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Thermosetting Plastics Market Size (2024 - 2029)

The thermosetting plastics market is projected to experience growth over the forecast period, driven by the expanding construction sector in Asia-Pacific and increased demand for polyurethane in the automotive industry. Despite challenges posed by stringent government regulations and the negative impact of the COVID-19 pandemic, the market has shown resilience and is expected to continue its upward trajectory. The rising interest in bio-based thermosetting plastics presents additional opportunities for market expansion. Asia-Pacific leads in market consumption, with significant contributions from countries like China and India.

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Market Size of Thermosetting Plastics Industry

Thermosetting Plastics Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR < 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Thermosetting Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thermosetting Plastics Market Analysis

The market for thermosetting plastics is expected to witness a CAGR of a little less than 5% during the forecast period.

  • The COVID-19 pandemic negatively impacted the market. Given the pandemic, construction projects were temporarily halted to prevent the spread, limiting demand for thermosetting plastic materials. However, the industry picked up speed in 2021, and the market is expected to follow a similar trajectory throughout the projection decade.
  • The expanding construction sector in Asia-Pacific is a primary driver of the market under consideration. Furthermore, increased demand for polyurethane in the automotive industry is expected to boost the market growth. On the contrary, stringent government regulations on the usage of thermosetting plastics as a material are likely to hamper the growth of the market studied.
  • The growing demand for bio-based thermosetting plastics will likely act as an opportunity for market growth in the coming years. Asia-Pacific dominates the global market, with the largest consumption from countries such as China and India.

Thermosetting Plastics Industry Segmentation

A prepolymer known as a thermosetting polymer, also called a thermoset, is created by permanently hardening a soft solid or viscous liquid. Thermoset plastics are man-made materials that strengthen when heated but cannot be successfully remolded or reheated once heat-formed or molded. 

The thermosetting plastics market is segmented by type, end-user industry, and geography. By type, the market is segmented into unsaturated polyesters, polyurethanes, phenolic, epoxy, amino, alkyd, vinyl ester, and other types. By end-user industry, the market is segmented into construction, adhesives and sealants, electronics and appliances, automotive, and other end-user industries. The report also covers the market size and forecasts for the thermosetting plastics market in 15 countries across major regions. 

For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Type
Unsaturated Polyesters
Polyurethanes
Phenolic
Epoxy
Amino
Alkyd
Vinyl Ester
Other Types
End-user Industry
Construction
Adhesive and Sealants
Electronics and Appliances
Automotive
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Thermosetting Plastics Market Size Summary

The thermosetting plastics market is poised for steady growth, driven by the expanding construction sector in the Asia-Pacific region and increased demand in the automotive industry. These materials, known for their excellent properties such as chemical and heat resistance, are extensively used in construction applications, including adhesives, sealants, and thermal insulation. The market experienced a downturn due to the COVID-19 pandemic, which temporarily halted construction projects, but has since rebounded and is expected to continue on an upward trajectory. Despite the positive outlook, the market faces challenges from stringent government regulations regarding the use of thermosetting plastics. However, the rising demand for bio-based alternatives presents a significant opportunity for future growth.

Asia-Pacific dominates the global thermosetting plastics market, with substantial consumption in countries like China and India. The region's construction industry is a major contributor to market expansion, supported by rapid urbanization and increased infrastructure spending. Additionally, the automotive sector's demand for polyurethane is expected to further boost market growth. The market is characterized by fragmentation, with no single company holding a dominant share. Key players, including Celanese Corporation, LANXESS, DAICEL CORPORATION, INEOS, and BASF SE, are employing various strategies to cater to consumer needs. Recent acquisitions, such as Prince International Corporation's acquisition of Ferro Corporation and Chromaflo Technologies, highlight ongoing consolidation efforts within the industry.

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Thermosetting Plastics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Construction Industry in Asia-Pacific

      2. 1.1.2 Rising Demand for Polyurethane in the Automotive Industry

    2. 1.2 Restraints

      1. 1.2.1 Stringent Government Regulations

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Technological Snapshot

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Unsaturated Polyesters

      2. 2.1.2 Polyurethanes

      3. 2.1.3 Phenolic

      4. 2.1.4 Epoxy

      5. 2.1.5 Amino

      6. 2.1.6 Alkyd

      7. 2.1.7 Vinyl Ester

      8. 2.1.8 Other Types

    2. 2.2 End-user Industry

      1. 2.2.1 Construction

      2. 2.2.2 Adhesive and Sealants

      3. 2.2.3 Electronics and Appliances

      4. 2.2.4 Automotive

      5. 2.2.5 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Thermosetting Plastics Market Size FAQs

The Thermosetting Plastics Market is projected to register a CAGR of less than 5% during the forecast period (2024-2029)

Celanese Corporation, LANXESS, DAICEL CORPORATION, INEOS and BASF SE are the major companies operating in the Thermosetting Plastics Market.

Thermosetting Plastics Market Report Snapshots

Thermosetting Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)