Thermosetting Plastics Market - Growth, Trends, and Forecast (2019 - 2024)

The Market is segmented by Type (Alkyds, Epoxies, Amino, Polyurethane, Phenolic, Vinyl Ester Resin, and Other Types), End-user Industry (Construction, Adhesive and Sealant, Electronics and Appliances, Automotive, and Other End-user Industries), and Geography.

Market Snapshot

Market Summary - Thermosetting Plastics
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The market for thermosetting plastics is expected to witness a CAGR of more than 5% during the forecast period of 2019–2024. The major factor driving the market is the increasing demand for polyurethane in the automotive industry. Stringent government regulations are expected to hinder the growth of the market studied.

  • The construction industry dominated the market in 2018, and it is expected to grow during the forecast period.
  • The rising demand for bio-based thermosetting plastics is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world with the largest consumption from countries, such as China and India.


Scope of the Report

The thermosetting plastics market report includes:

Vinyl Ester Resin
Other Types
End-user Industry
Adhesive and Sealant
Electronics and Appliances
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Demand from Construction Industry

  • Thermosetting plastics are synthetic materials, which strengthen on being heated, but cannot be remolded after the initial heat forming. These plastics have different product types, with each having their unique set of properties. Epoxies, exhibit elasticity, and exceptional chemical resistance are relatively easy to cure. Phenolics are brittle, strong, and hard, and it can be easily molded.
  • Construction is the major end-user industry for the market. The main applications of thermosets and thermoset-matrix composites in building and construction include adhesives and sealants, thermal insulation, roofing, piping, bridge structures, and repair and rehabilitation of civil structures.
  • The construction industry is showing a positive growth in Asian countries, such as India, China, Malaysia, and ASEAN countries, among others, owing to the increasing population and infrastructure demand.
  • Moreover, the Indian construction sector has been growing rapidly with increased investment by the government. The Indian government's ‘Housing for All by 2022’ is also a major game changer for the industry. The growth of commercial real estate has been driven largely by service sectors, especially IT-ITeS. The government’s initiative to develop smart cities and to build almost 30 million homes by 2022, is likely to propel the demand for thermosetting plastics.
Segmentation - Thermosetting Plastics Market

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Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share in 2018.
  • Thermosetting plastics’ demand in China is expected to increase with the growing end-user industries, like construction, automotive, and electronics and appliances.
  • The Chinese construction industry is expected to rise at a good rate and provide opportunities for the market studied. Government initiatives, like ‘One Belt, One Road’, are providing opportunities for the country to accelerate transport infrastructure projects.
  • Additionally, ‘New Type Urbanization Plan’ has focused on the development of buildings, industrial parks, and refurbishing old buildings.
  • The Chinese automotive sector is the largest market in the world and various government initiatives are driving the sector. These are further adding to the demand for the market studied.
Regional - Thermosetting Plastics Market

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Competitive Landscape

The thermosetting plastics market is partly fragmented and is dominated by very few players. Some of these major players include BASF SE, LG Chem Ltd, Evonik Industries AG, Royal DSM NV, and Solvay SA.

Major Players

  1. BASF SE
  2. Evonik Industries AG
  3. Royal DSM NV
  4. Solvay SA
  5. LG Chem Ltd

* Complete list of players covered available in the table of contents below

Market Concentration - Thermosetting Plastics

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Construction Industry in Asia-Pacific

      2. 4.1.2 Rising Demand for Polyurethane in the Automotive Industry

    2. 4.2 Restraints

      1. 4.2.1 Stringent Government Regulations

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Technological Snapshot


    1. 5.1 Type

      1. 5.1.1 Alkyds

      2. 5.1.2 Epoxies

      3. 5.1.3 Amino

      4. 5.1.4 Polyurethane

      5. 5.1.5 Phenolic

      6. 5.1.6 Vinyl Ester Resin

      7. 5.1.7 Other Types

    2. 5.2 End-user Industry

      1. 5.2.1 Construction

      2. 5.2.2 Adhesive and Sealant

      3. 5.2.3 Electronics and Appliances

      4. 5.2.4 Automotive

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East & Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East & Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Arkema SA

      2. 6.4.2 Asahi Kasei Corporation

      3. 6.4.3 BASF SE

      4. 6.4.4 DowDuPont

      5. 6.4.5 Celanese Corporation

      6. 6.4.6 Chevron Phillips Chemical Company LP

      7. 6.4.7 LyondellBasell Industries

      8. 6.4.8 Daicel Corporation

      9. 6.4.9 Eastman Chemical Company

      10. 6.4.10 Evonik Industries AG

      11. 6.4.11 Lanxess AG

      12. 6.4.12 LG Chem Ltd

      13. 6.4.13 Mitsubishi Engineering Plastic Corporation

      14. 6.4.14 Polyplastic Co. Ltd

      15. 6.4.15 Royal DSM NV

      16. 6.4.16 SABIC Innovative Plastics

      17. 6.4.17 Solvay Plastics

      18. 6.4.18 Teijin Chemicals Limited

      19. 6.4.19 A. Schulman Inc.

      20. 6.4.20 INOES

      21. 6.4.21 Dyneon LLC

      22. 6.4.22 Rochling Group

    5. *List Not Exhaustive

    1. 7.1 Growing Demand for Bio-based Thermosetting Plastics

    2. 7.2 Emerging Applications in Composites

**Subject to Availability

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