Recyclable Thermosets Market (Updated Version Available)
Recyclable Thermosets Market Size, Share & Trends Analysis, By Recycling Method (Chemical Recycling, Thermal Recycling, and Mechanical Recycling), Type (Unsaturated Polyester Resin, Epoxy Resin, Phenolic Resin, Polyurethane Resin, and Others), Application (Composites, Adhesives, Coatings, and Others), End User Industry (Aerospace & Defense, Automotive, Building & Construction, and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), Forecast Period 2023 - 2030
Report ID : RI_673613 | Date : March 2023 |
Format : 
Key Market Overview:
The recyclable thermosets market is anticipated to grow at a CAGR of 3.9% during the forecast period 2023-2030, with a market size valued at USD 0.45 billion in 2022. By 2030, the market is projected to reach USD 0.61 billion. The market growth can be attributed to the increasing demand for sustainable and eco-friendly materials in various applications, including automotive, construction, and aerospace industries.
Recyclable thermosets are cross-linked polymers that are known for being rigid after curing due to the huge variety of cross-links structures. Superior resistance to factors such as high temperatures and moisture is exhibited by thermosets. They are essentially applied in a wide range of applications such as adhesives, coatings, and composites. They are designed to meet specific requirements for durability, performance, and safety. They provide consistency, high resistance, and stability to the end-user industry.
Recycling methods such as mechanical, thermal, and chemical recycling are used for thermoset recycling. During the mechanical recycling process, the thermosetting substances break down into particles for use in small quantities as filler or reinforcement. The classical recyclable thermosets are polyurethanes, epoxies, and silicones. After recycling thermosets, valuable material can be recovered, or the output material can be accustomed as building blocks in the manufacturing process of the original plastic material Moreover, thermosets are employed in industries such as aerospace & defense, automotive, building & construction, and others, thereby driving the growth of the recyclable thermosets market.
Recyclable Thermosets Report Coverage:
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Market Dynamics:
Driver:
The increasing demand for recyclable thermosets is due to the rising focus on reducing fossil fuel reliance on plastic manufacturing which as adopted by key players to overcome the challenges of recycling waste. The benefits of durability and lighter weight will profoundly be recognized, and in doing so, market comprehension will grow in new sectors. The demand for thermosets is growing alongside the demand for composites, adhesives, and coatings. Moreover, various research and experiments are conducted for developing bio-degradable or green thermosets. As a result, the need for highly efficient, durable, and high-performance thermosets is in high demand.
For instance, according to Peyton Shieh, an American cancer society postdoctoral fellow at MIT, MIT chemists have now developed a way to modify thermoset plastics with a chemical linker that makes the materials much easier to break down but still allows them to retain the mechanical strength that makes them so useful.
Furthermore, the increasing development in the automotive and construction industry is driving the need for highly effective, high-performance, durable, and heat-resistant thermosets. This presents a significant opportunity for recyclable thermosets manufacturers to innovate and develop advanced solutions to meet the evolving needs of the healthcare industry.
Restraint:
Rigid and long-lasting properties of thermosets make the recycling process difficult, as a result, hampers the demand for recyclable thermosets. Thermosets are difficult to recycle or break down after use because the chemical bonds that hold them together are stronger compared to thermoplastics. Therefore, the above-mentioned factor hampers the growth of the market and makes it difficult for manufacturers to develop innovative and cost-effective products.
Opportunities:
Opportunities present in the recyclable thermosets market is the increasing focus on sustainability and reducing carbon emissions, which creates ample opportunities for renewable recyclable thermosets such as polyurethanes, epoxies, and silicones. This not only aids in waste reduction but also lowers energy costs, making such solutions highly attractive. This enhances the reliability of recyclable thermosets while reducing the need for raw materials thereby creating ample opportunities for the market over the forecast period.
Organic Cosmetic Ingredients Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. Such market players are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
• Mallinda Inc.
• Dow
• Connor Technologies (Aditya Birla Chemicals Pvt. Ltd)
• MCR Mixt Composites Recyclables
• Fraunhofer Institute for Applied Polymer Research IAP
• Northstar Recycling Company, Inc.
• Mobius Technologies GmbH
• ECO-WOLF, INC.
