The new report by Expert Market Research titled, ‘Global Thermosetting Plastics Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global thermosetting plastics market, assessing the market based on its segments like type, end user industry and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 2%
The market for thermosetting plastics is growing due to their favourable chemical and physical properties, as well as the numerous applications and uses of thermosetting polymers in various end-use sectors. When thermoset plastic polymers set, they crosslink, forming an irreversible chemical bond and a permanent structure. Thermoset plastics offer improved chemical resistance, heat resistance, and structural integrity, and are in high demand from end-user industries for these benefits in complex industrial applications like electrical component manufacturing and automotive manufacturing, among others, fuelling market growth.
Thermosetting Plastics Industry Definition and Major Segments
Thermoset plastics are synthetic polymers that cannot be reformed or moulded after being exposed to heat. Thermosetting is the process of transforming granular material into moulded shapes by activating a chemical reaction with heat and pressure, thus creating a strong molecular bond.
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Based on type, the market is divided into:
- Unsaturated Polyesters
- Polyurethanes
- Phenolic
- Epoxy
- Amino
- Vinyl Ester
- Others
On the basis of end use industry, the market can be segmented into:
- Construction
- Adhesives and Sealants
- Electronics and Appliances
- Automotive
- Others
The regional markets include:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East
- Africa
Thermosetting Plastics Market Trends
Construction activity is expanding around the world, which is driving the worldwide thermosetting plastics market. Chemical properties such as chemical and heat resistance, as well as strong structural integrity, make thermoset plastics excellent building construction components. Furthermore, thermosetting plastics are often used as adhesives and sealants, roofs, and pipes, boosting market demand from the construction industry, due to their lightweight structure, hardness, and thermal and electric insolubility. Epoxies and unsaturated polymers are also extensively employed in the construction of bathroom fixtures, pipes and tanks, and other aesthetic furnishings due to their exceptional mechanical properties. Furthermore, government incentive policies such as the Indian government’s ‘Housing for All by 2022’ initiative, as well as the infrastructure development of commercial buildings such as offices and malls as a result of increased foreign investment, are expected to drive thermosetting plastics market growth in the forecast period.
Key Market Players
The major players in the market are Covestro AG, Celanese Corporation, LANXESS AG, BASF SE, INEOS Group Holdings S.A., Evonik Industries AG and Others.
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