increasing demand from developing countries is driving the Thermosetting Plastics Market
Technavio analyzes that the Thermosetting Plastics Market is expected to grow at a CAGR of 4.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 48 billion.There are various factors that contribute to the growth of the market. The thermosetting plastics market is experiencing significant growth due to increasing demand from developing countries. These economies are witnessing a surge in industrialization and infrastructure development, leading to a heightened need for thermosetting plastics in various end-use industries such as construction, automotive, and electrical and electronics. This trend is expected to continue, fueling the expansion of the thermosetting plastics market in the coming years.
The construction industry's shift towards lightweight, durable, and high-performance materials has fueled the expansion of the global thermosetting plastics market. Epoxy-based materials, such as epoxy resins, phenolic resins, and polyurethanes, are preferred choices due to their superior mechanical properties, chemical resistance, and thermal stability. These thermosetting plastics are indispensable in producing essential components for modern construction projects, including adhesives, coatings, insulation, and structural parts. The infrastructure development boom, particularly in emerging economies, is a major growth driver for the market. Moreover, the emphasis on sustainable and energy-efficient building practices is further boosting the adoption of thermosetting plastics, as they contribute significantly to weight and energy reduction in buildings. Key applications include the production of lightweight components for automotive industries, such as steering wheels and air filters, as well as appliances, chemical processing equipment, and roofing materials. Ensuring top-notch quality and repairability is crucial for these industries, making thermosetting plastics an attractive option due to their cross-linking properties that enable them to withstand extreme temperatures, heat, oil, and other harsh conditions.
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Thermosetting Plastics Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Thermosetting plastics, a category of advanced materials, offer superior performance in construction materials due to their corrosion resistance, thermal resistance, and fire resistance. Engineering plastics, including composite materials and fiber-reinforced polymers, exhibit creep resistance, impact resistance, and chemical resistance. Bio-based polymers contribute to circular economy and sustainable building materials. Thermosetting plastics' advanced properties, such as electrical conductivity, UV resistance, and di-electrical properties, provide competitive advantage in industrial design and manufacturing processes. High-performance plastics, like polyurethane foam, offer cost-effective solutions for automotive parts, noise reduction, and performance optimization. Material science and polymer science continue to innovate with renewable plastics, structural composites, additive manufacturing, and recycling solutions, enhancing durability, water resistance, and thermal conductivity for green building and 3D printing applications.
The global commodity chemicals market encompasses businesses specializing in the production of industrial and fundamental chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notable commodity chemicals include polyethylene, polyethylene terephthalate (PET), polyester resins, polymer composites, and molding compounds. Technavio determines the size of the global commodity chemicals market based on the consolidated revenue generated by manufacturers of these chemicals. Key growth drivers for this market include the expanding demand for thermosetting plastics, particularly in the production of wall panels, mechanical power transmission components, anchor bolt adhesives, and fuel-effective polyhydric alcohols. The packaging industry's increasing preference for lightweight, corrosion-resistant materials, such as PET and polyethylene, further fuels market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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