Increasing Demand from End-Users Is Driving the Growth of the Global Thermosetting Plastics Market

 

Thermosetting Plastics Market
Thermosetting Plastics Market


Thermosetting Plastics Market, By Type (Unsaturated Polyesters, Polyurethanes, Phenolic, Epoxy, Amino, Alkyd, Vinyl, Ester, Other Types), By End User Industry (Construction, Adhesive and Sealant, Electronics and Appliances, Automotive, Other End-user Industries), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030.

Market Overview:

Thermosetting plastics are a type of polymer that undergoes a permanent chemical change during the curing process. Unlike thermoplastic materials that can be melted and reshaped multiple times, thermosetting plastics become irreversibly hardened and rigid once they are cured. This irreversible change is due to a cross-linking reaction that occurs when the material is heated or mixed with a curing agent.

Competitive Landscape:

Major players operating in the global Thermosetting Plastics Market include U-PICA Company Ltd., Sumitomo Bakelite Co. Ltd, Solvay, Showa Denko KK, Satyen Polymers Pvt. Ltd, Polynt SpA, Nihon Gosei Kako Co. Ltd, Mitsubishi Engineering-Plastics Corporation, LG Chem, Lanxess AG, Kanoria Chembond Pvt. Ltd, INEOS, Eastman Chemical Company, Daicel Corporation, DSM, Covestro AG, Celanese Corporation, BUFA GmbH & Co. KG, BASF SE, Asahi Kasei Corporation, and Alchemie Ltd.

Key Market Drivers:

Thermosetting plastics find extensive applications across various industries, including automotive, aerospace, electrical and electronics, construction, and consumer goods. The growing demand for lightweight, durable, and heat-resistant materials in these sectors is expected to augment the growth of the global thermosetting plastics market. For instance, in April 2022, Prince International Corporation acquired Chromaflo Technologies and Ferro Corporation, in order to form a new company, which will operate as Vibrantz Technologies Inc.

Thermosetting plastics offer excellent mechanical strength, dimensional stability, chemical resistance, and high-temperature performance compared to other types of plastics. These properties make them ideal for applications where durability and reliability are essential, thereby boosting market growth.

With increasing environmental concerns, there is a growing preference for thermosetting plastics due to their ability to be recycled and reused. These materials help in reducing carbon footprint and contribute to sustainable manufacturing practices. This is estimated to enhance the growth of the global thermosetting plastics market.

Ongoing research and development activities have led to the introduction of new and improved thermosetting plastics with enhanced properties. The development of bio-based and bio-degradable thermosetting plastics has also expanded the market potential.

Covid-19 Impact Analysis:

The COVID-19 pandemic resulted in disruptions in the global supply chain and manufacturing operations. Many end-use industries such as automotive, aerospace, and construction experienced slowdowns or temporary closures, leading to a decline in demand for thermosetting plastics during the pandemic. This restrained the growth of the global thermosetting plastics market.

Key Takeaways:

·         The Asia Pacific is expected to dominate the growth of the global Thermosetting Plastics Market, primarily due to the expanding manufacturing sector in countries such as China, Japan, India, and South Korea. The growth of end-use industries, increasing investments in infrastructure development, and rising disposable incomes contribute to market expansion in this region. For instance, according to the National Bureau of Statistics (NBS) of China, the construction output in China was around US$ 40 billion in 2022.

·         North America is estimated to witness high growth in the global thermosetting plastics market. The region has a well-established manufacturing base, particularly in the automotive and aerospace sectors, where thermosetting plastics find extensive applications. For instance, in February 2022, Westlake Chemical Corporation acquired the global epoxy business of Hexion Inc., for around US$ 1.2 billion.

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