열경화성 성형 컴파운드 시장 보고서 : 동향, 예측 및 경쟁 분석(-2035년)

Thermoset Molding Compound Market

The future of the global thermoset molding compound market looks promising with opportunities in the automotive, aerospace, and electrical and electronics markets. The global thermoset molding compound market is expected to reach an estimated $18.7 billion by 2035 from $13.2 billion in 2027 with a CAGR of 6.0% from 2027 to 2035. The major drivers for this market are growing need for heavy metals, rising safety in aircraft and transportation, as well as increasing necessity for thermal stability and corrosive composites.

• Lucintel forecasts that, within the type category, phenolic resin segment will remain the largest segment over the forecast period due to widespread industrial use and excellent heat resistance properties.
• Within the application category, automotive is expected to witness the highest growth over the forecast period due to rising adoption of electric vehicles and advanced safety systems.
• In terms of regions, APAC will remain the largest region over the forecast period due to government efforts in India and China to construct smart cities and contemporary infrastructure.

Emerging Trends in Thermoset Molding Compound Market

Thermoset molding compounds will shift from commodity to engineered performance between 2025 and 2027 with the introduction of new requirements for automotive electrification and other power electronics, renewable energy, and infrastructure equipment. According to Lucintel, a sustained market will exist, and higher-value suppliers will be differentiated from price-fighting producers by location of their facilities, local energy costs, and compliance with environmental regulations.

• Sustainability: From 2025, European manufacturers will begin increasing the use of bio-based resins, and report product carbon footprints; thermoset waste recycling will also gain momentum. Customer specifications will relate to the reduction of Scope 3 emissions. Anticipate a look ahead of 3 to 5 years.
• Digital Manufacturing: Simulation and sensor data, integrated with ML to evaluate part quality, reduced process variability in compounding and molding to a degree that 2025 manufacturers were able to predict and control their processes to significantly reduce scrap.
• Electrification: Global sales of electric vehicles surpassed 17 million in 2024. The continued growth of electric vehicles will increase the demand for thermoset molding compounds to manufacture battery and charging modules. Thermoset molding compounds will also benefit from e-mobility for the same applications as traditional engine compounds, to 2030.
• Lightweight Materials: Use of glass fiber-reinforced molding compounds to substitute metal brackets and covers in the auto industry in 2025, to further reduce weight, is a trend that is likely to continue. Weight reduction will be a critical competitive edge, and particularly so to meet ever increasing stringent emissions requirements. Hence, expect increase in use of molding compounds.
• Regional Supply Chain Diversification: Increase in electronics manufacturing in Southeast Asia, North America and Europe (in combination with increase in the semiconductor industry) between 2025 to 2027, will increase demand for locally sourced molding compounds.

Thermoset molding compounds will be used where there is a need for heat resistance, electrical insulation, dimensional stability, and fire performance. Compound suppliers that automate their molding processes, improve their formulations and reduce their carbon footprint will increase their market share. Molding compounds without special features will be subjected to greater price pressures.

Recent Developments in the Thermoset Molding Compound Market

The thermoset molding compound market is expected to become more active by 2025, primarily for the semiconductor packaging market, and the automotive and other industries' equipment markets. During this time, we expect the industry focus will shift to low void content, thermal performance, and other qualification differentiators.

• Capacity Additions: In 2025, Sumitomo Bakelite was reported to have invested more than 10 billion Japanese Yen to build a new semiconductor encapsulation capacity. Other suppliers are expected to qualify to improve regional supply and availability during this time.
• Electric Vehicles: Automotive compounders have partnered with electric vehicle component manufacturers to qualify flame-retardant epoxy and phenolic systems for power electronics packages. Many of these programs are targeting package voltages of 800 V and above, requiring packages with electrical and thermal insulation.
• Acquisitions: In 2025, many high-temperature thermoset compound and encapsulant companies continued to acquire smaller companies to strengthen their R&D and sales capabilities.
• Product Launches: Several thermoset molding compound systems were introduced in 2025 to be more compliant to automotive and semiconductor specifications. Many of these systems contain modifiers to help reduce warpage and process scrap, and allow mold temperatures below 175 degrees Celsius.
• Regional Production: Asian suppliers are increasing local production to meet regional semiconductor packaging demands. Meanwhile, North American and European semiconductor customers are looking for dual supply sources. The recently announced expansion (greater than 10,000 tons/year) would positively impact the supply chain and reduce dependence on a single country.

