by The thermosetting plastics market is rising rapidly with the growing adoption of advanced polymer chemistry for developing novel resins. Thermosetting plastics offer unique benefits such as high heat and chemical resistance, durability, and excellent moisture barrier properties. They find wide usage in various industries including automotive, aerospace, construction, electronics, and medical devices.
The Global Thermosetting Plastics Market is estimated to be valued at US$ 139635.99 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Thermosetting Plastics Market Trends, also known as thermosets, are highly stable polymers that strengthen their chemical structure during the curing process upon heating. They are generally infusible and insoluble owing to their three-dimensional cross-linked molecular structure. Thermosetting resins such as epoxy, unsaturated polyester, phenol-formaldehyde, and polyurethane are widely used to manufacture durable composite materials, electronic components, pipes, fittings, adhesives, and coatings. Thermosetting plastics provide superior performance even under extreme temperatures and harsh environmental conditions compared to thermoplastics. They can also withstand chemical solvents, acids, alkalis, and oxidizing agents without deteriorating their properties.
The Global thermosetting plastics market is estimated to be valued at US$ 139635.99 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the thermosetting plastics market 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.
The increasing use of thermosetting plastics in end-use industries such as automotive, aerospace, construction, medical devices, and electronics owing to their unique properties is fueling the market growth. Thermoplastic components are being replaced by thermosetting parts in various applications to achieve better corrosion resistance and higher service temperatures.
Major thermosetting plastic manufacturers are expanding their production facilities globally to cater to the growing demand from developing nations. The emergence of bio-based thermosetting resins is also expected to open new opportunities for sustainable market growth over the forecast period.
Market Key Trends
Development of lightweight and high-performance thermosetting materials through continuous research and innovation is one of the key trends being observed in the market. Market players are focused on utilizing nanotechnology and introducing nano-fillers to enhance the mechanical, thermal, and barrier properties of thermosetting polymers. They are successfully replacing metals with polymer composites in applications demanding reduced weight. Innovation in polymerization techniques is further allowing manufacturers to customize thermosetting resins as per application requirements.
Porter’s Analysis
Threat of new entrants: The thermosetting plastics industry requires high initial investments and capital to enter the market owing to the need for manufacturing facilities, machinery, R&D capabilities etc. This poses significant barriers to entry for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a number of players offering thermosetting plastics. Buyers can negotiate on price and quality parameters.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power. Key raw materials include epoxies, unsaturated polyester resins, vinyl esters among others. Suppliers have established relationships with buyers.
Threat of new substitutes: There exist few substitutes for thermosetting plastics due to their unique properties like durability, heat resistance etc. However, thermoplastics and hybrid composites pose competition.
Competitive rivalry: The industry has high competition due to presence of numerous regional and global players. Players compete based on pricing, product portfolios and innovation.
Geographical Regions
North America dominates the global market, both in terms of value and volume. This is attributed to strong automotive, electrical and construction industries in the US and Canada driving thermosetting plastics demand.
Asia Pacific is the fastest growing regional Thermosetting Plastics Market Regional Analysis for thermosetting plastics owing to rapid industrialization and infrastructure development activities in major economies such as China and India. Additionally, growing manufacturing sector and automotive production in the region are boosting thermosetting plastics consumption.
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*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
