Market Size of Thermosetting Plastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| 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 |
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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.
