Thermosetting Plastics Market - Forecast(2023 - 2028)

Report Code: CMR 32208 Report Format: PDF + Excel

Thermosetting Plastics Market Overview

Thermosetting Plastics Market size is expected to reach a value of US$76.1 billion by the end of the year 2026 and it is set to grow at a CAGR of 5.6% during the forecast period from 2021-2026. The increase in construction activities around the globe is one of the major factors driving the thermosetting plastics market. Thermosetting plastics such as vinyl ester are used for coatings in tanks, pipes, and flue stack linings of the construction industry. Unsaturated polyesters are usually used for the production of fiber-reinforced plastics for use in sanitary ware, tanks, and piping. Unsaturated polyesters are also considered eco-friendly as they have less volatile organic compound content. One of the main advantages of thermosetting plastics is that they can be put through injection molding, which helps in getting products of any shapes or forms. This is one of the factors driving the need and demand of the thermosetting plastics industry.

COVID-19 impact

Amid the Covid-19 pandemic, the thermosetting plastics market was affected in various ways. The operations of the thermosetting plastics market were abruptly put to a halt owing to the economic lockdown. This also went on to affect the various aspects of the thermosetting plastics industry such as imports, exports, sales and distribution, and others. It caused untoward consequences such as mass unemployment, closedown of markets, insolvencies, etc. However, the thermosetting plastics market witnessed a steady growth by the end of the year 2020 and is estimated to grow further and cover the industry’s loss towards the end of the year 2021.

Report Coverage

The report: “Thermosetting Plastics Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermosetting Plastics Market Industry.

By Type: Phenolic, Polyurethanes, Alkyds, Epoxy Resin, Vinyl Ester, and Others
By Application: Adhesive and Sealants, Pipeline, Insulation, Automobile Components, Consumer Appliances, and Others.
By End-Use Industry: Building & Construction, Electrical & Electronics, Automobile, Oil & Gas, Industrial, and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

  • Asia-Pacific market held the largest share in the thermosetting plastics market due to the increase in government initiatives for developing smart cities and modern infrastructures in countries like China and India.
  • The increase in construction activities coupled with the government initiatives for developing infrastructure is majorly driving the thermosetting plastics market.
  • The increase in demand for polyurethane in the automobile industry as well as building & construction industry.
  • Amid the Covid-19 pandemic, the thermosetting plastics market went through a lot of setbacks which lead to huge losses. It is however set to improve in the coming months of 2021.

FIGURE: Thermosetting Plastics Market Revenue, 2020-2026 (US$ Billion)

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Thermosetting Plastics Market Segment Analysis – By Resin Type

Epoxy resin held the largest share of 32% in the thermosetting plastics market in the year 2020. Epoxy resins and unsaturated polyesters are widely used for their properties like elasticity, exceptional chemical resistance and are relatively quick to cure. The unsaturated polyesters and epoxy resins are widely used in the construction industry. It is used in thermal insulation, roofing, piping, repair & maintenance activities and others, in the building and construction industry. The epoxy resin market is estimated to grow at an annual rate of 4% during the year 2021. This will lead to an increase in the growth of the epoxy resin segment in the thermosetting plastics market.

Thermosetting Plastics Market Segment Analysis – By Application

The adhesive and sealants segment held the largest share of 37% in the thermosetting plastics market in the year 2020. Adhesives and sealants are hugely used in the construction industry, which is driving the adhesives and sealants segment in the thermosetting plastics market. The increase in construction activities is hugely driving the use of adhesives and sealants products in the construction activities. According to Global Construction Perspectives and Oxford Economics report, the global construction industry is estimated to reach US$ 8 trillion by the year 2030. This is set to drive the use of adhesives and sealants in the construction industry.

Thermosetting Plastics Market Segment Analysis – By End-Use Industry

The building and construction segment held the largest share of 42% in the thermosetting plastics market in the year 2020. The increase in the population coupled with the need for infrastructure to accommodate the growing population is driving the growth of the thermosetting plastics market. For instance, according to the World Bank, the cost of expenditure in the construction industry across the world was estimated to reach US$11.9 trillion in the year 2020, which is an increase of 4.2% as compared to the previous year's expenditure. This leads to the increase in the use of thermosetting plastics in the construction industries for various activities including roofing, piping, insulating, and in adhesives and sealants.

Thermosetting Plastics Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 44% in the thermosetting plastics market in the year 2020. The increase in the growth of the construction industry and automobile industry in countries like China, India, and Japan is driving the thermosetting plastics market. Thermosetting plastics are used widely in the automobile sector for various purposes like interior parts etc. In the long-term development plan for the automotive industry, the Chinese government set a goal for 2020, to reach an annual sales of 2 million for their new energy vehicles (NEV). This will increase the growth of the automobile industry which will eventually increase the demand for the thermosetting plastics market in the region.

