THERMOSETTING PLASTICS MARKET ANALYSIS

Thermosetting Plastics MarketSize and Trends

The global thermosetting plastics market size was valued at US$ 127,332.15 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 4.72% from 2023 to 2030. The global thermosetting plastics market is primarily driven by the rise in building and construction activities around the world. These constructions involve the laying of roofs, piping, insulation, and adhesives and sealants, as well as other civil structure repairs and rehabilitation activities. In addition, the growth in demand for epoxies and unsaturated polyesters is also expected to drive the market growth. These materials are widely used for bathroom fixations, pipes and tanks, decorative furniture, and other industrial products owing to their excellent mechanical and anti-corrosive properties. Moreover, thermosetting plastics are highly resistant to high operating temperatures, corrosion, UV exposure, aggressive chemicals, oils, and automotive fluids.

Global Thermosetting Plastics Market Trends:

Bio-based thermosetting plastics is a recent trend

Due to the dwindling of fossil resources and environmental concerns, research on alternative and bio-based thermosets is increasing. These materials are widely used in different end use industries such as aerospace, automotive, microelectronics, and sporting products for their durability, strength, and thermal resistances. Moreover, these materials can also be recycled and reused to minimize the overall carbon footprint. Bio-based monomers and polymers can be synthesized from renewable sources such as lignocellulose, algae, eucalyptus, and other plants, microorganisms, and bacteria.

Rise in residential construction in the U.S

According to the US Census Bureau, the total residential housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,353,000, representing a 5% growth over the March 2019 rate of 1,288,000. The total number of privately‐owned housing starts in March was at a seasonally adjusted annual rate of 1,216,000 representing 1.4% growth over March 2019 rate of 1,199,000 depicting a growth for the market in the country.