Thermosetting Plastics Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 5.00% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thermosetting Plastics Market Analysis by Mordor Intelligence
The Thermosetting Plastics Market is expected to register a CAGR of less than 5% during the forecast period.
- The COVID-19 pandemic negatively impacted the market. Given the pandemic, construction projects were temporarily halted to prevent the spread, limiting demand for thermosetting plastic materials. However, the industry picked up speed in 2021, and the market is expected to follow a similar trajectory throughout the projection decade.
- The expanding construction sector in Asia-Pacific is a primary driver of the market under consideration. Furthermore, increased demand for polyurethane in the automotive industry is expected to boost the market growth. On the contrary, stringent government regulations on the usage of thermosetting plastics as a material are likely to hamper the growth of the market studied.
- The growing demand for bio-based thermosetting plastics will likely act as an opportunity for market growth in the coming years. Asia-Pacific dominates the global market, with the largest consumption from countries such as China and India.
Global Thermosetting Plastics Market Trends and Insights
Increasing Demand from Construction Industry
- Thermosetting plastics are cross-linked polymers that are widely used in construction activities due to their excellent properties such as chemical resistance, heat resistance, structural integrity, being lighter in weight, providing hardness, insolubility, thermal and electrical resistance, and so on. Thermosetting polymers are typically favored for structural applications in buildings and architecture, such as adhesives and sealants, thermal insulation, roofing, piping, bridge constructions, and civil structure repair and rehabilitation.
- Epoxies and unsaturated polyesters have wide applications in the construction industry. Epoxies are used for pipes, tanks, pressure vessels, tooling jigs, fixtures, and reinforcements applications and exhibit high mechanical strength, chemical resistance, and electrical insulating properties.
- According to Oxford Economics, the worldwide construction industry is predicted to reach USD 13.3 trillion by 2025. According to the United Census Bureau, overall construction spending in the United States in December 2022 was USD 1,809.8 billion. On a month-on-month basis, the construction sector increased by 7.7% in December compared to December 2021, with total spending reaching USD 1,681.0 billion. This, in turn, would have aided the growth of the thermosetting plastics market.
- Eurostat, in its report, also stated that construction in housing accounted for about 5.6% of the EU GDP in 2021. This proportion varied across the EU, ranging from 7.6% in Cyprus to 7.2% in Germany and Finland, 1.3% in Greece, 2.1% in Ireland, 2.2% in Latvia, and 2.3% in Poland. Moreover, the Indian construction sector is predicted to develop at a compound annual growth rate (CAGR) of 7.8%, from USD 250 billion in 2022 to USD 530 billion in 2027.
- During the forecast period, the growing construction industry in the above-mentioned countries is a crucial driving factor for the thermosetting plastics market.
Asia-Pacific to Dominate the Market
- The Asia-Pacific construction sector is one of the largest, and it has been steadily developing due to the presence of fast-growing countries, rapid urbanization, and rising infrastructure spending. Aside from the construction sector, the automotive industry, the adhesives and sealants market, and the electronics industry are all prominent sectors in the region that play an important role in the market's evolution throughout the Asia Pacific region.
- The construction business in China plays an important role in the country's economic growth and is one of the largest industries in the country. According to the National Bureau of Statistics (NBS) of China, construction output in China was valued at around CNY 276 billion (USD 40 billion) in the fourth quarter of 2022, representing a 50% increase over the previous quarter (USD 27.6 billion).
- According to Japan's Ministry of Land, Infrastructure, Transport, and Tourism (MLIT), overall investment in the construction sector in 2022 was roughly JPY 66,990 billion (USD 508.16 billion), a 0.6% rise over the previous year.
- In its annual report for 2022, the Philippine Statistical Authority (PSA) also stated that motorcars and motorbike maintenance contributed significantly to the country's 7.6% GDP growth over the previous year. The segment was the most important contributor, accounting for around 8.7% of overall growth.
- Moreover, in India, the India Brand Equity Foundation (IBEF), in its report, stated that in the Union Budget 2022-23, the government announced an outlay of INR 60,000 crores (USD 7.72 billion) for the Ministry of Road Transport and Highways.
