Increasing Demand from Construction and Transportation Industries
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.
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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