The Recyclable Thermoset Market Size is valued at USD 586.0 million in 2023 and is predicted to reach USD 980.0 million by the year 2031 at a 7.2% CAGR during the forecast period for 2024-2031.
Thermoset is the matrix system for creating composite parts that are most extensively used. Due to its superior strength and interlaminar qualities, the matrix system has effectively been penetrating most end-use sectors. The three matrices that are most frequently used worldwide are phenolic, epoxy, and unsaturated polyester.
Polyurethane, vinyl esters, BMI, cyanate esters, and silicones are further important thermosets. But because of the numerous cross-links in its structure, one of the main limitations of thermoset resin is that it cannot be recycled. The primary sources of waste produced by thermoset composites are the end-of-life of composite parts and the scrap gathered during the creation of composite parts.
One of the two major groups of plastics, thermosets, can either be production waste or end-of-life garbage. Thermosets have a reputation for being hard after curing and non-recyclable. To promote the growth of recyclable thermosets, strict rules and financial incentives have been put in place.
Strong plastics are becoming easier to recycle owing to increased research. For instance, MIT researchers have discovered a way to change thermoset plastics such that they can be easily broken down while retaining their mechanical strength. The Recyclable Thermoset market demand will grow as a result of a greater emphasis on environmentally friendly and sustainable materials.
Competitive Landscape:
Some the Global Recyclable Thermoset Market Players are:
- Adesso Advanced Materials Inc.
- Aditya Birla Chemicals
- Connora Technologies
- Demacq Recycling Composiet
- ECO-Wolf Inc.,
- Fraunhofer Institute for Applied Polymer Research
- GAIKER-IK4
- INTCO Recycling
- Mallinda, LLC
- MCR Mixt Composites Recyclables
- Mobius Technologies GmbH
- neocomp GmbH
- Northstar Recycling
- The Dow Chemical Company
- BASF SE
- ENSO Plastics
- PolyCeramX
- EcoActiv Pty Ltd
- Spero Renewables
- Gr3n Recycling
- PerPETual Global
- Syngas Products Group Limited among others
Market Segmentation:
The global recyclable thermoset market is segmented into technology, resin type and end user industry. On the basis of technology, the market is bifurcated into mechanical recycling, feedstock recycling, and energy recovery. On the basis of resin type, the market is further divided into unsaturated polyester (UPR), epoxy phenol-formaldehyde (phenolic), polyurethane, and others. By end-user industry, the market is divided into construction, automotive, power generation, electrical & electronics, and others.
Based On Technology, The Mechanical Recycling Segment Is Accounted As A Major Contributor In The Global Recyclable Thermoset Market
The recyclable thermoset market is divided into three categories based on technology: mechanical recycling, feedstock technology, and energy recovery. Because Asia-Pacific is the world's largest market for thermoset composites, mechanical recycling currently dominates the market. In a manual procedure known as mechanical recycling, thermoset-made pieces are punctured into tiny particles that are then used as filler or reinforcement. Due to the availability of cheap labor and the relative laxness of disposal rules in China and India, recycling is a highly favored technique despite its high labor intensity. The procedure creates fillers of generally poor quality that cannot be used in high-performance applications and that are also slightly more expensive than fillers like clay.
The Epoxy Resin Segment Witnessed Growth At A Rapid Rate
Epoxy resin is projected to experience the fastest market growth throughout the aforementioned timeframe because of rising demand from the transportation, aerospace & defense, and electrical & electronics sectors. In comparison to UPR, epoxy resin has greater mechanical and interlaminar qualities but is more expensive.
The Asia Pacific Global Recyclable Thermoset Market Holds A Significant Revenue Share In The Region
The Asia-Pacific held the largest share in the market and is expected to maintain its dominance of the recyclable thermoset market due to the increasing adoption of mechanical recycling technology, which is further supported by reasonably priced labour and comparably lenient waste usage regulations. Asia-Pacific is also the greatest producer and consumer of composite materials due to the presence of assembly/manufacturing facilities for particularly cost-sensitive industries including electrical & electronics, wind energy, transportation, and building & construction. Besides, the market for recyclable thermosets in the European region is anticipated to dominate the market over the forecast period. In the upcoming years, the demand for thermoset recycling in the area is projected to be driven by the aerospace & defense, and transportation sectors. Technological development, growing environmental consciousness, financial incentives, and laws have made Europe the global leader in a recyclable thermoset industry.
Recent Developments:
- In November 2022, The Dow Chemical Company partnered with WM to enhance the condition of non-recyclable plastic films. The agreement would enable WM to redirect around 120,000 metric tons of plastic trash away from landfills.
- In August 2021, Mallinda Inc. introduced Vitrimax, a durable chemical platform with thermoset resins that can be reprocessed. Vitrimax is specifically designed to be used in prepregs, pultrusion, and unidirectional (UD) tapes. While the development of RTM is still ongoing, Vitrimax is known to offer processing and reprocessing capabilities for thermoset composite applications
Recyclable Thermoset Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 586.0 Mn |
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Revenue Forecast in 2031 |
USD 980.0 Mn |
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Growth rate CAGR |
CAGR of 7.2% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million Volume (KT), and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Technology, Resin Type And End User Industry |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia; |
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Competitive Landscape |
Adesso Advanced Materials Inc., Aditya Birla Chemicals, Connora Technologies, Demacq Recycling Composiet, ECO-Wolf Inc., Fraunhofer Institute for Applied Polymer Research, GAIKER-IK4, INTCO Recycling, Mallinda, LLC, MCR Mixt Composites Recyclables, Mobius Technologies GmbH, neocomp GmbH, Northstar Recycling,The Dow Chemical Company, BASF SE, ENSO Plastics, PolyCeramX, EcoActiv Pty Ltd, Spero Renewables, Gr3n Recycling, and Syngas Products Group Limited, among others. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Global Recyclable Thermoset Market By Resin Type-
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