- China is also the largest producer and consumer of automotive vehicles. The China Association of Automobile Manufacturers (CAAM) reported that, compared to the previous year, China's automobile sales increased by about 2.1% in 2022. In comparison to the 26.27 million automobiles sold in the year 2021, around 26.86 million were sold in 2022.
- This investment growth led to an increase in construction activities and electronics in the automotive industry, leading to an expected increase in the demand for thermosetting plastics over the forecast period.
- As a result of these factors, the thermosetting plastics market is expected to experience moderate growth in the initial years of the forecast period.
Competitive Landscape
The thermosetting plastics market is fragmented, with no company holding a major share in the market (in terms of revenues generated). Prominent companies in the market are using different strategies to meet consumer demand. The top manufacturers of the global thermosetting plastic market include (not in any particular order) Celanese Corporation, Anxess, Daicel Corporation, Ineos, and BASF SE, among others.
Thermosetting Plastics Industry Leaders
-
Celanese Corporation
-
LANXESS
-
DAICEL CORPORATION
-
INEOS
-
BASF SE
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- April 2022: Prince International Corporation acquired two companies named, Ferro Corporation and Chromaflo Technologies to form one new company. Both these companies manufacture and sell additives and colorant products for the manufacturing of thermosetting plastics. Post the acquisition, the newly formed company will operate asVibrantz Technologies Inc.
- February 2022: Westlake Chemical Corporation completed the acquisition of Hexion Inc.'s global epoxy business for approximately USD 1.2 billion in an all-cash transaction.
Global Thermosetting Plastics Market Report Scope
A prepolymer known as a thermosetting polymer, also called a thermoset, is created by permanently hardening a soft solid or viscous liquid. Thermoset plastics are man-made materials that strengthen when heated but cannot be successfully remolded or reheated once heat-formed or molded.
The thermosetting plastics market is segmented by type, end-user industry, and geography. By type, the market is segmented into unsaturated polyesters, polyurethanes, phenolic, epoxy, amino, alkyd, vinyl ester, and other types. By end-user industry, the market is segmented into construction, adhesives and sealants, electronics and appliances, automotive, and other end-user industries. The report also covers the market size and forecasts for the thermosetting plastics market in 15 countries across major regions.
For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Unsaturated Polyesters |
| Polyurethanes |
| Phenolic |
| Epoxy |
| Amino |
| Alkyd |
| Vinyl Ester |
| Other Types |
| Construction |
| Adhesive and Sealants |
| Electronics and Appliances |
| Automotive |
| Other End-user Industries |
| Asia-Pacific | China |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific | |
| North America | United States |
| Canada | |
| Mexico | |
| Europe | Germany |
| United Kingdom | |
| Italy | |
| France | |
| Rest of Europe | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle-East and Africa | Saudi Arabia |
| South Africa | |
| Rest of Middle-East and Africa |
| Type | Unsaturated Polyesters | |
| Polyurethanes | ||
| Phenolic | ||
| Epoxy | ||
| Amino | ||
| Alkyd | ||
| Vinyl Ester | ||
| Other Types | ||
| End-user Industry | Construction | |
| Adhesive and Sealants | ||
| Electronics and Appliances | ||
| Automotive | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| North America | United States | |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
| Middle-East and Africa | Saudi Arabia | |
| South Africa | ||
| Rest of Middle-East and Africa | ||
Key Questions Answered in the Report
What is the current Thermosetting Plastics Market size?
The Thermosetting Plastics Market is projected to register a CAGR of less than 5% during the forecast period (2025-2030)
Who are the key players in Thermosetting Plastics Market?
Celanese Corporation, LANXESS, DAICEL CORPORATION, INEOS and BASF SE are the major companies operating in the Thermosetting Plastics Market.
Which is the fastest growing region in Thermosetting Plastics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Thermosetting Plastics Market?
In 2025, the Asia Pacific accounts for the largest market share in Thermosetting Plastics Market.
What years does this Thermosetting Plastics Market cover?
The report covers the Thermosetting Plastics Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Thermosetting Plastics Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Page last updated on:
Thermosetting Plastics Market Report
Statistics for the 2025 Thermosetting Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermosetting Plastics analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
