Thermosetting plastics typically have excellent chemical, heat and electrical resistance properties making them suitable for various applications. They are extensively used as coatings, adhesives and commercial laminates. Thermosets are used in automotive parts, electronic components, construction materials, wind turbine blades and marine vessels owing to their durable nature. Growing construction and transportation sectors globally have augmented the demand for these plastics.

The global thermosetting plastics market is estimated to be valued at US$ 133342.23 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing demand from construction and transportation industries: Thermosetting plastics have excellent mechanical and chemical resistance making them suitable for use in various construction materials like pipes, fittings, flooring and insulation. They are also used in automotive components, marine vessels, aircraft parts and wind turbine blades due to their durable and heat resistant properties. Rapid urbanization and infrastructure development along with growing automotive production globally are key factors augmenting the demand for thermosetting plastics from construction and transportation end-use industries.

One key driver mentioned in the heading is Increasing demand from construction and transportation industries. Thermosetting plastics find wide applications in construction sector for making pipes, fittings, flooring, insulation etc due to their mechanical and chemical resistance. They are also used in manufacturing various automotive components, marine vessels, aircraft parts and wind turbine blades owing to their heat and durable properties. Rapid urbanization, infrastructure growth along with rising automotive production globally have propelled the demand for thermosetting plastics from construction and transportation industries.

SWOT Analysis:

Strength: Thermosetting plastics such as epoxy, phenol and unsaturated polyester resins have high durability, strength and resistance to chemicals which make them suitable for use in applications such as electrical components, construction materials, automotive parts and others. They also have excellent insulation properties that enable their use in applications requiring high-temperature resistance. Furthermore, their lightweight yet robust nature makes them cost-effective to use compared to other materials.

Weakness: Thermosetting plastics cannot be remelted or remolded once cured as they undergo an irreversible chemical reaction. In addition, they are more brittle than thermoplastic polymers.

Opportunity: Growing demand for lightweight, durable and corrosion-resistant materials from end-use industries such as automotive, aerospace, electrical and construction is expected to drive the market during the forecast period. Increasing government investments in infrastructure development worldwide will also boost consumption of these plastics in construction applications.

Threats: Volatility in raw material prices due to supply constraints is a major challenge faced by manufacturers. Rising environmental concerns related to non-biodegradability of petroleum-based plastics also threaten the market.

Key Takeaways:

The Global Thermosetting Plastics Market Growth is expected to witness high over the forecast period of 2023-2030. The market size is projected to reach US$ 133342.23 Mn by 2030 from US$ 89612.67 Mn in 2023, expanding at a CAGR of 4.7%.

Regional analysis: Asia Pacific dominates the global thermosetting plastics market and accounted for over 35% of the total market share in 2023. China, India, Japan, South Korea and other Asian countries have become global production hubs for industries using thermosetting plastics. The region is projected to continue leading thermoplastics consumption attributable to rapid industrialization, urbanization and infrastructure development activities.

Key players operating in the thermosetting plastics market are Alchemie Ltd., Asahi Kasei Corporation, BASF SE, BUFA GmbH & Co. KG, Celanese Corporation, Covestro AG, Daicel Corporation, DSM, Eastman Chemical Company, INEOS, Kanoria Chembond Pvt. Ltd, Lanxess AG, LG Chem, Mitsubishi Engineering-Plastics Corporation, Nihon Gosei Kako Co. Ltd, Polynt SpA, Satyen Polymers Pvt. Ltd, Showa Denko KK, Solvay, Sumitomo Bakelite Co. Ltd, and U-PICA Company Ltd. The major players are focusing on new product development and capacity expansion strategies to strengthen their market position.

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