Paragrph: Thermosetting plastics, also known as thermosets,
are synthetic polymers that irreversibly cure through chemical or physical
cross-linking when heated. They offer properties such as lightweight,
toughness, and resistance to heat, solvents, and electricity. Thermosetting
plastics are widely used in the automotive industry to manufacture parts for
vehicles due to their superior heat resistance and mechanical properties. In
construction, they are used to make fiberglass reinforced plastic panels,
pipes, fittings, and floor and wall coverings. The growing automotive and
construction industries globally are majorly driving the demand for
thermosetting plastics.
The Global Thermosetting Plastics Market
is estimated to be valued at US$ 139635.99 Mn in 2024 and is expected to
exhibit a CAGR of 4.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Thermosetting Plastics market are Veriato,
Hubstaff, Time Doctor, Toggl, Sapience Analytics, Idaptive Tech Solutions, Fair
Trak, Atom Security, Birch Grove Software, Forcepoint, Teramind, VeriClock,
iMonitor Software, INSIGHTS, Softactivity, WorkTime, Work Examiner, Splunk,
Microsoft, BMC Software.
Ther increasing applications of Thermosetting
Plastics Market Trends in various end-use industries such as
automotive, aerospace, machinery, and construction offer lucrative
opportunities for market players. Rapid urbanization and industrialization in
emerging economies of Asia Pacific and Latin America further augment the market
expansion.
Major players are focusing on tapping opportunities in emerging regions through
partnerships, expansions, mergers and acquisitions. For instance, in 2021, BMC
Software acquired Jimdo to strengthen its foothold in the European market.
Market Drivers
One of the major drivers for thermosetting plastics market is the growing
demand from the automotive industry. Thermosetting plastics provide high
strength, lightweight, and resistance to heat and electricity, making them
suitable for manufacturing various automotive parts such as brake pads, tires,
hoses, dashboards, seat belts, airbags, etc. The expanding global automotive
production is expected to drive the consumption of thermosetting plastics
during the forecast period.
PEST Analysis
Political: The thermosetting plastic market is subjected to various
environmental regulations across regions. Stringent regulations regarding the
use of toxic and hazardous materials in production can impact market growth.
Economic: Factors such as GDP, disposable incomes and industrial production
directly affect the demand for thermosetting plastics from end-use industries
like construction, automotive, electrical and electronics. Volatility in crude
oil prices impacts raw material costs.
Social: Increased awareness towards sustainability and use of recyclable/green
materials is prompting manufacturers to develop bio-based and
environment-friendly thermosetting plastic variants.
Technological: Advancements in material science and production technologies
assist in developing thermosetting plastics with enhanced properties and
performance. New production techniques help lower costs. Automation in
production aids productivity and quality.
Geographical Regions
The Asia Pacific region currently dominates the global thermosetting plastics
market in terms of value, led by growing industrial and construction activities
in major economies like China and India. North America and Europe are other
sizable markets, driven by established end-use industries.
Thermosetting
Plastics Market Regional Analysis in developing Latin American and
Middle Eastern countries is projected to witness the fastest value growth
during the forecast period due to rapid urbanization, infrastructure
development and rising standards of living in these regions.
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Plastics Market
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Author:
Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)
