Global Thermosetting Plastics Market Overview
The Thermosetting Plastics Market Size was estimated at 13.92 (USD Billion) in 2022. The Thermosetting Plastics Market Industry is expected to grow from 14.39(USD Billion) in 2023 to 19.4 (USD Billion) by 2032. The Thermosetting Plastics Market CAGR (growth rate) is expected to be around 3.38% during the forecast period (2024 - 2032).
Key Thermosetting Plastics Market Trends Highlighted
The thermosetting plastics market is witnessing a surge in demand, driven by their superior heat resistance, dimensional stability, and mechanical strength. They are increasingly used in a wide range of applications, including automotive, aerospace, electrical and electronics, construction, and healthcare. The growing adoption of thermosetting plastics in composite materials is also propelling market growth.The key market drivers for thermosetting plastics include the rising demand for lightweight and durable materials in the automotive and aerospace industries, the expansion of the construction sector in emerging economies, and the increasing use of electronics and electrical appliances. Furthermore, government regulations mandating the use of energy-efficient materials are driving the adoption of thermosetting plastics, particularly in the building and construction sector.Emerging opportunities in the thermosetting plastics market lie in the development of bio-based and sustainable materials, as well as the exploration of new applications in additively manufactured products. The trend towards miniaturization and the need for high-performance materials in electronic devices present significant growth opportunities for thermosetting plastics manufacturers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermosetting Plastics Market DriversIncreasing Demand for Lightweight and Durable Materials in the Automotive Industry
Not only does the automotive industry rely heavily on thermosetting plastics, but the range of their applications is incredibly vast, such as body panels, interior parts, and under-the-hood components are not the only types of auto parts produced from this material. The ongoing trends to reduce emissions and maintain fuel efficiency facilitate the increased demand for lightweight, durable materials. Being much better than metals by way of such meaningful properties as strength-to-weight ratio, resistance to corrosion, and dimensional stability, thermosetting plastics are expected to become even more popular with the automotive industry.Aside from the automotive industry, thermosetting plastics are used in an array of other industries, including aerospace, construction, and electronics, to name just a few. The demand for these materials in the given industries is going to increase just as steadily due to the worldwide impetus to use lightweight, durable materials. Thermosetting Plastics Market Industry will grow with an anticipated CAGR of 3.38% during the forecast period, 2024-2032 from over USD 14.39 Billion 2023 to over USD 19.4 billion 2032.
Growing Demand for Thermosetting Plastics in the Aerospace Industry
The aerospace industry is a large consumer of thermosetting plastics. Thermosetting plastics are used in various aerospace applications, including aircraft interiors, exterior panels, and structural components. The use of thermosetting plastics in the aerospace industry is expected to continue growing because of the desire for lightweight and durable materials that can withstand the extreme conditions of flight. Thermosetting plastics have several advantages over traditional materials, such as metals, including high strength-to-weight ratios, corrosion resistance, and fire resistance.
Increasing Demand for Thermosetting Plastics in the Construction Industry
Another important sector that consumes thermosetting plastics is the construction industry. Thermosetting plastics are used in different applications in construction, such as pipes, fittings, roofing, etc. The industry's demand for thermosetting plastics is spurred by the increasing need for durable and corrosion-resistant materials. They have high strength-to-weight ratios, are heat resistant, have no corrosion issues and are fire resistant. Therefore, their consumption in the construction industry is also expected to grow in the near future.
