February 15, 2025
Thermosetting Plastics Market

Thermosetting Plastics Market is Expected to be Flourished by Growing Electrical and Electronics Industry

Thermosetting plastics are resistant to high temperatures, non-melting solid plastics when cured. They are used in electrical components, construction materials, adhesives, coatings, and laminates owing to their heat and chemical resistance properties. Some common thermosetting plastics include epoxy, polyester, phenol-formaldehyde, and melamine formaldehyde. They are used in electrical components, coatings, laminates, automobile components, construction materials and more.

The global thermosetting plastics market is estimated to be valued at US$ 133342.23 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The electrical and electronics industry has been booming globally owing to growth in consumer electronics, automotive electronics, smart infrastructure, internet of things, renewable energy solutions, and more. Thermosetting plastics like epoxy, polyester, and polyurethane find wide usage in manufacturing printed circuit boards, communication devices, sensors, insulation of wires and cables. Their properties like heat resistance, dimensional stability, and mechanical strength make them suitable for such applications. The growing electronics demand is thus fueling growth of thermosetting plastics consumption.

Market Dynamics:

One of the key drivers for the thermosetting plastics market is the growing electrical and electronics industry, as referred in the heading. The electronics industry has seen steady growth over the past few decades led by consumer electronics like smartphones, laptops, televisions. Additionally, increasing penetration of electronics in automotive, industrial automation, renewable energy, and various other end use industries is supporting market growth. Thermosetting plastics are widely used in manufacturing printed circuit boards, wires and cables insulation, sensors, semiconductor packaging and more owing to their heat resistance and mechanical strength properties essential in such applications.

Another driver is increasing demand from the construction industry. Thermosetting plastics like epoxy, polyester, and phenol find applications as adhesives, sealants, coatings in flooring, paints, fiberglass reinforced plastics (FRP) used in building construction. Properties like water and chemical resistance along with strength make them suitable. Global construction industry has seen steady growth over the decades especially in developing regions of Asia pacific and Latin America which is driving volumes.

Segment Analysis:

The thermosetting plastics market is dominated by the resin sub-segment. Resins find major applications as composite matrices and are used for manufacturing composite materials due to their dimensional stability, heat resistance, and other properties. They accounted for over 60% of the global market share in 2023 owing to their dominance in applications such as construction, transportation, wind energy, aerospace and others.

PEST Analysis:

  • Political: The government regulations regarding emission levels and fuel efficiency standards are driving the adoption of thermosetting plastics in industries such as automotive and aerospace for manufacturing lightweight components.
  • Economic: The global economy recovered post-pandemic leading to increased demand from end-use industries such as construction and transportation which propelled the growth of the thermosetting plastics market.
  • Social: Rising environmental awareness increased the use of composites made from thermosetting plastics for their recyclability and reuse properties.
  • Technological: Developments in additive manufacturing expanded the applications of thermosetting plastics in industries. Innovations in resin formulations improved mechanical, thermal and chemical resistance properties.

Key Takeaways:

The Global Thermosetting Plastics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The Asia Pacific region dominated with over 40% market share in 2023 led by China, Japan and India. These countries have seen rapid industrialization and infrastructure development which boosted the demand for thermosetting plastics.

Regional analysis:

The Asia Pacific region is projected to be the fastest growing region during the forecast period supported by increasing manufacturing activities and construction spending in the region. Countries such as China and India offer huge growth potential owing to low labor costs and improving economic conditions.

Key players:

Key players operating in the thermosetting plastics market are Alchemie Ltd., Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, Eastman Chemical Company, INEOS, Lanxess AG, LG Chem and Solvay.

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

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →