Thermosetting Plastics Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMA1509 | Last Updated On: Jan 30 2023 | Available Formats

> Global Thermosetting Plastics Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Thermosetting Plastics Market is segmented  By Type (Alkyds, Epoxies, Amino, Polyurethane, Phenolic, Vinyl Ester Resin, Others), By Application (Building and Construction, Adhesive and Sealant, Electronics and Appliances, Automotive, Others), By Molding Process (Reactive Injection Molding, Compression Molding, Extrusion Molding, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

The Global "Thermosetting Plastics Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).

A prepolymer made by irreversibly hardening a soft solid or viscous liquid is acknowledged as a thermosetting polymer, also known as a thermoset. The curing process is accelerated by high pressure, mixing with a catalyst or applying the right amount of heat or radiation. Thermoset plastics are man-made substances that become stronger when heated but cannot be successfully remolded or reheated once they have been heat-formed or molded. Molded products and component protection from aggressive chemicals, including oils and automotive fluids, UV exposure, corrosion and high operating temperatures are provided by thermoset molding materials.

Thermosetting Plastics Market Scope and Summary

Metrics

Details

Market CAGR

High

Segments Covered

By Type, By Application, By Molding Process and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

 

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Source: DataM Intelligence Analysis (2022)

Global Thermosetting Plastics Market Dynamics

These material property advantages make thermosets suitable for various end-use applications in harsh environments, including electrical parts, automotive powertrains, transmission components, and exterior products. By offering dimensional and chemical stability against moisture, extreme heat and operating temperatures, electric voltage and chemicals or automotive fluids, a thermoset molding process protects the integrity of a part or product assembly throughout its life expectancy.

Furthermore, the expanding demand for polyurethane in the automotive sector is probably favorable to market expansion. Thermosets are also used in producing a wide range of goods, including textiles, mattresses, thermal insulators, medical supplies, adhesives, tires, shoes and more.

Owing to benefits including corrosion and steam resistance, excellent thermal properties, heat resistance and superior thermal insulation, the demand for thermosets in construction is driving market growth 

Cross-linked polymers, known as thermosetting plastics, are frequently used in construction because of their exceptional qualities, including chemical and heat resistance, structural integrity, light weight, imparting hardness, insolubility and thermal and electrical resistance. For structural uses in buildings and architecture, such as adhesives and sealants, thermal insulation, roofing, piping, bridge structure and repair of civil structures, thermosetting plastics are typically preferred. For Instance, in April 2020, U.S. Census Bureau reported that the value of all private construction at US$ 1,00,405 million, with the value of construction for educational institutions at US$ 14,913 million and healthcare facilities at US$ 36,764 million. Additionally, the region's residential construction is likely to be boosted by the growing number of partnerships between foreign investors and domestic construction players.

Owing to these benefits, the growing construction industry will augment the sales of the thermosetting plastics market during the forecast period.

Lack of skilled labor and resources hinders the market growth 

The market for thermosetting plastics is constrained by a lack of skilled labor and resources to create products using these materials. Additionally, thermosetting plastics are used to restore and upkeep civil structures. The inability of thermosetting plastics to be recycled and remolded into new products is one of the major barriers that are likely to have a negative effect on the market for these materials. 

COVID-19 Impact Analysis

The COVID-19 outbreak had immediate and long-term effects on various sectors, which could impact the global thermosetting plastics market. The expansion of the building industry across many nations is a major force behind the demand for thermosetting plastics. However, the recent COVID-19 outbreak caused a lockdown, temporarily halted construction work and limited demand for thermosetting plastics in the construction sector. Owing to the halt and shutdown in global production of electronic goods, automotive and other industries, the world economies had severely impacted.

Once the lockdown uplifted, the construction, automotive and other sectors witnessed skyrocketed growth as, after the outbreak, manufacturers came up with new and advanced strategies, which propelled the demand for the thermosetting plastics market globally.

Global Thermosetting Plastics Market Segment Analysis

The global thermosetting plastics market is segmented based on type, application, molding process and region.

Ability to offer higher reliability and repeatability, the demand for injection molding process has grown, which in turn boosts the global thermosetting plastics market

The most automated method of processing thermoset materials is injection molding, which has also been cultivated to be the most popular. For BMC materials, the injection unit consists of an injection barrel, a reciprocating screw (or occasionally a plunger), an injection screw motor, a material hopper for granular materials and a stuffer when molding BMC. It requires less material handling because the press hopper typically has enough material to mold parts for a long time. It provides tolerances that are comparatively tighter along parting lines.

