Thermoset Market Size

Thermoset Market Size

Thermoset Market size for E-Mobility was valued at more than USD 213.5 Million in 2021. Driven by escalating electric vehicle production, the industry is anticipated to grow at a CAGR of 20% from 2022 to 2030.

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Weight and density are prominent factors that manufacturers consider during vehicle production, to improve their range. As an alternative to heavier and denser metals, thermoset composites have emerged as a go-to material for vehicle parts. These composites offer a range of favorable properties, including high strength and low density, making them an attractive prospect for the thriving electric vehicle industry.

The total stock of electric vehicles worldwide reached 17.4 million units in 2021. Of these, China accounted for 44.7% of the market share. This expansion of electric car units will serve as a key growth driver of the thermoset market for e-mobility, especially in emerging nations such as China. Furthermore, increasing standard of living and rapid urbanization will positively impact the industry outlook by 2030.

Commitments of carmakers to achieve stringent decarbonization goals in the next few years will transform the thermoset industry outlook for e-mobility. For example, in 2019, the European Commission proposed to bring the carbon dioxide emission standard to zero for new cars by 2035. Global automakers also have set several electrification targets, which will influence the demand for lightweight thermoset composite materials for use in EV parts.

Strict environmental regulations may restrict industry progression

Thermoset plastics are difficult to recycle since their polymers contain chemical bonds that do not easily melt. As a result, most end-of-life vehicle components made of thermoset materials are incinerated or disposed of in landfills. The disposal of thermoset material is considered a major environmental concern, as it may increase carbon emission rates. The rapid introduction of greenhouse gas emission standards by government bodies may therefore create a hindrance to the steady expansion of the global thermoset market for e-mobility.