Thermosetting Plastics Market Drivers

Increase in the demand from the automobile industry

The increase in demand for polyurethane from the automobile industry is driving the thermosetting plastics market. Polyurethanes foam is used in the arm rests, head rests, cushioned instrument panels and other parts of a car’s interior. According to the International Organization of Motor Vehicle Manufacturers, the total production of cars and commercial vehicles amounted to 91.78 million units globally in the year 2019. The increase in the production of vehicles eventually increase the demand of thermosetting plastics as they are extensively used in the production of interior components of the cars and other commercial vehicles. 

Government initiatives in infrastructure

The increase in the government initiatives regarding the infrastructure facilities is hugely driving the thermosetting plastics market as they are widely used in the construction activities. Thermosetting plastics are widely used in adhesives and sealants, insulation, piping activities and other appliances such as toilet-wares and kitchen appliances. For instance, the Chinese Government came up with an initiative called ‘New Type Urbanization Plan’ wherein the government aims at developing the nation’s infrastructure by the year 2020. Initiatives like this are hugely driving the thermosetting plastics market as they are used in many of the construction activities.

Thermosetting Plastics Market Challenges

Strict regulations on the disposal of thermosetting plastics waste

There are various stringent government regulations by various government bodies on the disposal of waste derived from the production of thermosetting plastics. The non-fulfilment of such regulations attract legal actions from the government. This is one of the major challenges faced by the thermosetting plastics market. For instance, according to the Guidelines for Disposal of Thermoset Plastic Waste including Sheet moulding compound (SMC)/Fiber Reinforced Plastic (FRP) initative taken by the Ministry of Environment, Forest and Climate Change, Government of India, there are certain pre-requisites for co-processing of SMC/FRP polymer waste in cement plants like the local authority will collect the waste from the chemical plant as the plant must also maintain a record of the quantity received and utilized by them, so as to not leave a loophole in the quantity consumed by the chemical plant.

Thermosetting Plastics Market Industry Outlook

New product launches, expansion, collaborations, partnerships, investments, acquisitions and mergers are some of the key strategies adopted by players in the Thermosetting Plastics Market. Major players in the Thermosetting Plastics Market include:

  1. Daicel Corporation
  2. Celanese Corporation
  3. Covestro AG
  4. Mitsubishi Engineering Plastic Corporation
  5. Teijin Chemicals Limited
  6. SABIC Innovative Plastics
  7. Solvay Plastics
  8. Schulman Inc.
  9. LyondellBasell Industries
  10. Chevron Phillips Chemical Company LLC among others.

Acquisitions/Technology Launches

  • On July 20, 2020, Daicel Corporation acquired the engineering plastics segment of Celanese cooperation for US $1.575 billion. This acquisition will help Daicel Group to develop new products and diversify into other advanced engineering plastics.

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1. Thermosetting Plastics Market - Market Overview
    1.1 Definitions and Scope
2. Thermosetting Plastics Market - Executive Summary
    2.1 Key trends by Type
    2.2 Key trends by Grade
    2.3 Key trends by Application
    2.4 Key trends by End-Use Industry
    2.5 Key trends by Geography
3. Thermosetting Plastics Market – Landscape
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Thermosetting Plastics Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Thermosetting Plastics Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Thermosetting Plastics Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Thermosetting Plastics Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/ Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Thermosetting Plastics Market – By Type (Market Size -$Million/Billion)
    8.1 Phenolic
    8.2 Polyurethanes
    8.3 Alkyds
    8.4 Epoxy Resin
    8.5 Vinyl Ester
    8.6 Others
9. Thermosetting Plastics Market – By Grade (Market Size -$Million/Billion)
    9.1 Polyurethane Grade
    9.2 Manufacturing Grade
    9.3 Ether Grade
    9.4 Injection-Molding Grade
10. Thermosetting Plastics Market – By Application (Market Size -$Million/Billion)
    10.1 Adhesive and Sealants
    10.2 Pipeline
    10.3 Insulation
    10.4 Automobile Components
    10.5 Consumer Appliances
    10.6 Others
11. Thermosetting Plastics Market - By End-Use Industry (Market Size -$Million/Billion)
    11.1 Building and Construction
        11.1.1 Residential construction
            11.1.1.1 Independent homes
            11.1.1.2 Row homes
            11.1.1.3 Large Apartment Buildings
        11.1.2 Commercial construction
            11.1.2.1 Hospitals
            11.1.2.2 Hotels
            11.1.2.3 Retail
            11.1.2.4 Airports
            11.1.2.5 Others
        11.1.3 Infrastructure
            11.1.3.1 Roads and Highways
            11.1.3.2 Bridge
            11.1.3.3 Others
    11.2 Electrical and Electronics
    11.3 Automobile
    11.4 Oil and Gas
    11.5 Industrial
    11.6 Others
12. Thermosetting Plastics Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Indonesia
        12.3.6 Taiwan
        12.3.7 Malaysia
        12.3.8 Australia and New Zealand
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4  Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2  Nigeria
            12.5.2.3  Rest of Africa
13. Thermosetting Plastics Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Thermosetting Plastics Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix- Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Thermosetting Plastics Market – Key Company List by Country Premium Premium
16. Thermosetting Plastics Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"