The semiconductor packaging market will continue to be the largest market for thermally stable and high-temperature compounds. The evolution of the electric vehicle market will additionally drive this market. Local semiconductor packaging suppliers with consistent and compliant formulations will win the market. Fair competition is expected, but customers will accept a premium if the compound improves the quality of the semiconductor packages and decreases molding defects.

Strategic Growth Opportunities in the Thermoset Molding Compound Market

The thermoset molding compound market is rapidly evolving with the ongoing trends of component electrification, lightweighting and stringent fire regulation. Between 2024 and 2026, the capacity additions and automotive cycle redesigns are expected to create a wider market beyond the traditional electrical hardware. Lucintel's perspective on this market also indicates that for suppliers, practical growth levers are likely to be material substitution and location-specific manufacturing.

• Electric Vehicle Components: In January 2025, global EV sales exceeded 1.8 million units, according to Rho Motion. Thermoset molding compounds will gain from the increased demand to insulate, provide dimensional stability and flame resistance for busbar supports, battery housings and enclosures for power-electronics and charging. Furthermore, higher-voltage and more powerful architectures are likely to gain traction to replace metal and basic plastics.
• Semiconductor Packaging: Epoxy molding compounds can address advanced packages with low moisture absorption and thermal expansion control. TSMC announced its 2024 revenue at NT$2.89 trillion in February 2025, attributable to the strong demand for chips. We expect packaging complexity and regional fab investment to create premium opportunities for materials in the next three to five years.
• Renewable-energy Equipment: Sustainable growth is forecast in the electric and energy storage systems markets, and durable electric assemblies will continue to be in high demand. The International Energy Agency expects cumulative renewable capacity additions to reach 5,500 GW by 2030, with the majority being solar capacity additions. Longer-cycle infrastructure programs can benefit companies that qualify their compounds for outdoor, harsh environments.
• Aerospace and Defense: High-temperature and flame-retardant molding compounds can enable replacement of machined parts in connectors and assemblies in the avionics system. Airbus delivered 793 commercial aircraft in 2025, thus sustaining demand for qualified, lightweight components. We expect certification to be a barrier to entry for the industry in the next five years.
• Bio-based Formulations: Improved bio-derived phenolic and epoxy systems enable manufacturers to create more consistent processes for partial bio-derived formulations. In March 2025, the European Union's Packaging and Packaging Waste Regulation took effect and increased the need to decrease the fossil content in packaging. As embodied-carbon requirements are adopted by procurement, sustainable formulations will gain additional attention.

Market players that integrate formulation science and engineering will benefit the most. In the short-term, the largest volume opportunity will be in automotive. In the long-term, the best margin opportunities will be in aerospace and semiconductor packaging. The closest production to the customer will benefit the most because it will provide shorter qualification cycles. Companies will benefit the most by focusing on certified formulations, as well as recycle and bio-based feedstocks, and having a tech service team in the area of the largest manufacturing clusters.

Thermoset Molding Compound Market Drivers and Challenges

The thermoset molding compound market Will Experience Growth Due To The Following Factors: Technology, increased demand for electronics, economic investment, sustainability, and changes in regulations. Other factors include the goals and constraints of the industry. The interacting factors impact the future competition and growth of the industry.

Drivers for thermoset molding compound market Are: -

• Miniaturization of Electronics: Demand for smaller and lighter electronics has led to use of epoxy molding compounds for semiconductor encapsulation. In January 2025, it was reported that the global semiconductor sales were approximately $57 billion, creating a need for advanced packaging materials. In next three to five years, artificial intelligence hardware, electric vehicles, and connected devices are expected to increase the demand for compounds that offer superior thermal management, electrical insulation, and dimensional stability.
• Electric Vehicle Penetration: Electric vehicles utilize thermoset compounds for various components including power modules, battery components and charging systems and sensors, as well as for insulation. 2025 saw global sales of electric vehicles cross the 20 million unit mark, which increased the need for lightweight molding compounds. Next three to five years may see increased battery voltages and faster charging, as well as more sophisticated power-electronics systems. This may lead to increase in use of compounds with improved thermal, electrical, and mechanical properties.
• Technology Advancements: Continuous advancements in molding compound formulations enable improved flow characteristics, and faster cure. In March 2025, manufacturers of semiconductors commenced mass production of devices with package sizes below 3 nanometers. Next three to five years, focus may be on development of materials that enable enhanced yield and reduced defects in molding, and improve design flexibility.
• Sustainability and Regulatory Support: Various environmental regulations are promoting manufacturers to lower their carbon footprint and improve the safety of the materials they use. The EU further strengthened its requirements in February 2025 to regulate substances of concern (especially for controlling restrictions and expanding its end-of-life product consideration). There will be an increased focus on low-halogen, recyclable, bio-based, and lower-emission thermosets in the next three to five years.
• Manufacturing Efficiency: There has been a greater focus on high-volume molding for consumer and automotive electronics. In 2025, many electronics manufacturers further automated molding and product inspection systems to further reduce the need for human labor. There will be continued improvements in processes, integration of stronger digital systems, control systems, and predictive maintenance, especially in curing systems.

The challenges facing this market include:

• Price Volatility of Raw Materials: Those raw materials can be highly unpredictable (i.e. oil, petrochemicals, etc.). Prices could have a major effect on the profit margin of manufacturers in the thermoset molding industry. There will be greater demand for lower-weight formulations, especially in the next three to five years.
• Recycling and End-of-Life Limitations: Thermoset materials form permanent cross-links, making them difficult to remelt and reshape. As such, they are nearly impossible to recycle using conventional techniques. In January 2025, several European initiatives continued to progress recovery and circularity goals. In the near future, lack of recyclability may hinder use in sustainable applications. There may also be growing interest in chemical recycling and sustainable designs that incorporate, for example, renewable raw materials or extended product life to reduce waste.
• Strict Qualification and Supply-Chain Risks: The automotive, aerospace, and electronics industries require mat stone thermoset materials for components that must withstand thermal cycling, humidity, flammability, and other performance, reliability, and safety tests. Given the lengthy qualification tests and difficult approval processes, competing manufacturers may be able to take advantage of supply disruptions and fulfill the needs of the market. In the near future, suppliers offering global support, and reliable and flexible manufacturing capabilities will be able to gain a competitive edge.

Drivers, including the miniaturization of electronics, the electrification of automobiles, and the need for manufacturing processes and materials to be more sustainable, are expected to stimulate the thermoset molding compounds market during the forecast period. These trends and others are leading to increased demand for lightweight, thermally stable, and affordable insulating materials. Despite the growth potential, some limitations and risks may negatively impact the thermoset molding compound market. These include the high cost of raw materials, volatility in the price of raw materials, lack of recyclability, and the extended and rigid approval processes.

List of Thermoset Molding Compound Market Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies thermoset molding compound market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the thermoset molding compound market companies profiled in this report include-

• Ashland Holding
• BASF
• Eastman Chemical Company
• Evonik
• Hexion
• Huntsman
• Kolon Industries
• Kyocera Chemical
• Plastics Engineering Company
• Rogers

Thermoset Molding Compound Market by Segment

The study includes a forecast for the global thermoset molding compound by type, end use, and region.

