by Thermosetting plastics like polyester, epoxy and polyurethane offer unique properties like heat and chemical resistance that make them ideal for use in applications related to construction. These plastics are used in making pipes, sheets, laminates, composites and coatings that are extensively used in buildings, bridges and infrastructure projects due to their durability.
The global thermosetting plastics market is estimated to be valued at US$ 133,342.23 million 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.
Thermosetting plastics are widely used in the construction industry for applications like pipes, insulation boards, structural adhesives, sheets and laminates. Their durability and resistance to heat and corrosion make them suitable for long-term outdoor applications. Growing construction activities driven by rapid urbanization are fueling the demand for thermosetting plastics in emerging nations. Furthermore, thermosetting plastics find usage in electrical components, automotive parts and consumer goods due to their flexibility in molding complex shapes and electrical insulation properties. The global thermosetting plastics market is driven by increasing construction activities and the need for durable materials in various end-use industries.
Market Key Trends:
One of the major trends in the thermosetting plastics market is the increasing focus on bio-based and recycled materials. Strict environmental regulations regarding emission of volatile organic compounds from petroleum-based plastics during processing has led to rising development of plant-based thermosets. Major players are investing in R&D to commercialize bio-polyurethanes, bio-epoxies and other plant-oil based thermosets with equal or better performance than traditional plastics. Similarly, recycled thermoset particles recovered from production waste or end-of-life products are being reprocessed and engineered to manufacture new thermosetting materials with minimized environmental footprint. Sustainability driven innovation is expected to shape the future of this market.
Porter’s Analysis:
- Threat of new entrants: The thermosetting plastics market has moderate threat of new entrants due to high initial capital investment required for research and development and manufacturing facilities.
- Bargaining power of buyers: The bargaining power of buyers is low to moderate as thermosetting plastics have applications in various end-use industries including automotive, construction, healthcare, consumer goods and electronics.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used in thermosetting plastics including epoxy, unsaturated polyester, and phenol are supplied by large vendors globally.
- Threat of new substitutes: The threat of new substitutes is low as thermosetting plastics have superior properties including heat resistance, mechanical strength and chemical stability compared to alternatives.
- Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering similar product portfolio.
Key Takeaways:
The Global Thermosetting Plastics Market Size is expected to witness high growth on account of increasing applications in the construction and automotive industries. Regionally, Asia Pacific dominates the market and is expected grow at the fastest pace during the forecast period led by increasing demand from China, India and other developing nations.
Regional analysis – Asia Pacific accounts for over 40% share of the global thermosetting plastics market led by strong demand from China, India, Japan and other Southeast Asian countries. This can be attributed to thriving construction and automotive industries in the region. The market in Asia Pacific is expected to witness growth at over 5% CAGR during the forecast period.
Key players – 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
