High Temperature Composite Resin Market is estimated to grow from USD 690.0 million in 2017 to USD 1,180.8 million by 2023, at a CAGR of 9.4% during the forecast period.
Increasing demand from Europe and North America to meet stringent regulations
Currently, composites industries are concentrated mainly in the technologically advanced regions such as North America and Europe. However, there has been a shift toward emerging economies such as China, Japan, South Korea, India, Brazil, and many other countries in APAC, MEA, and Latin America. There has been an increasing demand for high temperature composite resin in interior and exterior applications in the transportation, aerospace & defense, electrical & electronics, and building & construction industries to meet the stringent regulations. The FST regulations for public transportations vary across the EU and to meet them many companies have set up research institutes and production facilities for cost-effective manufacturing of high temperature composite resins in these regions. Increasing use of composites in aircraft also helped in driving the high temperature composite market in these regions.
Globally, companies are exploring the ways to recycle composites to reduce greenhouse gas emissions and the effect of global warming. The recycling of composites is still not economically feasible. Thermoplastic composites can be recycled easily. They can be melted and repeatedly reformed without degrading or losing their structural stability, unlike thermoset composites. However, the difficulty of recycling thermoset composites is a stumbling block, especially in the building & construction and transportation sectors where the pressure to recycle is high. The European Composites Industry Association (EuCIA) states that FRP products should be recyclable and comply with the European Union (EU) legislation and also with stringent regulations of the US. These issues also restrain the high temperature composite resins market growth.
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