The thermosetting plastics market has witnessed significant growth over the past decade due to increasing demand from various end-use industries such as construction, automotive, aerospace and others. Thermosetting plastics such as epoxy resins, polyurethanes, unsaturated polyesters and others provide excellent resistance to heat and chemical environments which make them suitable for applications involving high temperatures and chemical exposures. These plastics offer advantages like dimensional stability, elasticity, lightweight and durability. The growing construction activities and infrastructure development projects in developing nations have augmented the demand for thermosetting plastics in applications involving piping systems, sheets, panels and coatings.
The Global thermosetting plastics market is estimated to be valued at US$ 153610.25 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the thermosetting plastics are Veriato, Hubstaff, Time Doctor, Toggl, Sapience Analytics, Idaptive Tech Solutions, Fair Trak, Atom Security, Birch Grove Software, Forcepoint, Teramind, VeriClock, iMonitor Software, INSIGHTS, Softactivity, WorkTime, Work Examiner, Splunk, Microsoft, BMC Software. Key opportunities in the market include rising construction and infrastructure activities across emerging economies. Some of the major technological advancements in the market include development of bio-based thermosetting plastics using renewable resources and green chemistry approaches to reduce environmental footprint.
Market drivers
Increased demand from construction and automotive industries: Thermosetting plastics have widespread applications in the construction and automotive industries due to their excellent heat and chemical resistance properties. Rising construction activities coupled with growth of the global automotive industry are major drivers for thermosetting plastics market.
Regulatory pushes for lightweight materials: Stringent regulations aimed at curbing vehicular emissions are compelling automakers to adopt lightweight materials for enhanced fuel-efficiency. The excellent strength-to-weight ratio of thermosetting plastics makes them suitable substitutes for metals in various auto components. This factor is augmenting demand in the automotive industry.
Challenges in Global Thermosetting Plastics Market Size
The thermosetting plastics market is facing several challenges. The stricter emission norms, volatile oil prices and lack of suitable substitutes are some of the major issues. The regulations on harmful emissions from plastic manufacturing are getting tougher across regions. Complying with them requires continuous upgradation and innovation, increasing production costs. Additionally, fluctuations in crude oil prices directly impact input costs. Thermosetting plastics are produced from petroleum products and are non-biodegradable by nature. With growing environmental consciousness, finding eco-friendly alternatives remains a challenge.
SWOT Analysis
Strength: Thermosetting plastics exhibit high heat resistance and durability. They maintain dimensional stability at high temperatures. Weakness: Once cured, thermosetting plastics cannot be remolded or recycled. Opportunity: Increasing demand from electrical and electronics, automotive and construction industries provides scope for market growth. Threats: Stringent environmental regulations and development of bio-based substitutes are threats to the market.
Geographical Regions
In terms of value, North America accounted for a major share in the global thermosetting plastics market in 2024. Availability of raw materials and extensive R&D activities have aided market growth. Asia Pacific is projected to be the fastest growing regional market between 2024-2030 owing to expansion of end-use industries in countries such as China and India. Rapid industrialization and infrastructure development are driving thermosetting plastics consumption.
The North America region dominated the thermosetting plastics market, followed by Europe and Asia Pacific. The United States accounted for major consumption due to wide use of thermosetting plastics in various industries including automotive, aerospace, marine and construction.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
