Thermosetting Plastics Market - Growth, Trends, and Forecast (2020 - 2025)
The market for thermosetting plastics is expected to witness a CAGR of more than 5% during the forecast period. The major factor driving the market is the increasing demand for polyurethane in the automotive industry. Stringent government regulations are expected to hinder the growth of the market studied.
The construction industry dominated the market, and it is expected to grow during the forecast period.
The rising demand for biobased thermosetting plastics is likely to act as an opportunity in the future.
AsiaPacific dominated the market across the world with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand from Construction Industry
Thermosetting plastics are synthetic materials, which strengthen on being heated, but cannot be remolded after the initial heat forming. These plastics have different product types, with each having their unique set of properties. Epoxies, exhibit elasticity, and exceptional chemical resistance are relatively easy to cure. Phenolics are brittle, strong, and hard, and it can be easily molded.
Construction is the major enduser industry for the market. The main applications of thermosets and thermosetmatrix composites in building and construction include adhesives and sealants, thermal insulation, roofing, piping, bridge structures, and repair and rehabilitation of civil structures.
The construction industry is showing a positive growth in Asian countries, such as India, China, Malaysia, and ASEAN countries, among others, owing to the increasing population and infrastructure demand.
Moreover, the Indian construction sector has been growing rapidly with increased investment by the government. The Indian government's ‘Housing for All by 2022’ is also a major game changer for the industry. The growth of commercial real estate has been driven largely by service sectors, especially ITITeS. The government’s initiative to develop smart cities and to build almost 30 million homes by 2022, is likely to propel the demand for thermosetting plastics.
AsiaPacific Region to Dominate the Market
The AsiaPacific region dominated the global market share.
Thermosetting plastics’ demand in China is expected to increase with the growing enduser industries, like construction, automotive, and electronics and appliances.
According to a study by Institution of Civil Engineers (ICE), the global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by China, India, and the United States region.
Globally, AsiaPacific has the largest construction market which is led by India, China, and various Southeast Asian countries. In India, the government has initiated projects such as 100 smart cities and ‘Housing for All by 2022’ which are expected to immensely drive the residential construction market in India through the forecast period. The country has even experienced significant interest from foreign investors in its infrastructural sector.
The Chinese construction industry is expected to rise at a good rate and provide opportunities for the market studied. Government initiatives, like ‘One Belt, One Road’, are providing opportunities for the country to accelerate transport infrastructure projects.
Additionally, ‘New Type Urbanization Plan’ has focused on the development of buildings, industrial parks, and refurbishing old buildings.
All these construction activities are likely to drive the thermosetting plastics market in the AsiaPacific region during the forecast period.
The thermosetting plastics market is partly fragmented with no major player accounting for a clear dominance in the market. Some of these major players include BASF SE, LG Chem, Evonik Industries AG, Royal DSM, and Solvay, among others.
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