Molding
Injection Molding
Pultrusion
Others
By Resin
Polyester
Epoxy
Vinyl Ester
Phenolic
Polyurethane
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Thermoset Composites Market Size is valued at $78.4 Billion in 2024 and is forecast to register a growth rate (CAGR) of 6.9% to reach $133.7 Billion by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Accurate Plastics, Advanced Composite Structures Australia Pty Ltd, AGY Holding Corp, C2 Composites, China Jushi Co. Ltd, Hexcel Corp, Hexion Inc, Huntsman International LLC, Johns Manville, Lingol Corp, Mar Bal Inc, Mitsubishi Chemical Corp, Owens Corning, PPG Industries Inc, Reliance Industries Ltd, SGL Carbon SE, Solvay SA, Teijin Ltd, Toray Industries Inc
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume