The global thermoset plastics market is evaluated at US$468.952 billion for the year 2019 and is projected to grow at a CAGR of 3.31% to reach the market size of US$589.017 billion by the year 2026.
Thermoset plastics are polymers that become stiff when heated irreversibly. Heat treatment of a liquid or soft solid substance provides the required energy for chemical processes to occur, resulting in increased cross-linking between polymer chains and the formation of a new material known as thermosetting plastic.
Favorable characteristics lead to increased adoption.
Because of the three-dimensional network of linkages evident in the chemical structure of thermosetting polymers, they have more strength. The usability of thermosetting polymers in high-temperature applications up to decomposition temperature is another remarkable feature. The thermosetting plastic will be more resistant to heat degradation and chemical assault because it has a greater aromatic content and cross-link intensity. The mechanical strength and hardness of thermosetting plastics are improved by increasing cross-link density, but they become brittle and disintegrate before melting.
Thermosetting polymers have the disadvantage of being unable to be melted and remolded after curing. The ability of thermosetting polymers to be recycled is limited by this characteristic.
Original equipment manufacturers and replacement parts employ products made from compounded thermosetting plastic in the manufacturing of factory-finished structural composites, composite repair, and protective materials.
Rising utilization by the booming construction industry to drive market growth.
The market's primary end-user industry is construction. Adhesives and sealants, thermal insulation, roofing, pipelines, bridge constructions, and repair and rehabilitation of civil structures are some of the primary uses of thermosets and thermoset-matrix composites in building and construction. Due to rising population and infrastructure demand, the construction sector is expanding in growing Asian economies like India China, Malaysia, and ASEAN countries, among others.
For instance, with increased government investment, the Indian construction sector has been quickly developing. The Indian government's initiative, "Housing for All by 2022," is also a turning point for the sector. The service industry, particularly IT-ITeS, has been a major driver of commercial real estate expansion. The government's plan to construct smart cities and build almost 30 million houses by 2022 is expected to boost thermosetting plastics demand.
Research and Development for recyclable thermosets to offer opportunities.
In the not-too-distant future, new recyclable thermosets will take the place of regular thermosets. Scientists are focusing on improving thermoset characteristics and developing Poly, a new recyclable thermosetting plastic (hexahydrotriazine). To withstand global competition, large businesses must now devote their combined efforts to new inventions, research and development, and the introduction of upgraded versions of products.
CVC Thermoset Specialties, a North American specialty chemical producer serving the industrial composites, adhesives, and coatings sectors, has been acquired by Huntsman Corp in June 2020. CVC Thermoset Specialties, with its highly specialized toughening, curing, and other additives, fits into Huntsman's strategy of expanding its specialty advanced materials portfolio, as these products provide enhanced performance in harsh environments, such as durability, flexibility, and chemical, crack, and impact resistance.
Increasing utilization in manufacturing of composites to raise market demand.
In the worldwide polymer market, thermoset materials have a significant presence. One of the key driving drivers of the thermoset plastics market is the rising demand for thermosetting polymers in the manufacturing of composites. Aerospace, cars, and consumer electronics are just a few of the industries that use thermoset plastics the most. As a result, thermoset plastics goods will see increasing use in the near future.
Mitsubishi Gas Chemical announced its entry into the advanced composites industry in June 2021 with the creation of its NEXX Technologies Advanced Materials Business Unit, which is part of Mitsubishi Gas Chemical America, the company's subsidiary. NEXX Technologies will also debut a collection of thermoset and thermoplastic platforms that span the majority of the performance spectrum. The focus will be on high-performance segments for structural and radome performance in a variety of aerospace, space, and urban air transportation applications.
Asia Pacific region is predicted to dominate the market.
During the forecast period, the Asia Pacific region is expected to dominate the market. The thermosetting plastics market is projected to be led by China and India. Furthermore, the efforts of the ruling governments in India and China to build smart cities and contemporary infrastructure are expected to substantially contribute to the growth of the thermosetting plastics market. According to the National Development and Reform Commission, the Chinese government certified 26 infrastructure projects worth USD 142 billion in 2019 that are expected to be completed by 2023. Additionally, the growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors. The number of new hotel projects in the country grew by nearly 15% in 2019, owing to a rise in tall building development, which is pushing the market researched.
Because of an increase in the number of permissions given for residential complexes and single-family houses, North America is anticipated to have a significant market share.
|Market size value in 2019||US$468.952 billion|
|Market size value in 2026||US$589.017 billion|
|Growth Rate||CAGR of 3.31% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Material Type, Thermoset Molding Process Type, Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||B & B Plastics Inc, B. Schoenberg & Co, PARC Corporation, Custom Polymers Incorporation, American Packaging Corporation, United Plastic Recycling, Norwich Plastics, Berry Plastics Corporation, TEIJIN LIMITED, DuPont|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the thermoset plastics market size by 2026?
A1. The thermoset plastics market is projected to reach a market size of US$589.017 billion in 2026.
Q2. What is the size of global thermoset plastics market?
A2. Thermoset Plastics Market was valued at US$468.952 billion in 2019.
Q3. What are the growth prospects for the thermoset plastics market?
A3. The global thermoset plastics market is projected to grow at a CAGR of 3.31% over the forecast period.
Q4. Which region holds the maximum market share of the thermoset plastics market?
A4. North America is anticipated to have a significant share of the thermoset plastics market owing to an increase in the number of permissions given for residential complexes and single-family houses.
Q5. What factors are anticipated to drive the thermoset plastics market growth?
A5. Rising utilization by the booming construction industry to drive thermoset plastics market growth.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Thermoset Plastics Market Analysis, by Material Type
6. Thermoset Plastics Market Analysis, by Thermoset Molding Process Type
6.2. Reactive injection molding
6.3. Compression molding
6.4. Extrusion molding
6.5. Spin casting
7. Thermoset Plastics Market Analysis, by Industry
7.4. Consumer Electronics
7.6. Adhesives and Coatings
8. Thermoset Plastics Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. B & B Plastics Inc
10.2. B. Schoenberg & Co
10.3. PARC Corporation
10.4. Custom Polymers Incorporation
10.5. American Packaging Corporation
10.6. United Plastic Recycling
10.7. Norwich Plastics
10.8. Berry Plastics Corporation
10.9. TEIJIN LIMITED
B & B Plastics Inc
B. Schoenberg & Co
Custom Polymers Incorporation
American Packaging Corporation
United Plastic Recycling
Berry Plastics Corporation
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