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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.
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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.
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