Global Thermosetting Plastics Market - 2022-2029

Global Thermosetting Plastics Market - 2022-2029

Market Overview

The Global ""Thermosetting Plastics Market"" is expected to grow at a high CAGR during the forecasting period (2022-2029).

A prepolymer made by irreversibly hardening a soft solid or viscous liquid is acknowledged as a thermosetting polymer, also known as a thermoset. The curing process is accelerated by high pressure, mixing with a catalyst or applying the right amount of heat or radiation. Thermoset plastics are man-made substances that become stronger when heated but cannot be successfully remolded or reheated once they have been heat-formed or molded. Molded products and component protection from aggressive chemicals, including oils and automotive fluids, UV exposure, corrosion and high operating temperatures are provided by thermoset molding materials.

Market Dynamics

These material property advantages make thermosets suitable for various end-use applications in harsh environments, including electrical parts, automotive powertrains, transmission components, and exterior products. By offering dimensional and chemical stability against moisture, extreme heat and operating temperatures, electric voltage and chemicals or automotive fluids, a thermoset molding process protects the integrity of a part or product assembly throughout its life expectancy.

Furthermore, the expanding demand for polyurethane in the automotive sector is probably favorable to market expansion. Thermosets are also used in producing a wide range of goods, including textiles, mattresses, thermal insulators, medical supplies, adhesives, tires, shoes and more.

Owing to benefits including corrosion and steam resistance, excellent thermal properties, heat resistance and superior thermal insulation, the demand for thermosets in construction is driving market growth

Cross-linked polymers, known as thermosetting plastics, are frequently used in construction because of their exceptional qualities, including chemical and heat resistance, structural integrity, light weight, imparting hardness, insolubility and thermal and electrical resistance. For structural uses in buildings and architecture, such as adhesives and sealants, thermal insulation, roofing, piping, bridge structure and repair of civil structures, thermosetting plastics are typically preferred. For Instance, in April 2020, U.S. Census Bureau reported that the value of all private construction at US$ 1,00,405 million, with the value of construction for educational institutions at US$ 14,913 million and healthcare facilities at US$ 36,764 million. Additionally, the region's residential construction is likely to be boosted by the growing number of partnerships between foreign investors and domestic construction players.

Owing to these benefits, the growing construction industry will augment the sales of the thermosetting plastics market during the forecast period.

Lack of skilled labor and resources hinders the market growth

The market for thermosetting plastics is constrained by a lack of skilled labor and resources to create products using these materials. Additionally, thermosetting plastics are used to restore and upkeep civil structures. The inability of thermosetting plastics to be recycled and remolded into new products is one of the major barriers that are likely to have a negative effect on the market for these materials.

COVID-19 Impact Analysis

The COVID-19 outbreak had immediate and long-term effects on various sectors, which could impact the global thermosetting plastics market. The expansion of the building industry across many nations is a major force behind the demand for thermosetting plastics. However, the recent COVID-19 outbreak caused a lockdown, temporarily halted construction work and limited demand for thermosetting plastics in the construction sector. Owing to the halt and shutdown in global production of electronic goods, automotive and other industries, the world economies had severely impacted.

Once the lockdown uplifted, the construction, automotive and other sectors witnessed skyrocketed growth as, after the outbreak, manufacturers came up with new and advanced strategies, which propelled the demand for the thermosetting plastics market globally.