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| Global Thermosetting Plastics Market Size |
Thermosetting plastics, also known
as thermosets, are a type of polymers that harden irreversibly after being
heated or cured. They find widespread applications in the construction,
automotive, aerospace and electronics industries due to properties such as
excellent heat and chemical resistance. The demand for thermoset plastics is
driven by the growing construction sector where they are used for making
fixtures and fittings, sealants, and flooring and roofing products. The
resilience and durability of thermoset plastics helps extending lifespans of
buildings. Rising infrastructure development activities globally are thus
fuelling consumption of thermosetting plastics.
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 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. These players offer a diverse range of thermosetting
plastic products for various applications.
The growing automotive production across major economies presents significant
opportunities for thermoset plastic suppliers. Rising demand for lightweight
and durable materials from automakers is driving consumption of advanced
thermosetting composites in vehicles.
North American and European thermoset plastic companies are expanding to Asia
Pacific and Latin American markets through partnerships, acquisitions and new
production facilities. The large unmet demand and favorable government policies
in developing nations are attracting foreign investments.
Market drivers
- Strong growth of the Global
Thermosetting Plastics Market Size industry: Rapid urbanization and
infrastructure projects around the world are augmenting the demand for
thermoset plastics in building and construction applications such as sealants,
coatings and foams.
- Increasing automotive production: Burgeoning vehicle manufacturing supported
by economic development is boosting thermoset plastic consumption in the
automotive sector for lightweighting and durable applications.
Market restraints
- Availability of substitutes: Presence of alternative polymers such as
thermoplastics that are recyclable pose competition to thermosetting plastics.
- Volatility in raw material prices: Fluctuations in crude oil prices resulting
in inconsistent raw material costs for thermoset plastic producers act as a
restraint.
Segment Analysis
The thermosetting plastics market is dominated by the epoxy resin sub-segment.
Epoxy resins have a widespread application in adhesives, coatings, paints, and
composites manufacturing. Epoxy resin provides high tensile strength,
toughness, and chemical resistance even at elevated temperatures. This makes it
a preferred choice for applications requiring high strength such as aerospace
components. It also has low viscosity, long pot life, and good adhesion to
various substrates. These properties make epoxy resin ideal for applications
demanding high strength.
Global Analysis
Asia Pacific has emerged as the fastest growing as well as dominating region in
the global thermosetting plastics market. The region constitutes countries such
as China, India, Japan, and Indonesia which are witnessing rapid growth in
sectors such as aerospace, transportation, electrical & electronics,
building & construction. China is the largest consumer of thermosetting
plastics owing to the country's massive manufacturing industry. The increasing
population, rising disposable income and favorable government policies have
augmented the development of wind turbines which utilizes epoxy resins for
rotor blades and nacelles. On the other hand, countries like India are
witnessing significant growth in the automotive and aerospace industries,
contributing to thermosetting plastics market development. North America is
another major region where epoxy resins and unsaturated polyesters have
widespread applications in wind energy, marine, and transportation sectors.
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