Thermosetting Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Thermosetting Plastics Market is segmented by Type (Unsaturated Polyesters, Polyurethanes, Phenolic, Epoxy, Amino, Alkyd, Vinyl Ester, and Other Types), End-user Industry (Construction, Adhesive and Sealants, Electronics and Appliances, Automotive, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Thermosetting Plastics in terms of revenue (USD million) for all the above segments.

Thermosetting Plastics Market Size

Thermosetting Plastics Market Summary
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Study Period 2018 - 2028
Base Year For Estimation 2022
CAGR < 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Thermosetting Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Thermosetting Plastics Market Analysis

The market for thermosetting plastics is expected to witness a CAGR of a little 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.

Thermosetting Plastics Industry Segmentation

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
Vinyl Ester
Other Types
End-user Industry
Adhesive and Sealants
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 and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Thermosetting Plastics Market Trends

This section covers the major market trends shaping the Thermosetting Plastics Market according to our research experts:

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.
Thermosetting Plastics Market : Private and Public Construction Spending, In USD Billion, United States, 2017-2022

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.
Thermosetting Plastics Market : CAGR by Region, 2023-2028

Thermosetting Plastics Industry Overview

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 Market Leaders

  1. Celanese Corporation



  4. INEOS

  5. BASF SE

*Disclaimer: Major Players sorted in no particular order

Thermosetting Plastics Market- Market Concentration.png

Thermosetting Plastics Market News

  • 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.

Thermosetting Plastics Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 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

      2. 4.2.2 Other Restraints

    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

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Unsaturated Polyesters

      2. 5.1.2 Polyurethanes

      3. 5.1.3 Phenolic

      4. 5.1.4 Epoxy

      5. 5.1.5 Amino

      6. 5.1.6 Alkyd

      7. 5.1.7 Vinyl Ester

      8. 5.1.8 Other Types

    2. 5.2 End-user Industry

      1. 5.2.1 Construction

      2. 5.2.2 Adhesive and Sealants

      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 and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


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

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Alchemie Ltd.​

      2. 6.4.2 Asahi Kasei Corporation

      3. 6.4.3 BASF SE

      4. 6.4.4 BUFA GmbH & Co. KG

      5. 6.4.5 Celanese Corporation

      6. 6.4.6 Daicel Corporation

      7. 6.4.7 DSM

      8. 6.4.8 Eastman Chemical Company

      9. 6.4.9 INEOS

      10. 6.4.10 Kanoria Chembond Pvt. Ltd.

      11. 6.4.11 Lanxess AG

      12. 6.4.12 LG Chem

      13. 6.4.13 Mitsubishi Engineering-Plastics Corporation

      14. 6.4.14 NIHON GOSEI KAKO Co.,Ltd​

      15. 6.4.15 Polynt S.p.A.

      16. 6.4.16 Resonac Holdings Corporation

      17. 6.4.17 Solvay

      18. 6.4.18 Sumitomo Bakelite Co., Ltd.​

      19. 6.4.19 U-PICA Company Ltd.

      20. 6.4.20 Westlake Corporation

    5. *List Not Exhaustive

    1. 7.1 Growing Demand for Bio-based Thermosetting Plastics

**Subject to Availability
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Thermosetting Plastics Market Research FAQs

The Thermosetting Plastics Market is projected to register a CAGR of less than 5% during the forecast period (2023-2028).

Celanese Corporation, LANXESS, DAICEL CORPORATION, INEOS and BASF SE are the major companies operating in the Thermosetting Plastics Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Asia Pacific accounts for the largest market share in the Thermosetting Plastics Market.

Thermosetting Plastics Industry Report

Statistics for the 2023 Thermosetting Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermosetting Plastics analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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