Thermosets are known for their durability and heat resistance and have traditionally been difficult to recycle. However, recent advancements in material science have led to the development of recyclable thermosets, which can be broken down into constituent monomers and reused to produce new products. This innovation has the potential to significantly reduce the environmental impact of the plastics industry, which is a major contributor to greenhouse gas emissions.
To address the environmental concerns associated with thermoset plastics, various countries have implemented regulations aimed at reducing greenhouse gas emissions. In response to these regulations, companies in the plastics industry are actively seeking solutions to minimize their carbon footprint. One promising approach involves decarbonizing the production processes of thermoset plastics.
According to the BIS Research report, the APAC recyclable thermoset market is projected to reach $176.9 million by 2031 from $97.6 million in 2022, growing at a CAGR of 6.84% during the forecast period 2022-2031.
Additionally, companies are investing in research and development of new recycling technologies that can efficiently convert thermosets into valuable resources.
The APAC region’s recyclable thermoset market is projected to grow at a healthy growth rate during the forecast period. According to BIS Research, the recyclable thermoset market in APAC region is expected to reach $176.9 million by 2031.
Fueled by government initiatives to curb carbon emissions and the expansion of end-use industries, the region's recyclable thermoset market is poised for significant growth.
According to the Global Wind Energy Council (GWEC), the offshore wind market is experiencing its fastest growth in Asia, projected to expand at a rate of 42% by 2025. This gives a significant push to the recyclable thermoset market in the APAC region.
Moreover, the APAC region has become a central hub for the automotive industry due to the robust automotive sectors in Japan, India, South Korea, and ASEAN countries. The market is anticipated to be propelled by the significant presence of key automotive manufacturers, including Toyota Motor Corporation, Honda Motors, Hyundai-Kia, SAIC Motor, FAW Group, Dongfeng Motor Corporation, Nissan, Maruti Suzuki, and Tata Motors.
Furthermore, the Asia-Pacific and Japan regions are recognized for their comparatively affordable labor costs. Robust government backing opens more prospects and appealing investment locations in the area. Several multinational corporations in sectors such as automotive, electrical electronics, and construction have established facilities in the region to leverage the business-friendly environment.
Apart from countries like Japan and South Korea, many nations, including India, face challenges related to insufficient infrastructure and limited awareness regarding the recyclable thermoset market. The Asia-Pacific and Japan region confronts research and development gaps due to a shortage of skilled labor and inadequate investments. Additionally, there is an uneven distribution of recyclable thermoset manufacturing technologies in the region.
Furthermore, several countries in the Asia-Pacific and Japan region are still in the developmental stage. Afghanistan, Pakistan, Nepal, Sri Lanka, Bangladesh, and Cambodia, for instance, lack a conducive environment and economic stability for industrial growth. This, in turn, could impede the demand for recyclable thermosets.
BIS Research report on the recyclable thermoset market covers several segments including applications, resin type, technology, and region.
Based on application, the construction segment accounted for a major share of the global recyclable thermoset market including the APAC region with a market share of $28.62 million in 2021.
In terms of product type, the unsaturated polyester resin (UPR) segment emerged as the leading category. In the APAC region, UPR hold $45.35 million in 2021. This resin type is significant for meeting the needs of major industrial application areas and plays a significant role in the market.
Based on technology, the mechanical recycling segment was dominant, accounting for the largest share of the global and APAC recyclable thermoset market in 2021 with a market share of $50.13 million.
According to Lead Analyst, BIS Research, "Increasing awareness about the circular economy and environmental concerns is driving the development of more sustainable ways in the recycling of plastics. Although thermoset is a hard-to-recycle plastic, the adoption of this advanced recycling technology is limited to developed regions.
The recyclable thermoset market is expected to witness a significant boost owing to the increasing focus of various countries and companies toward sustainability. Chemical recycling can be the best option for recycling thermosets, but the commercialization of these processes is limited due to its high cost when compared to virgin materials.
