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The thermosetting plastics market share is expected to increase by USD 56.07 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.58%.
This thermosetting plastics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermosetting plastics market segmentation by application (construction, automotive, electronics, adhesives and sealants, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The thermosetting plastics market report also offers information on several market vendors, including Arkema SA, Alchemie Ltd., Asahi Kasei Corp., BASF SE, BUFA GmbH and Co. KG, Celanese Corp., Covestro AG, Daicel Corp., Dow Inc., Eastman Chemical Co., Evonik Industries AG, INEOS Group Holdings SA, LANXESS AG, LG Chem Ltd., LyondellBasell Industries NV, Rochling SE and Co. KG, SABIC, Solvay SA, and Teijin Ltd. among others.
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The increasing demand from developing countries is notably driving the thermosetting plastics market growth, although factors such as volatility in crude oil price may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermosetting plastics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermosetting Plastics Market Driver
One of the key factors driving the global thermosetting plastics market growth is the increasing demand from developing countries, such as China, India, Indonesia, Brazil, and South Africa. Thus, manufacturers are relocating their manufacturing plants to these countries, owing to factors such as the availability of land, inexpensive labor, efficient supply of raw materials, and low transportation costs. The increasing population and high purchasing power in APAC are attracting heavy investments in the construction and automobile industries. According to The World Bank Group, the population of China reached 1.41 billion in 2020. Other factors such as lenient regulations on the use of plastics and rapid construction growth in the region are expected to positively impact the thermosetting plastics market during the forecast period.
Key Thermosetting Plastics Market Trend
Another key factor driving the global thermosetting plastics market growth is the rapid growth of the construction industry. The construction industry is the prominent end-user of thermosetting plastics owing to their excellent properties such as heat resistance, chemical resistance, less weight, insolubility, and thermal and electrical resistance. The government of different countries such as India, Indonesia, and Thailand is planning to invest in infrastructure development. Smart Cities Mission, Make in India, and Housing for All initiatives undertaken by the Indian government, will remain a huge driver for the construction industry of the country in the coming years. Moreover, in 2015, the government launched the Housing for All by 2022 program that aims at building houses for the urban poor by 2022, which will further support the market growth in the coming years.
Key Thermosetting Plastics Market Challenge
One of the key challenges to the global thermosetting plastics market growth is the fluctuating price of raw materials. The price of raw materials, such as polymers and resins, has been fluctuating since 2015. Moreover, the fabrication process for thermoset plastics starts with raw materials, such as propylene and ethylene, made from crude oil. Therefore, the prices of thermosetting plastics vary in tandem with the price of crude oil. In addition, despite the increase in Brent and WTI crude oil prices, the Energy Information Administration (EIA) witnessed downward price pressures in 2019. Moreover, the decline in oil prices has made advanced drilling activities, such as offshore exploration and the development of unconventional resources, economically challenging in regions such as Europe, the Middle East, and North America. Such factors can significantly impact the global thermosetting plastics market during the forecast period.
This thermosetting plastics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global thermosetting plastics market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermosetting plastics market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the thermosetting plastics market encompasses successful business strategies deployed by the key vendors. The thermosetting plastics market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermosetting plastics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermosetting plastics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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59% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for thermosetting plastics in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in the demand for thermosetting plastics from the automotive sector will facilitate the thermosetting plastics market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic led to a slowdown or halt in manufacturing activities in the region. This negatively impacted the demand for thermosetting plastics in various end-user industries, such as automotive, utility, building construction, and consumer electronics. However, the market is expected to rebound by the end of 2022, as various governments in the region have increased their budget allocation for the coming years. For instance, the Indian government has allocated USD 1.4 trillion for FY 2019-2025 under the National Infrastructure Pipeline. Such factors are likely to increase the demand for thermosetting plastics across end-user industries in APAC during the forecast period.
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The thermosetting plastics market share growth by the construction segment will be significant during the forecast period. The high demand from the construction industry owing to the excellent properties of thermosetting plastics such as heat resistance, chemical resistance, structural integrity, providing hardness, less weight, insolubility, and thermal and electrical resistance will drive the growth of the market in focus in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermosetting plastics market size and actionable market insights on post COVID-19 impact on each segment.
Thermoformed plastics market - The market share is expected to increase to USD 9.73 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.11%.
Aerospace plastics market - The market share is expected to increase by USD 125.67 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.57%.
Medical plastics market - The market share is expected to increase to USD 9.37 billion from 2021 to 2026, at a CAGR of 6.07%.
Antimicrobial Plastics market - The market share has the potential to grow by USD 9.6 billion during 2019-2023, and the market's growth momentum will accelerate throughout the forecast period.
Engineering Plastics market - The marker share is expected to increase by USD 35.81 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.15%.
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Thermosetting Plastics Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
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Market growth 2022-2026 |
$ 56.07 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.75 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 59% |
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Key consumer countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Arkema SA, Alchemie Ltd., Asahi Kasei Corp., BASF SE, BUFA GmbH and Co. KG, Celanese Corp., Covestro AG, Daicel Corp., Dow Inc., Eastman Chemical Co., Evonik Industries AG, INEOS Group Holdings SA, LANXESS AG, LG Chem Ltd., LyondellBasell Industries NV, Rochling SE and Co. KG, SABIC, Solvay SA, and Teijin Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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