Thermoset Molding Compound Market by Type [Value ($B) from 2019 to 2035]:

• Phenolic Resin
• Epoxy Resin
• Polyester Resin
• Urea Formaldehyde
• Melamine Formaldehyde
• Others

Thermoset Molding Compound Market by End Use [Value ($B) from 2019 to 2035]:

• Automotive
• Aerospace
• Electrical and Electronics
• Others

Thermoset Molding Compound Market by Region [Value ($B) from 2019 to 2035]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Thermoset Molding Compound Market

The molding compound market is evolving as a result of the ongoing transformation in the electronics and automotive industries and corporate decisions at the industrial scale. Between 2025 and 2027, investment focus is likely to be on compression molding, epoxy encapsulation, and lower emission molding compounds. According to Lucintel's latest market analysis, the positioning of suppliers is related to the depth of their qualifications and the geographical location of their production sites.

• United States: Investment in epoxy molding compounds for semiconductor packaging is on the rise. In January 2025, the U.S. Department of Commerce awarded up to $407 million of the CHIPS Program to Amkor Technology to build an advanced packaging facility in Arizona. This will strengthen U.S. packaging capacity and increase domestic qualification opportunities.
• China: The government's March 2025 work report promised to continue advancement of the integrated circuit industry, with some domestic compound producers increasing their electronic materials production capacity. Domestic sourcing requirements and ramping chip production will broaden qualification volumes for molding compound producers.
• Germany: Investments are flowing into the electrification and power electronics segments of the automotive and industrial end markets; in February 2025, Infineon opened its €5 billion Power Semiconductor and Analog device facility in Dresden. Higher European production of power semiconductors will create additional demand for thermoset encapsulation and molding materials.
• India: After years of delays, the semiconductor manufacturing policy is being implemented; in February 2025, the Government approved Tata Electronics' ₹22,516 crore semiconductor assembly and test facility in Assam. Local semiconductor assembly will create a new customer base for epoxy molding compounds and transfer molding equipment.
• Japan: Government funding is supporting Japanese advanced packaging; in April 2025, Rapidus reported ongoing work for 2-nanometer logic in Hokkaido. Latest generation packaging and chiplets initiatives are driving the development of more precise molding compounds.

Features of the Global Thermoset Molding Compound Market

• Market Size Estimates: thermoset molding compound market size estimation in terms of value ($B).
• Trend and Forecast Analysis: Market trends (2019 to 2026) and forecast (2027 to 2035) by various segments and regions.
• Segmentation Analysis: thermoset molding compound market size by type, end use, and region in terms of value ($B).
• Regional Analysis: thermoset molding compound market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different type, end use, and regions for the thermoset molding compound market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape of the thermoset molding compound market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

If you are looking to expand your business in this or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the thermoset molding compound market by type (phenolic resin, epoxy resin, polyester resin, urea formaldehyde, melamine formaldehyde, and others), end use (automotive, aerospace, electrical and electronics, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 8 years and what has its impact been on the industry?

Table of Contents

1. Executive Summary

2. Market Overview

• 2.1 Background and Classifications
• 2.2 Supply Chain

3. Market Trends & Forecast Analysis

• 3.2 Industry Drivers and Challenges
• 3.3 PESTLE Analysis
• 3.4 Patent Analysis
• 3.5 Regulatory Environment

4. Global Thermoset Molding Compound Market by Type

• 4.1 Overview
• 4.2 Attractiveness Analysis by Type
• 4.3 Phenolic Resin: Trends and Forecast (2019-2035)
• 4.4 Epoxy Resin: Trends and Forecast (2019-2035)
• 4.5 Polyester Resin: Trends and Forecast (2019-2035)
• 4.6 Urea Formaldehyde: Trends and Forecast (2019-2035)
• 4.7 Melamine Formaldehyde: Trends and Forecast (2019-2035)
• 4.8 Others: Trends and Forecast (2019-2035)