• INTCO Recycling
Recent Developments:
• In May 2022, Eastman chemical company chose the Port-Jérôme-sur-Seine as the location to build the molecular recycling facility in France. This is an important step towards the companys plan to invest up to $1 billion and build the worlds largest material-to-material molecular recycling plant facility that will recycle approximately 160,000 tonnes of hard-to-recycle polyester waste annually in France.
• In July 2019, Aditya Birla Chemicals Pvt. Ltd. acquires recyclable thermoset technology from Connora Technologies which enables end-of-life recyclability and zero-waste manufacturing to global epoxy customers.
Methanol Market Segmentation:
By Recycling Method
The recycling method segment is categorized into chemical recycling, thermal recycling, and mechanical recycling. The mechanical recycling segment holds the largest market share in the year 2022. This is attributed to mechanical recycling techniques involving grinding techniques to comminute the scrap material and produces recyclate products in different size ranges suitable for reuse as fillers or partial reinforcement in new composite material. However, the chemical segment is anticipated to witness the fastest CAGR over the forecast period. This is owing to the chemical recycling process practiced while breaking down the polymer into useful building blocks that can be reused in some way by chemical catalyzation reactions such as glycolysis and alcoholysis.
By Type
The type segment of the recyclable thermosets market is segregated into unsaturated polyester resin, epoxy resin, phenolic resin, polyurethane resin, and others. The unsaturated polyester resin segment holds the largest market share in the year 2022. The increased demand from cost-sensitive industries, including construction and transportation supports segmental growth. Unsaturated polyester resin has multiple applications, one of them being its cost-effective nature and commercially applied essential thermosetting matrix for materials for composites. The recyclable thermosets market value will surge with the increasing application of gratings, tanks, sanitary ware, and high-performance components for the transportation, automotive, and power generation industries.
However, the epoxy resin segment is the fastest CAGR over the forecast period. The fast growth of this segment is due to their typical usage in aircraft and satellite systems as a binder for reinforcements such as glass and carbon. Thus, the segments are expected to witness substantial growth.
By Application
The application segment is classified into composites, adhesives, coatings, and others. The adhesive segment holds the largest market share in the year 2022 owing to the increasing demand for strong adhesion in the construction industry. This has led to a higher demand for durable, reliable, and high-performance thermosets that support a range of adhesives such as epoxy resin, phenolic formaldehyde (PF) resins, phenolic neoprene, polyesters, and polyimides.
Moreover, the composites segment is anticipated to witness the fastest CAGR growth over the forecast period. Thermoset composites are created by combining a thermoset polymer with fibers such as carbon or glass. They are applied in a wide range of composite applications owing to their strength-to-weight advantages, resistance to corrosion and other elements, and low cost of production. This has led to a higher demand for composite thermosets such as polyesters, vinyl esters, epoxies, bismaleimides, and cyanate esters. As a result, there is a growing need for advanced thermoset solutions that meet specific requirements.
By End User Industry
Based on the end user industry, the recyclable thermosets market comprises aerospace & defense, automotive, building & construction, and others. The automotive sector holds the largest market share in the year 2022 caused of a low coefficient of thermal expansion, excellent dimensional stability, high impact strength, low weight, and other properties. Furthermore, they are often used in applications where class A surface finish is required, such as in heavy trucks such as bumpers, heat shields (engine), and cylinder head (valve) covers.
However, the building & construction segment is expected to witness the fastest CAGR over the forecast period. This is attributed to the usage of thermosets composites in building and construction including thermal insulation, roofing, flooring, piping, bridge structures, adhesives and sealants, cementing, and repair and rehabilitation of civil structures. As a result, the automotive and building & construction industries are expected to witness growth during the forecast period.
By Region
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest market share in the year 2022. This is due to the high adoption of advanced recyclable thermosets in the building and construction sector and the growing need to improve the quality of infrastructure services. The region is witnessing significant developments in the automotive market as well. Labor cost in China and India is comparatively less expensive due to which mechanical processes are practiced frequently. Also, mechanical processes require less labor leading to increased production in the region.
However, North America is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing automotive industry in countries such as the U.S. and Canada is boosting the demand for advanced automotive manufacturing, which requires reliable, and durable thermosets. Moreover, various institutes in the region are focusing on improving their manufacturing facilities and reducing greenhouse emissions which is further driving the demand for recyclable thermosets.
