Asia-Pacific Recyclable Thermoset Market to Reach $176.9 Million by 2031: BIS Research
Nov 28, 2023
Thermoset recycling technologies are becoming more widely used, and there is a growing demand for recycled thermoset materials.
The Asia-Pacific 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.
Companies are investing in research and development of new recycling technologies that can efficiently convert thermosets into valuable resources.
Market Analysis: Trends, Data, and Growth Projections
BIS Research, a leading market research firm, has released a report titled Asia-Pacific recyclable thermoset market, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the recyclable thermoset market.
The Asia-Pacific recyclable thermoset market report focuses on application, resin type, and technology segments.
Key Players and Market Shares
Fueled by government initiatives to curb carbon emissions and the expansion of end-use industries, the Asia-Pacific recyclable thermoset market is poised for significant growth.
Some major companies operating in the APAC recyclable thermoset market are:
- Aditya Birla Chemicals
- EcoActiv Pty Ltd
Market Drivers, Challenges, and Opportunities
Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the Asia-Pacific recyclable thermoset market.
Market Drivers: 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.
Market Challenges: The Asia-Pacific and Japan regions face 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.
Report Focus and Methodology
The Asia-Pacific recyclable thermoset market report provides a credible global and regional market analysis. The report profiles existing and upcoming products, types, applications, end users, and key players in the market.
BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product within the syndicated and custom research projects.
M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.
A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.
P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.
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.”
About BIS Research
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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