What is the future of Recyclable Thermoset Market? Know Covid Impact on Size, Share & Forecasts
July 02, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Recyclable Thermoset Market.
It was estimated prior to this unanticipated outbreak that the Recyclable Thermoset Market was expected to grow at a CAGR of >6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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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.
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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.
Energy recovery is another process and accounts for a considerable share of the total recyclable thermoset market; however, the process has incessantly been losing its share, owing to the generation of heat during combusting thermosets as well as the generation of harmful gases.
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.
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.
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.
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
- COVID-19 Impact Assessment
- 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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