Market Research Global Thermosetting Plastics Market Analysis 2018

The market for thermosetting plastics is expected to register a significant growth during the forecast
period, 2018 to 2023. This tremendous growth is significantly driven by the growing demand for
thermosetting plastics in growing construction industry.
Growing Construction Industry
Thermosetting plastics, such as polyurethane, epoxy, and phenolic are widely employed in paints &
coating applications in the construction industry, one of the major end-use industries for the global
market. The main applications of thermosets and thermoset-matrix composites in building and
construction include adhesives and sealants, thermal insulation, roofing, piping, bridge structures, and
repair and rehabilitation of civil structures. The rapid growth of construction industry with emerging
trends, like the use of fiber-reinforced polymer composites for the rehabilitation of aging structures is
anticipated to have a deeper impact on the global thermosetting plastics market in expanding the
market size.
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Polyurethane Segment to Dominate the Market
Polyurethane segment holds the major market share among the others, in 2017. The demand for the
thermoset polyurethane market is likely to grow owing to its significant use in construction in the form
of thermal insulators, flooring materials, and sealants. PU rigid foam market due to the excellent
insulation properties is gaining considerable importance in various end-user industries. PU is also used in
automotive industry for the manufacturing of seating and interior components, such as armrest,
headrest, headliners, and dashboard. Trend towards adopting lightweight and high-performance
material in vehicle manufacturing to improve fuel efficiency is likely to fuel the demand.
Asia-Pacific to Ignite the Market Growth
In 2017, Asia-Pacific accounted the largest regional market for thermosetting plastics with more than
35% of the global market share. Asia Pacific thermosetting plastics market is anticipated to witness
highest growth supported by the demand from major end-use industries, such as construction,
furniture, electronic, and automotive. Especially in China, the demand for thermosetting plastics has
grown at a fast pace from recent years, which further strengthens the position of Asia-Pacific region in
the global thermosetting plastics market.
Key Developments in the Market
March 2018: BASF launched a new product Basotect, which is flexible and open cell foam made of
thermosetting melamine resin. It is an ideal material for architects for the fine-tuning of room acoustics
Major Players: BASF Corporation, DowDuPont, Evonik Industries AG, Royal DSM NV and Solvay Plastics,
amongst others.
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thermosetting-plastics-market-segmented-by-type-end-user-industry-and-geography-growth-trends-
and-forecast-2018-2023