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Global Thermosetting Plastics Market Growth Accelerated by Adoption in Various End-Use Industries

Thermosetting Plastics Market

Thermosetting plastics have superior properties such as high heat resistance, mechanical strength, and dimensional stability. They are used in various applications like electronics, transportation, construction, and coatings & paints. The thermosetting plastics provide protection and electrical insulation in automotive and electrical components.

The global Thermosetting Plastics Market is estimated to be valued at US$ 133342.23 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

The adoption of thermosetting plastics is increasing across industries like automotive, construction and electronics due to their properties such as heat resistance, strength and stability. The demand is primarily driven by the need for lightweight and durable components used in vehicles, pipes and fittings for construction and components requiring insulation used in electronic appliances. The superior corrosion and heat resistance offered by thermosetting plastics has increased their preference over other plastics in these industries. The growth in end-use industries is expected to drive the demand for thermosetting plastics at a significant rate during the forecast period.

Segment Analysis:

The global thermosetting plastics market is dominated by the epoxy resins segment which accounts for over 30% of the total market share. Epoxy resins are widely used across end-use industries such as construction, automotive, aerospace due to their excellent mechanical, thermal, electrical and moisture resistant properties. They are also cost effective compared to other thermosetting plastics such as phenolic resins. The phenolic resins segment is the second largest segment and finds applications in wood adhesives, molding compounds, laminates etc due to good heat resistance and electrical insulation properties of phenolic resins.

Key Takeaways:

The Global Thermosetting Plastics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach US$ 196276.43 Mn by 2030, expanding at a CAGR of 4.7% during the forecast period.

Regional analysis:

Asia Pacific dominates the global thermosetting plastics market and accounted for over 35% of the global market share in 2023. Rapid industrialization and infrastructure growth in countries such as China and India is driving the demand for thermosetting plastics in the region. The construction industry is a major consumer of thermosetting plastics such as epoxy and phenolic resins in Asia Pacific.

Key players:

Key players operating in the thermosetting plastics market are Alchemie Ltd., Asahi Kasei Corporation, BASF SE, BUFA GmbH & Co. KG, Celanese Corporation, Covestro AG, Daicel Corporation, DSM, Eastman Chemical Company, INEOS, Kanoria Chembond Pvt. Ltd, Lanxess AG, LG Chem, Mitsubishi Engineering-Plastics Corporation, Nihon Gosei Kako Co. Ltd, Polynt SpA, Satyen Polymers Pvt. Ltd, Showa Denko KK, Solvay, Sumitomo Bakelite Co. Ltd, and U-PICA Company Ltd. The major players are focusing on expanding their production capacities and geographical reach to strengthen their market position.

Explorer more information on this topic, Please visit - 

https://www.insightprobing.com/thermosetting-plastics-market-share-and-demand-analysis/ 

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