The global thermoset compounds market size was valued at US$3.8 billion in 2024, and is projected to reach US$4.5 billion by 2030, witnessing a market growth CAGR of 3 % from 2023 to 2028, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global thermoset compounds market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Market Statistics
Market Size in 2024: US$3.8 billion
Market Size in 2030: US$4.5 billion
Growth (CAGR): 3% during 2025-2030
Leading Industry Type: Transportation industry
Leading Product Type: SMC
Leading Fiber Type: Glass fiber
Leading Resin Type: Polyester
Leading Region: Asia-Pacific
Forecast Period: 2025-2030
Trend Period: 2019-2023
Base Year: 2024
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights & Market Share Analysis of the Thermoset Compounds Market:
The global thermoset compounds market is segmented based on industry type, product type, fiber type, resin type and region.
Based on Industry type –
- The market is segmented into aerospace & defense, marine, transportation, construction, consumer goods, electrical & electronics, pipe & tanks, and other industries. Transportation is expected to remain the biggest demand generator of thermoset compounds with usage in hood, bumper, door panel, fender, pickup truck boxes, and headlamp reflector, followed by electrical & electronics and construction industries.
- Aerospace & defense remains the fastest-growing industry in the market due to driven by the industry recovery paired with growing acceptance in secondary structural and interior parts.
Based on the Fiber type -
- By fiber type, the market is segmented into glass fiber and carbon fiber. Glass fiber comprises a significant share due to cost-effectiveness and broad industry-wide OEM adoption, in contrast with carbon fiber variants, which achieve a high growth rate, driven by electrification’s weight-reduction and high-performance demands in aerospace & defense.
Based on the Product type –
- Based on the product type, the market is segmented into SMC and BMC. SMC is expected to remain the market’s larger category during the forecast period. SMC holds the dominating market share due to its structural strength, Class A finish, and applications in the automotive and construction industries, while BMC is growing at a decent rate, excelling in electrical insulators, switchgear components, and precision EV components.
Based on the Resin type –
- Based on the type of resin, the market is segmented as polyester, epoxy, and others. The polyester segment is expected to account for a larger share of the market in the coming five years. Further, polyester resins are expected to be the faster-growing segment during the forecast period.
- The growth is attributed to their unique properties, such as excellent dimensional stability, corrosion resistance, and chemical confrontation properties, which augment the durability of SMC and BMC materials. SMC and BMC composites based on polyester resin display superb fire- and flame-resistant characteristics, hence, they are employed in electrical & electronics application.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
“Asia-Pacific will continue as the largest market for thermoset compounds, with North America as the second largest during the forecast period”
- By region, Asia-Pacific has a major share, in terms of value, in the global thermoset compound market due to rising industrialization, increasing automobile production, and the electrical & electronics industry in the region.
- The automotive industry in China, India, Japan, and South Korea is expected to be the largest demand generator for thermoset compounds globally, as the region accounts for more than 50% of the vehicle production worldwide.
- Asia-Pacific leads the electrical & electronics industry, with China, Taiwan, South Korea, and Japan manufacturing most of the world’s switchgears, electrical enclosures, circuit breakers, and insulators.
Thermoset Compounds Market Drivers:
Some of the key drivers listed in the report are given below.
- Thermoset compounds, comprising SMC and BMC, are advanced composite materials widely used across multiple industries. Both SMC and BMC are formulated from a combination of glass fibers or carbon fiber, thermosetting resin in liquid form, and mineral fillers, offering high strength, durability, and design flexibility.
- The primary distinction between the two lies in their reinforcement and form: SMC incorporates long chopped glass strands and is produced in malleable sheet form, whereas BMC contains shorter glass strands and is prepared in bulk form.
- These compounds are typically processed through compression or injection molding, enabling the production of lightweight yet robust components. Their versatile performance makes them integral to applications in transportation, construction, electrical & electronics, and other industrial applications.
Competitive Landscape: Top Companies in the Thermoset Compounds Market:
The market is highly fragmented, with more than 50 players across the region. Most of the major players compete in some of the governing factors, including price, service offerings, and regional presence, etc. The following are the key players in the thermoset compounds market. Some of the major players provide a complete range of services.
Here is the list of the Top Players (Based on Dominance)
- LyondellBasell
- Teijin Automotive Technologies
- Polynt Group
- IDI Composites International
- Core Molding Technologies
- Menzolit
- Polytec Group
- Changzhou Jiang's Compound Materials Technology Co., Ltd.
- Mitsui Chemicals Group
- Huayuan Advanced Materials (Hamlite)
Note: The above list does not necessarily include all the top players in the market.
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
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