Thermosetting Plastics Market Segment Insights
Thermosetting Plastics Market Product Type Insights
The 'Product Type' segment is a critical aspect of the Thermosetting Plastics Market. Its segmentation comprises various types of thermosetting plastics, including Epoxy Resins, Phenolic Resins, Polyester Resins, Unsaturated Polyester Resins, Alkyd Resins, Silicone Resins, Polyurethane Resins, and Furan Resins. Each of these product types holds a unique position in the market, catering to distinct applications and industries. These resins find extensive application in various industries, including aerospace, automotive, and electronics. Phenolic Resins, known for their fire-resistant and molding properties, are primarily used in electrical components, automotive parts, and construction materials. Polyester Resins, particularly Unsaturated Polyester Resins, are widely utilized in fiberglass-reinforced plastics due to their low cost and high strength-to-weight ratio. These resins are commonly employed in boat hulls, automotive parts, and storage tanks. Alkyd Resins, on the other hand, are commonly used in paints and coatings industries due to their excellent adhesion and durability. Silicone Resins, characterized by their heat resistance and flexibility, are employed in high-temperature applications, including aerospace and electronics. Polyurethane Resins, known for their versatility and toughness, find application in a wide range of industries, including automotive, construction, and furniture.Furan Resins, possessing excellent chemical resistance and high-temperature stability, are primarily used in foundries and corrosion-resistant coatings. The Thermosetting Plastics Market is expected to witness significant growth in the coming years, driven by increasing demand from various end-use industries such as automotive, electronics, construction, and aerospace. The rising adoption of lightweight materials and the growing emphasis on energy efficiency are further contributing to the market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermosetting Plastics Market Application Insights
The described market is composed of various applications, which include Automotive Transportation, Electrical Electronics, Construction, Aerospace Defense, Marine, Oil Gas, Medical Healthcare, and Consumer Goods. Each of the identified segments has a vast number of growth opportunities and distinct challenges, which determine the way it contributes to the industry. Thus, the Automotive Transportation segment is one of the primary customers of thermosetting plastics, as they are used in this area due to being lightweight, durable, and having good thermal and chemical resistance.The growing interest in light and fuel-saving automobiles implies that more of these materials will be used to produce different parts of the cars, including body panels, bumper, and interior parts. Simultaneously, the Electrical Electronics segment is one of the most perspective applications areas, where thermosetting plastics can be used. They are adopted in the industry as they have excellent electrical insulating properties and are used to create electrical components of different sizes, such as casks for equipment, circuit boards, and insulators.Considering the increasing number of electric devices and the widespread use of the Internet of Things, the demand for these materials will increase in this segment. The Construction application is also one of the most important for thermosetting plastics as the latter are used to create building materials. The reason for this is that they are durable, weather, and fire-resistant; thus, they can be used to create roofing, siding, and flooring. The recent urbanization and the urgent need for new housing will considerably boost the use of these materials.Finally, the aerospace and defense segment also requires high-performing materials, as many of the parts, such as missiles, are exposed to high temperatures, chemicals, and mechanic shock. As for the other segments, such as Marine, Oil Gas, Medical Healthcare, and Consumer Goods applications, they are also directly related to the thermosetting plastics market, but for this reason, their contribution to the field is not as profound as those described above.
Thermosetting Plastics Market End-Use Industry Insights
The end-use industry segment plays a crucial role in shaping the dynamics of the Thermosetting Plastics Market. Among the key end-use industries, automotive, construction, electrical and electronics, industrial, aerospace, consumer goods, and medical sectors are prominent drivers of market growth.The automotive industry utilizes thermosetting plastics for various components due to their durability, heat resistance, and lightweight properties. In 2023, the automotive segment accounted for a significant share of the Thermosetting Plastics Market revenue, and this trend is expected to continue in the coming years.The construction industry also presents a substantial market for thermosetting plastics, primarily for applications such as pipes, fittings, flooring, and roofing. The increasing demand for infrastructure development and renovation projects is expected to fuel the growth of this segment. Electrical and electronics is another key end-use industry, where thermosetting plastics are used for electrical insulation, printed circuit boards, and electronic components. The growing adoption of electronic devices and the expansion of the electronics industry are driving the demand for thermosetting plastics in this segment.Industrial applications also represent a significant market for thermosetting plastics. These materials are used in machinery, equipment, and industrial components due to their strength, dimensional stability, and resistance to harsh environments. Aerospace, consumer goods, and medical industries also contribute to the growth of the Thermosetting Plastics Market. In aerospace, thermosetting plastics are used for lightweight and durable aircraft components. In consumer goods, they find applications in appliances, furniture, and sporting goods.Medical applications include medical devices, surgical instruments, and prosthetics. The segmentation of the Thermosetting Plastics Market based on the end-use industry provides valuable insights into the market dynamics, key growth areas, and emerging trends. Understanding these segment-specific trends enables market players to tailor their strategies and target specific end-use industries for growth and profitability.
