Home > Chemicals & Materials > Synthetic and Bio Thermosets Market
Synthetic and Bio Thermosets Market Size
Synthetic and Bio Thermosets Market registered a notable CAGR in 2023 and will grow at a significant CAGR between 2024 and 2032, attributed to increasing adoption of sustainability goals by companies coupled with the integration of eco-friendly materials into manufacturing processes. As businesses prioritize environmentally conscious practices, the demand for these thermosetting materials with their sustainable attributes grows. This trend aligns with global sustainability initiatives, reinforcing the market's significance in providing eco-friendly solutions for diverse industrial applications.
For instance, in January 2022, SABIC unveiled its inaugural bio-based polycarbonate copolymer, LNP ELCRIN EXL7414B, supporting the consumer electronics industry's net-zero carbon emissions targets. This marks the first grade in an expanding portfolio aiming to attain the International Sustainability and Carbon Certification Plus (ISCC+) designation.
The growth of the synthetic and bio thermosets market is propelled by significant advancements in bio-based resins and composites. This innovation is reshaping the market landscape, offering sustainable alternatives for various applications. As industries seek eco-friendly solutions, the versatility, enhanced performance, and reduced environmental impact of bio-based resins and composites contribute to the increased adoption of synthetic and bio thermosets, driving their growth and market prominence.
For instance, in October 2023, BASF broadened its range of 14C bio-based monomers through a proprietary process, introducing 2-Octyl Acrylate (2-OA). This latest addition underscores BASF's dedication to innovation for a sustainable future, boasting a remarkable 73% 14C-traceable bio-based content according to ISO 16620.
Though the synthetic and bio thermosets industry holds immense potential, the high production costs of bio-based thermosets and the limited scalability of bio-based feedstocks present temporary challenges. However, these challenges underscore the ongoing commitment to sustainable practices and innovation within the industry. As technology evolves and economies of scale are realized, these initial hurdles will be overcome, paving the way for wider adoption of bio-based thermosets in diverse applications.
Synthetic and Bio Thermosets Market Trends
The synthetic and bio thermosets industry is experiencing a significant trend with the increased adoption of bio-based thermosetting materials. This shift is propelled by growing environmental concerns and the demand for sustainable alternatives. As industries increasingly prioritize eco-friendly solutions, the versatility and reduced environmental impact of bio-based thermosets drive their uptake. This trend aligns with global sustainability goals and underscores the market's response to evolving consumer preferences and regulatory considerations.
For instance, in January 2024, the SKZ Plastics Center, in collaboration with Süd-West-Chemie GmbH and Baumgarten Automotive Technics GmbH, initiated a joint project aimed at developing bio-based resins. The objective is to incorporate these thermosets into technically challenging products in the future.
Synthetic and Bio Thermosets Market Analysis
The Unsaturated Polyester Resin (UPR) segment will capture a remarkable share by 2032 owing to UPR's versatility, cost-effectiveness, and widespread application across various industries, including construction, automotive, and marine. As the demand for durable, lightweight, and environmentally friendly thermosetting materials rises, the UPR segment will continue to be a preferred choice, positioning itself as a major contributor to the expanding synthetic and bio thermosets industry.
Asia Pacific synthetic and bio thermosets industry will demonstrate a significant CAGR from 2024 to 2032, attributed to robust industrialization, increasing construction activities, and the growing automotive sector. Rising infrastructure development, in line with a surge in demand for eco-friendly materials, propels the adoption of synthetic and bio-based thermosets. The strategic focus on sustainable solutions and expanding applications across various industries will solidify Asia Pacific's pivotal role in steering market growth.
Synthetic and Bio Thermosets Market Share
- Sika AG
- AOC Resins
- Dow Chemicals
- DSM
- Freudenberg Performance Materials
- Lanxess
- BASF
- Ashland
- 3M
- Huntsman
- DuPont
Key players are proactively increasing their market share through strategic initiatives and innovations. By investing in research and development, they introduce advanced formulations to meet the demand for sustainable and high-performance thermoset materials. Collaborations and partnerships expand their product portfolios, allowing penetration into diverse application segments. The adoption of eco-friendly practices and bio-based thermosets underscores their commitment to sustainability, aligning with the rising environmental awareness among consumers.
Furthermore, strategic consolidation through acquisitions and mergers enhances the global presence of key players in the synthetic and bio thermosets market. As industries actively explore alternatives to traditional thermosetting materials, the proactive strategies employed by these market leaders position them at the forefront of innovation. This drives advancements in the field and significantly influences the trajectory and evolution of the synthetic and bio thermosets industry outlook.
Synthetic and Bio Thermosets Industry News
In August 2023, SABIC, a chemicals producer, introduced bio-based variants for all NORYL, Flexible NORYL, NORYL GTX, and NORYL PPX resin grades. This initiative aims to assist customers in achieving progressively stringent sustainability objectives.
In April 2023, Kuraray America, Inc., a leader in performance-based polymers, introduced a new grade of PLANTIC™, its sustainable high-performance barrier material. Tailored for extrusion coating converters, PLANTIC™ EP, a plant-based resin, facilitates the creation of eco-friendly gas and aroma barrier solutions using paper, paperboard, or conventional film substrates.