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(MoneyNewsWire.Net, February 12, 2018 ) According to Publisher, the Global Thermoset Molding Compound market is estimated at $8356.56 million in 2016 and is expected to reach $13569.56 million by 2023 growing at a CAGR of 7.1% from 2016 to 2023. Need for weight reduction & safety in transportation & aerospace, cost-effective substitute for heavy metals and ease in production of complex shapes are some key factors fueling the market. Moreover, increasing demand for these compounds from emerging economies provides huge growth opportunity for the market. However, instability in crude oil prices and regulatory challenges are hampering the market growth.
By Resin Type, polyester resin segment has high demand due to its property of outstanding flexibility and growing application in automotive body panel. Polyester resin offers excellent resistance to a wide range of chemicals at room temperature such as gasoline, aliphatic hydrocarbons, alcohols, and glycols. Asia Pacific held the largest market share. Countries such as China and India have become manufacturing hubs for several end-use industries in the recent past. Further, fast growth in urbanization, rising disposable income and increase in industrialization has a positive impact on the market. In addition, China is the largest consumer and supplier of the material and is expected to dominate the market during the forecast period as well.
For more information http://www.reportsweb.com/thermoset-molding-compound-global-market-outlook-2017-2023
Some of the key players in the market include Saudi Basic Industries Corporation (SABIC), Rogers Corporation, Plastics Engineering Company (Plenco), Kyocera Chemical Corporation, Kolon Industries Inc., Jiangsu Tianxin Chemical Co., Ltd, Huntsman Corporation, Hitachi Chemical Company Ltd., Hexion Inc., Evonik Industries AG, Eastman Chemical Company, Cosmic Plastics Inc., Chang Chun Plastics Co. Ltd., BASF SE and Ashland Global Holding Inc.
End Users Covered:
-Electrical & Electronics
-Automotive
-Aerospace
-Other End Users
Resin Types Covered:
-Polyester Resin
-Melamine Formaldehyde Resin
-Phenolic Resin
-Urea Formaldehyde Resin
-Epoxy Resin
-Other Resin Types
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Regions Covered:
-North America
-US
-Canada
-Mexico
-Europe
-Germany
-UK
-Italy
-France
-Spain
-Rest of Europe
-Asia Pacific
-Japan
-China
-India
-Australia
-New Zealand
-Rest of Asia Pacific
-South America
-Argentina
-Brazil
-Chile
-Rest of South America
-Middle East & Africa
-Saudi Arabia
-UAE
-Qatar
-South Africa
-Rest of Middle East & Africa
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