Thermoset Market Analysis

Thermoset Market Analysis

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Based on resins, the thermoset market for e-mobility is divided into epoxy, polyurethanes, unsaturated polyester resins, acrylics, and others. Among these, polyurethane resins demonstrate myriad benefits including high elongation properties, lightweight, and high tensile strength. These key product properties make the resin highly favorable for use in EV parts. Polyurethane thermosetting resins are also flexible, abrasion-resistant, and offer excellent protection against oil and grease. These factors will drive the popularity of the polyurethane resin segment, which will be valued over USD 542,000 thousand by 2030.
 

In terms of application by resins, the thermoset market for e-mobility is bifurcated into composite battery housing, gap fillers, potting resins, and adhesives. Of these, the composite battery housing segment is set to depict a CAGR of more than 20% through 2030. The adoption of thermoset resin as a promising material in composite battery housing will increase considerably, given the high investment in EV battery production facilities. For instance, LG Energy Solution unveiled plans to invest USD 4.5 billion in battery production plants in the U.S. through 2025. This initiative will amplify the demand for composite housings for EV batteries.
 

Regionally, the Asia Pacific thermoset market for e-mobility will register revenue over USD 620,000 thousand by 2030, owing to the increasing local production of electric vehicles. For example, EV manufacturers, many of which are based in China and South Korea, are targeting to start EV production in 2022, as part of strategies to make electrified cars more affordable for consumers. For instance, Japan-based Suzuki Motor planned to invest USD 1.26 billion to produce EVs and their batteries in India. This rise in vehicle production will generate lucrative opportunities for thermoset resin developers amid the accelerated e-mobility revolution in the region.