Technavio's latest market research report on the global thermoset resin composites market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global thermoset resin composites market from 2017-2021. (Graphic: Business Wire)
One of the key factors resulting in the growth of the global thermoset resin composites market is the increasing demand for lightweight vehicles. Thermoset resin composites are utilized in exterior, interior, and other components. Fiber-reinforced composites, which include thermoset resins are replacing steel as they can integrate parts, reduce the weight of components, and operate with high efficiency.
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The three emerging market trends driving the global thermoset resin composites market according to Technavio research analysts are:
- Rise in cost-effective alternatives
- Demand for SMC and BMC structural-thermoset resin composites
- Demand for advanced high-performance composites from automobile industry
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Rise in cost-effective alternatives
Thermoset compounds have long lifespans, especially the sheet molding compound (SMC) and bulk molding compound (BMC) structural-thermoset resin composites. Thermoset resin composites can consolidate parts, thereby decreasing the number of separate parts. The requirement for maintenance reduced by using thermoset resins, as it abolishes the need for coloring and finishing. Complex designs require multiple parts and heavyweight components to exhibit high strength and stiffness during the manufacturing process. Due to the properties such as high strength, lightweight, and easy molding of intricate details, thermoset resins have the edge over other metals.
According to Kurva Samba Sivudu, a lead analyst at Technavio for textile, fiber, and composites, "A series of processes are undertaken and then assembled to create the desired final product in designs that require multiple pieces. The production process of complex parts can be downsized to a single step using thermoset resin composites. This makes the production efficient and quick by reducing the necessity of secondary operations. Therefore, thermoset resin composites can offer cost-effective alternatives due to efficient and fast production for all end-user sectors."
Demand for SMC and BMC structural-thermoset resin composites
The increasing demand for lightweight vehicles and cost-effective materials, alongside the need to reduce the number of materials used, are expected to increase the market for SMC and BMC structural-thermoset resin composites. Thermosets provide high performance and are produced according to specific applications. The concentration and the amount of resins that are used vary according to the requirement.
"SMC is used as a cost-effective alternative to metals used in the aerospace, consumer goods, medical device, and transportation industries. SMC possess less percentage of reinforcement compared with other structural grades of composites. Due to good mechanical properties and better appearance of SMC, it is replacing the sheet metals that are used in electrical components, watercrafts, sports equipment, and skid plates," says Kurva.
Demand for advanced high-performance composites from automobile industry
The demand for high performance has increased the number of structural parts, which has further increased the weight in the automobile industry. Automobile manufacturers need advanced materials to reduce weight and operate motors at higher temperatures. Structural-thermoset, which is a resin composite, is expected to respond to the need with its durable characteristics. The demand for thermoset resins used in interior components of automobiles is rising due to advanced dielectric properties and resistance to heat.
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