Thermosetting Plastics Market Will Grow At Highest Pace Owing To Increasing Construction Activities And Demand For Lightweight Materials

The thermosetting plastics market comprises thermoset resins such as unsaturated polyester resins, phenol-formaldehyde resins, amino resins, epoxy resins and others. Thermosetting plastics are one of the most commonly used polymers due to their resistance to high temperatures and chemicals. They find widespread application across end use industries including construction, automotive, aerospace and marine among others. The global construction industry is witnessing significant growth on account of increasing urbanization and industrialization which is driving the demand for thermosetting plastics due to their lightweight and durable properties.


Key Takeaways

Key players operating in the thermosetting plastics are Veriato, Hubstaff, Time Doctor, Toggl, Sapience Analytics, Idaptive Tech Solutions, Fair Trak, Atom Security, Birch Grove Software, Forcepoint, Teramind, VeriClock, iMonitor Software, INSIGHTS, Softactivity, WorkTime, Work Examiner, Splunk, Microsoft, BMC Software. Growing construction activities across the globe are fueling the demand for thermosetting plastics in applications such as pipes, panels, coatings etc. Technological advancements are allowing thermosetting plastics manufacturers to develop bio-based and recycled content thermosetting resins with improved properties.

Market Trends

Growing demand for lightweight materials from automotive industry: Weight reduction has become an important factor in the automotive industry to improve fuel efficiency. Thermosetting plastics offer 40-60% weight savings compared to metals. Hence, auto manufacturers are increasingly incorporating engineered plastics to produce lighter vehicles.

Increase in R&D of bio-based thermosetting resins: Major players are investing in R&D to develop bio-based and recycled content thermosetting resins using raw materials such as plant-based oils and recycled plastic waste. This will help reduce dependency on petroleum-based feedstock and improve sustainability.

Market Opportunities

Recycling of thermoset waste: Large amount of thermoset plastic waste is generated during production processes as well as from end of life products. Development of advanced recycling techniques to recover and reuse this waste will create new revenue streams for manufacturers.

Growing demand from emerging economies: Emerging nations in Asia Pacific and Middle East are witnessing rapid infrastructure growth and increase in manufacturing activities. This provides huge growth potential for thermosetting plastics market in the coming years.

Impact of COVID-19 on Global Thermosetting Plastics Market Size

The COVID-19 pandemic has impacted the growth of the thermosetting plastics market. During the pandemic, the implementation of lockdowns led to shutdowns of production facilities and supply chain disruptions. This negatively affected the demand and supply of thermosetting plastics from various end-use industries like construction, transportation, electronics, and packaging.

In the pre-COVID era, the increasing construction activities and growing automotive production were driving the demand for thermosetting plastics. However, during the pandemic, the construction industry came to a halt due to labor shortages and halted production facilities. Similarly, the automotive industry faced severe declines in production and sales. This led to reduced demand for thermosetting plastics from these key end-use industries in 2020 and 2021.

However, with the resumption of economic activities and lifting of lockdowns post 2021, the thermosetting plastics market has started recovering. The construction industry is witnessing a rebound with increasing investments in infrastructure projects. Similarly, the demand from automotive and electronics industries are rising backed by pent-up demand. This is propelling the growth of the thermosetting plastics market once again.

Going forward, the market is expected to continue gaining momentum over the forecast period. However, supply chain disruptions and uncertainty about future virus outbreaks remain key challenges. Thermosetting plastics manufacturers need to focus on establishing efficient supply chain networks and flexible production strategies to tackle unexpected disruptions. Collaboration with end-use industries is also important to ensure stable demand recovery in the post-COVID period.

In terms of value, North America is the largest consumer of thermosetting plastics, globally. The region accounted for over 30% of global thermosetting plastics demand in 2021. The US contributes significantly to this demand due to the large-scale presence of automotive, construction, and electronics industries in the country.

The Asia Pacific region is expected to be the fastest growing market for thermosetting plastics. Countries like China and India have a large population base and manufacturing sectors. This drives the need for thermosetting plastics from various applications. Moreover, the growing construction, automotive, and electronics manufacturing in Asia Pacific economies is propelling the demand. Increasing investment in infrastructure projects, urbanization, and rising disposable income levels are some of the key factors expected to support thermosetting plastics market growth in Asia Pacific over the forecast period.

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