April 12, 2024
Thermosetting Plastics Market

Thermosetting Plastics Market is Embraced by Growing Demand for Durable Plastic Parts

The thermosetting plastics market is projected to account for revenues worth US$ 153610.25 Bn  by 2024 owing to rising infrastructural development activities worldwide. Thermosetting plastics, also known as thermosets, are heat-resistant plastic polymers that solidify irreversibly when molded or heated. They are widely used in electrical & electronic goods, pipes & fittings, automotive components, and construction materials due to attributes such as durability, stiffness, heat and chemical resistance. Rapid industrialization and urbanization have propelled the demand for durable plastic parts that can withstand high temperatures without deteriorating quality over long usage. This gives thermosetting plastics an edge over other thermoplastic variants.

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 players are focusing on implementing advanced production technologies to cater to the growing demand for thermosetting plastics across diversified industries.

The Global Thermosetting Plastics Market Size is driven by increasing demand from the construction and infrastructure development sectors. Rapid urbanization and growing population have propelled construction activities globally. Thermosetting plastics find widespread application in making pipes, fittings, panels, furniture and other construction materials owing to their durability and heat resistance.

Asia Pacific dominates the global thermosetting plastics market and the trend is expected to continue owing to robust industrial and infrastructure growth in countries such as China, India, Indonesia and Vietnam. Abundant availability of raw materials and cheap labor have attracted major thermosetting plastic manufacturers to set up production bases in the region. Several players are actively enhancing their product portfolios and expanding regional footprints to leverage lucrative opportunities in the APAC thermosetting plastics market.

Market Key Trends

One of the key trends gaining traction in the thermosetting plastics market is the increasing demand for bio-based and eco-friendly varieties. With growing environmental awareness, manufacturers are focusing on developing novel sustainable thermosetting resins from renewable plant-based materials like vegetable oils, starch and lignin. Bio-based thermosets help reduce dependence on petroleum sources and facilitate production of ‘green’ composites with enhanced mechanical properties. Leading automotive OEMs and construction companies have started adopting bio-based thermosetting polymers made from agricultural waste on a commercial scale to lower their carbon footprint. The impetus on green chemistry and circular economy principles is expected to revolutionize the thermosetting plastics industry in the forthcoming years.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter the thermosetting plastics market due to the high costs involved in setting up a manufacturing facility and competing with the large established players.

Bargaining power of buyers: The bargaining power of buyers is moderate in this market as thermosetting plastics have applications in a wide range of end-use industries. Buyers can negotiate on price and quality.

Bargaining power of suppliers: Raw material suppliers enjoy some bargaining power due to availability ofsubstitute materials. However, environmental regulations favor thermosetting plastics limiting supplier power.

Threat of new substitutes: New substitutes find it difficult to displace thermosetting plastics in applications requiring heat and chemical resistance due to limitations of alternative materials.

Competitive rivalry: The market is consolidated with large global players driving competition on pricing, quality and new product development.

Geographical regions: North America accounts for the major share of around 35% of the global thermosetting plastics market value owing to the large automotive and construction industries in the US and Canada. Asia Pacific region is expected to be the fastest growing thermosetting plastics market in terms of value during the forecast period due to increasing demand from the industrial and transportation sectors in China and India.

The major markets in Europe include Germany, UK and France contributing over 25% to the global market value. Growth in the automotive industry is expected to drive thermosetting plastics consumption in Europe. Japan accounts for around 10-12% share of the global thermosetting plastics market value due to applications in electronics and electrical components manufacturing.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it