The recyclable thermosets market is anticipated to grow at a CAGR of 3.9% during the forecast period 2023-2030, with a market size valued at USD 0.45 billion in 2022. By 2030, the market is projected to reach USD 0.61 billion. The market growth can be attributed to the increasing demand for sustainable and eco-friendly materials in various applications, including automotive, construction, and aerospace industries.
Recyclable thermosets are cross-linked polymers that are known for being rigid after curing due to the huge variety of cross-links structures. Superior resistance to factors such as high temperatures and moisture is exhibited by thermosets. They are essentially applied in a wide range of applications such as adhesives, coatings, and composites. They are designed to meet specific requirements for durability, performance, and safety. They provide consistency, high resistance, and stability to the end-user industry.
Recycling methods such as mechanical, thermal, and chemical recycling are used for thermoset recycling. During the mechanical recycling process, the thermosetting substances break down into particles for use in small quantities as filler or reinforcement. The classical recyclable thermosets are polyurethanes, epoxies, and silicones. After recycling thermosets, valuable material can be recovered, or the output material can be accustomed as building blocks in the manufacturing process of the original plastic material Moreover, thermosets are employed in industries such as aerospace & defense, automotive, building & construction, and others, thereby driving the growth of the recyclable thermosets market.
Recyclable Thermosets Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 0.61 Billion |
| CAGR (2023-2030) | 3.9 % |
| Base Year | 2022 |
| By Recycling Method | Chemical Recycling, Thermal Recycling, and Mechanical Recycling |
| By Type | Unsaturated Polyester Resin, Epoxy Resin, Phenolic Resin, Polyurethane Resin, and Others. |
| By Application | Composites, Adhesives, Coatings, and Others |
| By End use industry | Aerospace & Defense, Automotive, Building & Construction, and Others. |
| By Geography |
|
| Key Players | Clariant AG, Ashland Global Holdings Inc., Dow, BASF SE, Croda International Plc, Evonik Industries AG, A.G. Organica Pvt. Ltd., Solvay, India Essential Oils, Shiva Exports India |
Market Dynamics:
Driver:
The increasing demand for recyclable thermosets is due to the rising focus on reducing fossil fuel reliance on plastic manufacturing which as adopted by key players to overcome the challenges of recycling waste. The benefits of durability and lighter weight will profoundly be recognized, and in doing so, market comprehension will grow in new sectors. The demand for thermosets is growing alongside the demand for composites, adhesives, and coatings. Moreover, various research and experiments are conducted for developing bio-degradable or green thermosets. As a result, the need for highly efficient, durable, and high-performance thermosets is in high demand.
For instance, according to Peyton Shieh, an American cancer society postdoctoral fellow at MIT, MIT chemists have now developed a way to modify thermoset plastics with a chemical linker that makes the materials much easier to break down but still allows them to retain the mechanical strength that makes them so useful.
Furthermore, the increasing development in the automotive and construction industry is driving the need for highly effective, high-performance, durable, and heat-resistant thermosets. This presents a significant opportunity for recyclable thermosets manufacturers to innovate and develop advanced solutions to meet the evolving needs of the healthcare industry.
Restraint:
Rigid and long-lasting properties of thermosets make the recycling process difficult, as a result, hampers the demand for recyclable thermosets. Thermosets are difficult to recycle or break down after use because the chemical bonds that hold them together are stronger compared to thermoplastics. Therefore, the above-mentioned factor hampers the growth of the market and makes it difficult for manufacturers to develop innovative and cost-effective products.
Opportunities:
Opportunities present in the recyclable thermosets market is the increasing focus on sustainability and reducing carbon emissions, which creates ample opportunities for renewable recyclable thermosets such as polyurethanes, epoxies, and silicones. This not only aids in waste reduction but also lowers energy costs, making such solutions highly attractive. This enhances the reliability of recyclable thermosets while reducing the need for raw materials thereby creating ample opportunities for the market over the forecast period.
Organic Cosmetic Ingredients Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. Such market players are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
• Mallinda Inc.
• Dow
• Connor Technologies (Aditya Birla Chemicals Pvt. Ltd)
• MCR Mixt Composites Recyclables
• Fraunhofer Institute for Applied Polymer Research IAP
• Northstar Recycling Company, Inc.
• Mobius Technologies GmbH
• ECO-WOLF, INC.