5. Global Thermoset Molding Compound Market by End Use

• 5.1 Overview
• 5.2 Attractiveness Analysis by End Use
• 5.3 Automotive: Trends and Forecast (2019-2035)
• 5.4 Aerospace: Trends and Forecast (2019-2035)
• 5.5 Electrical and Electronics: Trends and Forecast (2019-2035)
• 5.6 Others: Trends and Forecast (2019-2035)

6. Regional Analysis

• 6.1 Overview
• 6.2 Global Thermoset Molding Compound Market by Region

7. North American Thermoset Molding Compound Market

• 7.1 Overview
• 7.2 North American Thermoset Molding Compound Market by Type
• 7.3 North American Thermoset Molding Compound Market by End Use
• 7.4 United States Thermoset Molding Compound Market
• 7.5 Mexican Thermoset Molding Compound Market
• 7.6 Canadian Thermoset Molding Compound Market

8. European Thermoset Molding Compound Market

• 8.1 Overview
• 8.2 European Thermoset Molding Compound Market by Type
• 8.3 European Thermoset Molding Compound Market by End Use
• 8.4 German Thermoset Molding Compound Market
• 8.5 French Thermoset Molding Compound Market
• 8.6 Spanish Thermoset Molding Compound Market
• 8.7 Italian Thermoset Molding Compound Market
• 8.8 United Kingdom Thermoset Molding Compound Market

9. APAC Thermoset Molding Compound Market

• 9.1 Overview
• 9.2 APAC Thermoset Molding Compound Market by Type
• 9.3 APAC Thermoset Molding Compound Market by End Use
• 9.4 Japanese Thermoset Molding Compound Market
• 9.5 Indian Thermoset Molding Compound Market
• 9.6 Chinese Thermoset Molding Compound Market
• 9.7 South Korean Thermoset Molding Compound Market
• 9.8 Indonesian Thermoset Molding Compound Market

10. ROW Thermoset Molding Compound Market

• 10.1 Overview
• 10.2 ROW Thermoset Molding Compound Market by Type
• 10.3 ROW Thermoset Molding Compound Market by End Use
• 10.4 Middle Eastern Thermoset Molding Compound Market
• 10.5 South American Thermoset Molding Compound Market
• 10.6 African Thermoset Molding Compound Market

11. Competitor Analysis

• 11.1 Product Portfolio Analysis
• 11.2 Operational Integration
• 11.3 Porter's Five Forces Analysis
  • Competitive Rivalry
  • Bargaining Power of Buyers
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Threat of New Entrants
• 11.4 Market Share Analysis

12. Opportunities & Strategic Analysis

• 12.1 Value Chain Analysis
• 12.2 Growth Opportunity Analysis
  • 12.2.1 Growth Opportunities by Type
  • 12.2.2 Growth Opportunities by End Use
• 12.3 Emerging Trends in the Global Thermoset Molding Compound Market
• 12.4 Strategic Analysis
  • 12.4.1 New Product Development
  • 12.4.2 Certification and Licensing
  • 12.4.3 Mergers, Acquisitions, Agreements, Collaborations, and Joint Ventures

13. Company Profiles of the Leading Players Across the Value Chain

• 13.1 Competitive Analysis
• 13.2 Ashland Holding
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.3 BASF
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.4 Eastman chemical company
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.5 Evonik
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.6 Hexion
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.7 Huntsman
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.8 Kolon Industries
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.9 Kyocera chemical
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.10 Plastics engineering company
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.11 Rogers
  • Company Overview
  • Thermoset Molding Compound Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing

14. Appendix

• 14.1 List of Figures
• 14.2 List of Tables
• 14.3 Research Methodology
• 14.4 Disclaimer
• 14.5 Copyright
• 14.6 Abbreviations and Technical Units
• 14.7 About Us
• 14.8 Contact Us