Thermosetting Plastics Market Manufacturing Process Insights
The Thermosetting Plastics Market is segmented into various manufacturing processes, including Compression Molding, Injection Molding, Transfer Molding, Cast Molding, and Hand Lay-up. Each process offers unique advantages and is suited for specific applications.Compression Molding accounted for a significant share of the Thermosetting Plastics Market in 2023, owing to its cost-effectiveness and ability to produce high-volume, complex parts. Injection Molding is another widely used process, particularly in the automotive and electronics industries, due to its precision and automation capabilities.Transfer Molding excels in producing parts with intricate shapes and high dimensional accuracy. Cast Molding is suitable for large, complex parts and offers design flexibility. Hand Lay-up, though labor-intensive, is commonly used in the production of fiberglass-reinforced plastics. The market growth for each manufacturing process is influenced by factors such as technological advancements, production efficiency, and end-use industry demand. The Thermosetting Plastics Market is projected to witness steady growth in the coming years, driven by increasing adoption in the automotive, construction, and aerospace industries.
Thermosetting Plastics Market Resin Type Insights
The Thermosetting Plastics Market is segmented by Resin Type into Thermoset Resins, Duroplastic Resins, and Polymers. Among these, Thermoset Resins held the largest market share in 2023, accounting for over 55% of the revenue. The growth of this segment can be attributed to the increasing demand for thermoset resins in various applications, including automotive, aerospace, and construction. Duroplastic Resins are expected to witness a significant growth rate during the forecast period owing to their excellent thermal and electrical properties. Polymers are also gaining popularity due to their lightweight and high strength-to-weight ratio, making them suitable for use in a wide range of industries. The Thermosetting Plastics Market segmentation provides valuable insights into the market dynamics and helps stakeholders identify potential growth opportunities.
Thermosetting Plastics Market Regional Insights
The Thermosetting Plastics Market is segmented into North America, Europe, APAC, South America, and MEA. The APAC region is expected to dominate the market in terms of revenue, accounting for a share of over 40% by 2024. The growth of the APAC market is attributed to the increasing demand for thermosetting plastics in various industries such as automotive, electronics, and construction. The North American and European markets are also expected to witness significant growth, driven by the increasing adoption of lightweight materials in various applications.The South American and MEA markets are expected to grow at a moderate pace, owing to the growing demand for thermosetting plastics in the automotive and construction industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Thermosetting Plastics Market Key Players And Competitive Insights
Major players in the Thermosetting Plastics Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and acquiring other businesses. Leading Thermosetting Plastics Market players are focusing on developing innovative products that meet the evolving needs of customers. For instance, in 2023, SABIC introduced a new range of high-performance thermosetting compounds that offer improved strength, heat resistance, and chemical resistance. This move is expected to help the company strengthen its position in the market. Thermosetting Plastics Market development is also driven by the increasing adoption of lightweight materials in various industries, such as automotive and aerospace.DSM is a leading supplier of thermosetting plastics. The company offers a wide range of products, including epoxy resins, phenolic resins, and unsaturated polyester resins. DSM's thermosetting plastics are used in a variety of applications, including automotive parts, electrical components, and construction materials. The company has a strong presence, with manufacturing facilities in Europe, Asia, and the Americas. DSM is focused on innovation and sustainability, and it is investing in the development of new, more environmentally friendly thermosetting plastics.Hexion is a leader in the production and supply of thermosetting resins. The company offers a wide range of products, including epoxy resins, phenolic resins, and unsaturated polyester resins. Hexion's thermosetting resins are used in a variety of applications, including automotive parts, electrical components, and construction materials. The company has a strong presence, with manufacturing facilities in Europe, Asia, and the Americas. Hexion is focused on innovation and sustainability, and it is investing in the development of new, more environmentally friendly thermosetting resins.
Key Companies in the Thermosetting Plastics Market Include
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Mitsubishi Chemical Holdings Corporation
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BASF SE
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DIC Corporation
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JSR Corporation
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LG Chem Ltd.
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Hexion Inc.
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DSM
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LyondellBasell Industries Holdings BV
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Evonik Industries AG
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INEOS Group Holdings S.A.
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Celanese Corporation
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Covestro AG
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Huntsman Corporation
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Ashland Holdings Inc.
