THERMOSETTING PLASTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Thermosetting Plastics Market Drivers:

Increasing construction activities in Asia Pacific region to foster market growth

Construction sector is the key end user of thermosetting plastics. They are used to fabricate roofing, thermal insulation, bridge structures, piping, and repair and rehabilitation of civil structures. According to the Coherent Market Insights analysis, the global construction sector is expected to expand in real terms by an annual average of 3.2%, to a nominal value of approximately US$ 12 trillion. The construction industry in Asia Pacific is expected to become the largest and fastest-growing industry across the globe, with approximately 45% share of the global construction spending coming from the region.

Rising demand for polyurethane from automotive sector to augment market growth

PU has lightweight and flexibility properties with high strength and durability. They are used to manufacture car seat cushioning, steering wheels, headrests, noise-suppressing carpets, and air filters. According to car manufacturers, by choosing PU, they can significantly improve the quality, safety, and cost-effectiveness of modern cars, while enhancing the automobiles’ technical, environmental, and economic performance

Global Thermosetting Plastics Market Opportunities:

Increasing application in healthcare sector is expected to provide significant growth opportunities. They are used to develop variety of medical devices, such as catheters and tubes. They are abrasion-resistant, flexible and tough, and offer excellent protection against grease and oil. Moreover, these materials are also used in a large number of applications for manufacturing electronic housings and appliances and chemical processing equipment. They are strong, resistant to heat and chemicals, and able to handle frequent temperature changes.

Growing application of thermosetting plastics in composite material application is also expected to serve major growth opportunities. They are used to create a variety of different composite materials, such as epoxy resins, polyimide, and phenolic. These are commonly used in the aerospace and military sectors to produce parts and structures that can withstand a wide range of environments. These polymers are typically made from long-chain molecules, called polymers. They are then joined together in a process known as cross-linking, which can be achieved through heating and curing.

Global Thermosetting Plastics Market Restraints:

Strict government regulations

Various regulations has been implemented to ensure plastics protection and reduce the risks posed by chemicals. For instance, The EPRA Resin Production Use Descriptors (ERPUD) list does not have any stand-alone general legal ‘use nomination’ function from the EPRA for individual raw material suppliers for phenolic resins production or their Associations/REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) Consortia. This is posing challenges for the market growth.

Complications associated with manufacturing process

There are some disadvantages to this method of manufacturing process which is expected to hamper the market growth. It is difficult to achieve a smooth and even finish on the surface of the part being made. This may result in small defects, which can be difficult to correct. Furthermore, the material needs to be cooled before it can be reshaped or molded into its final form. This process is not as efficient for creating a high quantity of parts, which can be problematic in an industrial setting. This is because the process of reshaping and curing the part requires a great deal of energy. The process can also be time-consuming, depending on the size and complexity of the part being created.