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Global Thermosetting Plastics Market to Grow at a CAGR of 5.2% During 2021-2026, Aided by the Rising Applications of the Product in Electronic Appliances

According to a new report by EMR titled, ‘Global Thermosetting Plastics Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of 5.2% in the forecast period of 2021-2026.

The market for thermosetting plastics is being propelled by the everyday electrical applications of thermosetting plastics like epoxies, phenolics, among others. Thermosetting plastics transform into small molecules during the chemical reaction, which is used in many types of processing, such as adhesive dispense, flip chip underfill, and application of the protective coating in electronic devices. Owing to chemical properties like heat resistance, thermosetting plastics are favourable in electrical appliances where resistance to high temperatures is required. This is augmenting the market growth of thermosetting plastics. Furthermore, the versatility of electronic devices, such as smartphones, microwaves, television, washing machines, and refrigerators, owing to the necessity of these appliances in the modern era, is positively influencing the industry growth of thermosetting plastics. In addition, thermosetting plastics are increasingly being preferred for their high recycling properties, hence adding to the industry growth. Moreover, the sustained demand for thermosetting plastics from the construction industry owing to chemical and physical properties like resistance to heat is boosting the market growth of thermosetting plastics globally.

Owing to the rising concerns regarding the negative impact of plastic polymers on the environment, the chemists at the Massachusetts Institute of Technology (MIT) are researching the development of ways to modify thermoset plastics with a chemical linker that makes the material much easier to break down, allowing them to retain their mechanical strength, thus making them reusable. Researchers showed that they produce a degradable version of thermoset plastic called pDCPD, break it down into powder, and use the powder for producing more pDCPD. It is further believed that the technique can be used to produce more such varieties of degradable thermoset plastics, thereby reducing the negative impact on the environment. Such research and development by established institutes to produce material that would be environment-friendly are generating growth prospects for thermosetting plastics and aiding the market growth. Further, various expansion strategies employed by the key players in the industry, such as Covestro AG (ETR: 1COV) and Celanese Corporation, is expected to bolster the market growth over the forecast period.

Market Analysis by Type, End-User Industry, and Region:

  • The market, on the basis of type, can be divided into unsaturated polyesters, polyurethanes, phenolic, epoxy, amino, alkyd, and vinyl ester, among others.
  • Based on end-user industry, the market can be divided into construction, adhesive and sealants, electronics and appliances, and automotive, among others.
  • The major regional markets for thermosetting plastics are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market for thermosetting plastics is being driven by favourable chemical and physical properties like resistance to heat, high structural integrity, flexibility, and high tensile strength for various industrial applications.
  • Demand for thermosetting plastics like epoxies and unsaturated polyesters from the construction industry is positively influencing industry growth.
  • Rapid industrialisation and urbanisation in developing countries owing to favourable government policies are strengthening the global market for thermosetting plastics.
  • Applications of thermosetting plastics in the electronic industry for adhesive dispensing, flip chip packaging, and protective coating is augmenting the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global thermosetting plastics industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for types, end-user industries, and major regions of thermosetting plastics.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global thermosetting plastics market are Covestro AG, Celanese Corporation, LANXESS AG, BASF SE, INEOS Group Holdings S.A., and Evonik Industries AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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