It works with a variety of colors and materials. The high repeatability of plastic injection molding is one of its main advantages. After making one mold, users can produce thousands of parts without keeping their tooling up to date. A full-scale steel production mold can last over 100,000 cycles, while an aluminum mold typically lasts between 5,000 and 10,000 cycles. Additionally, since each part is made using the same mold during injection molding, one's products will be identical. Furthermore, these benefits associated with injection moudling drive the global thermosetting plastics market.

Source: DataM Intelligence Analysis (2022)

Global Thermosetting Plastics Market Geographical Analysis

The global thermosetting plastics market is segmented based on type, application, molding process and region.

Owing higher growth prospects in Asia-Pacific for a variety of industries such as automotive, construction and chemical processing supports market expansion over the forecast period

Asia leads plastic production globally, producing more than half of the global plastic production. The growth of automotive sectors, construction, electronics goods and other chemical processing industries augment the sales of thermosetting plastics in the region. It is anticipated that increasing motor vehicle production and the development of the construction sector will support the use of thermosetting plastics in various applications, which will positively impact market demand in the years to come. The market's expansion is supported by some of the leading producers of thermosetting plastic resins, such as Chang Chun Group, Adesso Advanced Materials, Anhui Zhong Bo new material Co., Ltd. and Jiangsu Sanmugroup Co., Ltd. Furthermore, the factors mentioned above depict that the Asia-Pacific offers a lucrative growth prospect for manufacturers to invest in this region.

Source: DataM Intelligence Analysis (2022)

Global Thermosetting Plastics Market Competitive Landscape

In order to develop effective technologies and increase production rates to meet market demand, manufacturers are making several strategic decisions in the global thermosetting plastics market. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are Arkema SA, DowDuPont, Alchemie Ltd., BASF SE, Covestro AG, Daicel Corporation, DSM, Kanoria Chembond Pvt. Ltd., NIHON GOSEI KAKO Co., Ltd and Polynt SpA.

Arkema SA

Overview: With its headquarters in Colombes, France, Arkema S.A. is a globally operating manufacturer of specialty materials that are publicly listed. Adhesives, advanced materials and coatings are its three specialty materials market segments. The company produces performance products and industrial chemicals, such as acrylics, polymethyl methacrylate (PMMA), hydrogen peroxide, technical polymers, specialty chemicals and useful additives. Arkema SA serves industries such as adhesives & sealants, composites and advanced materials, coatings, paints & inks, agriculture and food industry, electronics & electrical, packaging, chemical & plastic industry, mining & metal processing, health, beauty & hygiene, automotive, renewables and many more. The company has a global presence across regions, including the Americas, Europe, the Middle East and Asia.

Product Portfolio:

  • Luperox: There is polymerization cycle-shortening initiators in the Luperox line of organic peroxides. They improve the quality of synthetic plastics while boosting productivity and lowering production costs (thermoplastic and thermoset). Its product has innumerable practical uses in daily life, including packaging, building, transportation and renewable energy.

Key Development:

  • On March 21, 2022, With the invention of the first 100% recyclable prototype wind turbine blade using Arkema's Elium liquid thermoplastic resin and new high-performance glass fabrics, the ZEBRA (Zero wastE Blade ReseArch) consortium announced a new step forward in the industry's ambitious transition project towards a circular economy.

Why Purchase the Report?

  • To visualize the global thermosetting plastics market segmentation based on type, application, molding process and region, as well as understand key commercial assets and players.
  • Identify commercial opportunities in the global thermosetting plastics market by analyzing trends and co-development.
  • Excel data sheet with numerous data points of thermosetting plastics market-level with all segments.
  • PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
  • Product mapping available as excel consisting of key products of all the major market players.

The global thermosetting plastics market report would provide approximately 61 tables, 63 figures and 230 Pages.

Target Audience 2023

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies

Frequently Asked Questions

What is the Projected CAGR value of the Thermosetting Plastics Market?

Thermosetting Plastics Market is expected to grow at a high CAGR during the forecasting period 2022-2029.

Who are the key players in Thermosetting Plastics Market?

Major Players are Asahi Kasei Corporation, BASF SE, DowDuPont, Celanese Corporation, Chevron Phillips Chemical Company LP, LyondellBasell Industries, Daicel Corporation, Eastman Chemical Company, Evonik Industries AG.

 

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