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SABIC
Thermosetting Plastics Market Industry Developments
The thermosetting plastics market is projected to reach USD 19.4 billion by 2032, exhibiting a CAGR of 3.38% during the forecast period. Increasing demand from the automotive and aerospace industries, coupled with the growing adoption of lightweight and high-performance materials, is driving market growth. Furthermore, rising investments in infrastructure development and the increasing use of thermosetting plastics in electronics and electrical applications are contributing to market expansion. Recent developments include the launch of bio-based thermosetting plastics, offering sustainable alternatives to traditional materials. Additionally, advancements in manufacturing technologies, such as 3D printing, are creating new opportunities for the use of thermosetting plastics in complex and customized applications.
Thermosetting Plastics Market Segmentation Insights
Thermosetting Plastics Market Product Type Outlook
Thermosetting Plastics Market Application Outlook
Thermosetting Plastics Market End-Use Industry Outlook
Thermosetting Plastics Market Manufacturing Process Outlook
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Compression Molding
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Injection Molding
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Transfer Molding
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Cast Molding
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Hand Lay-up
Thermosetting Plastics Market Resin Type Outlook
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Thermoset Resins
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Duroplastic Resins
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Polymers
Thermosetting Plastics Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.92(USD Billion) |
| Market Size 2023 |
14.39(USD Billion) |
| Market Size 2032 |
19.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.38% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Mitsubishi Chemical Holdings Corporation, BASF SE, DIC Corporation, JSR Corporation, LG Chem Ltd., Hexion Inc., DSM, LyondellBasell Industries Holdings BV, Evonik Industries AG, INEOS Group Holdings S.A., Celanese Corporation, Covestro AG, Huntsman Corporation, Ashland Holdings Inc., SABIC |
| Segments Covered |
Product Type, Application, End-Use Industry, Manufacturing Process, Resin Type, Regional |
| Key Market Opportunities |
1 Lightweight Automotive Components2 Electronics and Electrical Applications3 Aerospace and Defense Composites4 Construction and Infrastructure |
| Key Market Dynamics |
Growing demand in transportation infrastructure and electronics Technological advancements and new product launches Increasing adoption in construction and automotive industries. Environmental concerns driving the demand for sustainable materials Stringent government regulations on plastics usage. |
| Countries Covered |
North America, Europe, APAC, South America, MEAÂ |
Frequently Asked Questions (FAQ) :
The Thermosetting Plastics Market is estimated to be valued at around USD 14.39 Billion in 2023, showcasing a steady growth trajectory.
The Thermosetting Plastics Market is anticipated to grow at a steady Compound Annual Growth Rate (CAGR) of approximately 3.38% during the forecast period, indicating a promising growth outlook.
The Asia-Pacific region is projected to lead the Thermosetting Plastics Market throughout the forecast period, primarily driven by the increasing demand from industries such as automotive, electronics, and construction in the region.
Thermosetting Plastics find extensive applications across various industries, including automotive components, electrical and electronics, aerospace, construction, and consumer goods, owing to their exceptional properties such as high strength, dimensional stability, and resistance to heat and chemicals.
The Thermosetting Plastics Market is characterized by the presence of several prominent players, including BASF, Huntsman Corporation, SABIC, Ashland Holdings Inc., and Hexion Inc., among others. These companies focus on innovation, product development, and strategic partnerships to maintain their competitive edge.
The growth of the Thermosetting Plastics Market is primarily attributed to factors such as increasing demand for lightweight and durable materials in the automotive and aerospace industries, rising construction activities, and growing adoption in electrical and electronics applications.
The Thermosetting Plastics Market faces certain challenges, including intense competition, volatile raw material prices, and environmental concerns associated with the production and disposal of thermosetting plastics.
The Thermosetting Plastics Market is witnessing the emergence of several trends, such as the development of bio-based and sustainable thermosetting plastics, advancements in manufacturing technologies, and increasing adoption of lightweight and high-performance composites.
The Thermosetting Plastics Market is projected to reach an estimated valuation of USD 19.4 Billion by 2032, reflecting a steady growth trajectory over the forecast period.
The automotive industry is anticipated to be a major driver of demand for Thermosetting Plastics, particularly for lightweight and durable components such as body panels, interior parts, and electrical components.
