Recyclable Thermoset Market to experience an impressive growth of 6.3% during 2018-2023
February 05, 2020
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.
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Recyclable Thermoset Market Segment Insights:
By Technology Type:
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.
By Thermoset Type:
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.
Epoxy resin is likely to be the fastest-growing segment of the market during the same period, propelled by an increasing usage in the transportation, Aerospace & Defense, and electricals & Electronics industries. Epoxy resin offers better mechanical and interlaminar properties but at a relatively high cost as compared to UPR.
By End-Use Industry Type:
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.
Boeing and Airbus together generate almost 1 million lbs. of cured and uncured carbon fiber prepreg waste every year from the production of the B787 and A350XWB aircraft programs. Considering the waste of entire supply chain, the waste escalated to 4 million lbs. per years. It becomes inevitable for the industry leaders to better handle the thermoset waste to produce parts.
By Region:
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.
Key Players:
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.
Strategic collaboration with institutes and industry stakeholders; execution of mergers & acquisitions, and formation of the long-term contracts are some of the major strategies adopted by the companies to remain competitive in the market. They have a high focus on R&D in order to develop commercially viable and economical technologies to address the existing challenges.
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