• INTCO Recycling
Recent Developments:
• In May 2022, Eastman chemical company chose the Port-Jérôme-sur-Seine as the location to build the molecular recycling facility in France. This is an important step towards the companys plan to invest up to $1 billion and build the worlds largest material-to-material molecular recycling plant facility that will recycle approximately 160,000 tonnes of hard-to-recycle polyester waste annually in France.
• In July 2019, Aditya Birla Chemicals Pvt. Ltd. acquires recyclable thermoset technology from Connora Technologies which enables end-of-life recyclability and zero-waste manufacturing to global epoxy customers.
Methanol Market Segmentation:
By Recycling Method
The recycling method segment is categorized into chemical recycling, thermal recycling, and mechanical recycling. The mechanical recycling segment holds the largest market share in the year 2022. This is attributed to mechanical recycling techniques involving grinding techniques to comminute the scrap material and produces recyclate products in different size ranges suitable for reuse as fillers or partial reinforcement in new composite material. However, the chemical segment is anticipated to witness the fastest CAGR over the forecast period. This is owing to the chemical recycling process practiced while breaking down the polymer into useful building blocks that can be reused in some way by chemical catalyzation reactions such as glycolysis and alcoholysis.
By Type
The type segment of the recyclable thermosets market is segregated into unsaturated polyester resin, epoxy resin, phenolic resin, polyurethane resin, and others. The unsaturated polyester resin segment holds the largest market share in the year 2022. The increased demand from cost-sensitive industries, including construction and transportation supports segmental growth. Unsaturated polyester resin has multiple applications, one of them being its cost-effective nature and commercially applied essential thermosetting matrix for materials for composites. The recyclable thermosets market value will surge with the increasing application of gratings, tanks, sanitary ware, and high-performance components for the transportation, automotive, and power generation industries.
However, the epoxy resin segment is the fastest CAGR over the forecast period. The fast growth of this segment is due to their typical usage in aircraft and satellite systems as a binder for reinforcements such as glass and carbon. Thus, the segments are expected to witness substantial growth.
By Application
The application segment is classified into composites, adhesives, coatings, and others. The adhesive segment holds the largest market share in the year 2022 owing to the increasing demand for strong adhesion in the construction industry. This has led to a higher demand for durable, reliable, and high-performance thermosets that support a range of adhesives such as epoxy resin, phenolic formaldehyde (PF) resins, phenolic neoprene, polyesters, and polyimides.
Moreover, the composites segment is anticipated to witness the fastest CAGR growth over the forecast period. Thermoset composites are created by combining a thermoset polymer with fibers such as carbon or glass. They are applied in a wide range of composite applications owing to their strength-to-weight advantages, resistance to corrosion and other elements, and low cost of production. This has led to a higher demand for composite thermosets such as polyesters, vinyl esters, epoxies, bismaleimides, and cyanate esters. As a result, there is a growing need for advanced thermoset solutions that meet specific requirements.
By End User Industry
Based on the end user industry, the recyclable thermosets market comprises aerospace & defense, automotive, building & construction, and others. The automotive sector holds the largest market share in the year 2022 caused of a low coefficient of thermal expansion, excellent dimensional stability, high impact strength, low weight, and other properties. Furthermore, they are often used in applications where class A surface finish is required, such as in heavy trucks such as bumpers, heat shields (engine), and cylinder head (valve) covers.
However, the building & construction segment is expected to witness the fastest CAGR over the forecast period. This is attributed to the usage of thermosets composites in building and construction including thermal insulation, roofing, flooring, piping, bridge structures, adhesives and sealants, cementing, and repair and rehabilitation of civil structures. As a result, the automotive and building & construction industries are expected to witness growth during the forecast period.
By Region
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest market share in the year 2022. This is due to the high adoption of advanced recyclable thermosets in the building and construction sector and the growing need to improve the quality of infrastructure services. The region is witnessing significant developments in the automotive market as well. Labor cost in China and India is comparatively less expensive due to which mechanical processes are practiced frequently. Also, mechanical processes require less labor leading to increased production in the region.
However, North America is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing automotive industry in countries such as the U.S. and Canada is boosting the demand for advanced automotive manufacturing, which requires reliable, and durable thermosets. Moreover, various institutes in the region are focusing on improving their manufacturing facilities and reducing greenhouse emissions which is further driving the demand for recyclable thermosets.
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