The thermosetting plastics market has gained significant traction in the recent years on account of its extensive usage in various end-use industries such as construction, automotive, aerospace, electrical & electronics, and others. Thermosetting plastics are widely utilized in housing components such as fittings and panels due to their sturdiness, weather resistance, and durability. They are also utilized in engine parts, brake pads, fuel systems, and wiring applications in the automotive industry. Their heat resistance properties make them suitable for applications in the aerospace industry as well. Growing investments in the construction and automotive industries across developing nations are anticipated to further propel the demand for thermosetting plastics over the next few years.
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 from 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. These players are focusing on new product launches and mergers & acquisitions to strengthen their presence in the global market.
Key opportunities in the Thermosetting Plastics Market Trends include increasing application of recyclable and eco-friendly thermosetting plastics. Manufacturers are investing in research & development activities to develop novel bio-based thermosetting polymers with enhanced properties.
Leading players are focused on expanding their thermosetting plastics business across global regions including Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Manufacturers are setting up new production plants in high growth markets to cater to rising local demand and benefit from lower transportation costs.
Market Drivers
Growing demand from various end-use industries such as construction, automotive, aerospace is expected to drive the global thermosetting plastics market during the forecast period. Easy availability of raw materials required for manufacturing thermosetting plastics coupled with their low cost of production further supports market growth. Their heat resistance, mechanical stability and weatherability properties make them suitable for applications in high performance industries.
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