Recyclable Thermosets Market Size, Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI258
Recyclable thermosets market share is poised to grow with a rising focus towards reducing fossil fuel dependency for plastic manufacturing. Industry leaders are adopting a strategic approach to overcome the challenges of recycling waste. The benefits of durability and lighter weight will profoundly be recognized, in doing so, market penetration will grow in both established and new sectors.
Thermosets--one of the two key classes of plastics—can be either production scrap or end-of-life waste. Thermosets have been known to be non-recyclable and rigid post-curing. Stringent regulations and tax incentives are implemented to boost the growth of recyclable thermosets. Researchers are making tough plastics easier to recycle. MIT chemists, for instance, have developed a way to modify thermoset plastics to enable them to be easily broken down, keeping mechanical strength intact. An increased focus on sustainable and green materials will propel the industry size expansion.
Recyclable thermosets market share from the energy recovery process segment is poised to grow at a significant rate. The process includes an effective means to minimize the number of organic materials through incinerations. Given the drawbacks of the mechanical process, the energy recovery process has come up as a viable recovery solution to propel the recovery of its embedded energy. Energy recovery has become popular as one of the most resource-efficient solutions as compared to landfilling.
Based on type, unsaturated polyester resin (UPR) will observe a sizable growth owing to increased demand from cost-sensitive industries, including construction and transportation. UPRs are sought in a range of thermosetting applications, partly attributed to their cost-effective nature. The resin has become widely popular as a commercially essential thermosetting matrix for materials for composites. The global recyclable thermosets market value will surge with the increasing application of gratings, tanks, sanitary-ware and high-performance components for the transportation, automotive and marine industries.
The trend for recyclable thermosets will be pronounced in the automotive industry, especially sports cars owing to the lightweight feature. The end-use industry has augmented the penetration of composite parts to keep up with the market demands. Another driver for recycling thermosets is the fact that carbon fiber parts are made in high volume and a high share of the raw materials goes to waste. Carbon fibers will be warranted to reduce greenhouse emissions through the reduction in fuel consumption, thereby driving recyclable thermosets market growth.
On the regional front, Europe will remain at the forefront in the global recyclable thermosets market. The content of composite materials used in the U.K., France, Germany and Italy has surged drastically in the past several years. It will be complemented by the rapid adoption of recycling techniques and the development of new technologies. With its durability, tremendous excellent high temperature and mechanical properties, leading companies will continue to expand the penetration of thermoset resins across the region.
Key vendors in the global recyclable thermosets industry are Connora Technologies, Adesso Advanced Materials Inc., IBM Corporation, GAIKER-IK, Demacq Recycling Composiet, Aditya Birla Chemicals and Mallinda, LLC, among others. Strategic collaboration with industry stakeholders, formation of long-term contracts and mergers & acquisitions are a few of the strategies adopted by leading companies to stay ahead in the competitive market.
Aditya Birla Chemicals acquired recyclable thermoset technology from Connora Technologies in July 2020. The acquisition of the recyclamine technology will help them boost sustainable and innovative advanced polymer solutions. They will focus to create cured thermoset resins, leveraging end-of-life recycling and zero-waste manufacturing.
COVID-19 impact on the recyclable thermosets market share
The decline witnessed in the automobile and aerospace industries has forced major companies to halt their production. The unprecedented challenge led by coronavirus resulted in shutdowns of large part of the automotive industry. According to OICA, there was a 16% drop in global auto production, akin to 2010’s sales levels. Large scale manufacturing interruptions and closure of assembly plants in Europe and North America have further posed a challenge to recyclable thermosets industry players.
Gradual recovery witnessed in the U.S. and China will have a positive influence on the recyclable thermosets market forecast. The trend to manufacture more energy-efficient and lighter vehicles and parts will drive growth in the application of recyclable thermosets resins.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability