Thermosetting Plastics Market size was over USD 140.68 billion in 2024 and is poised to exceed USD 252.43 billion by 2037, witnessing over 4.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of thermosetting plastics is evaluated at USD 145.86 billion. The significant growth of the automotive industry across the world will primarily drive the thermosetting plastics market growth of thermosetting plastic. Passenger cars compose up the biggest share of motor vehicle sales across the world, showing approximately 70.4 percent of sales. China and the United States were the biggest markets for this segment in 2022, partially because of a culture of mass motorization widespread in the United States. China was one of the markets where passenger vehicle sales came back out from their 2020 decline, with the country’s 2022 sales volume some 9.9 percent over 2019 sales.
The main drivers of the raised requirement for plastics in car production are the connected themes of electrification and lightweight. Regional renewability efforts are incentivizing the conversion to fresh energy vehicles, specifically electric vehicles (EVs). By 2040, it is anticipated that battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) will contribute to 60% of international passenger vehicle manufacturing. The batteries utilized in EVs develop a substantial weight penalty – recently, an average medium-sized battery electric vehicle is around 37% more weighty than its conventional combustion engine. Higher weight converts to lower fuel effectiveness, so car producers are more and more turning to lighter substitutes to steel like aluminum and polymer composites to balance the issue.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
∼4.6% |
Base Year Market Size (2024) |
USD 140.68 billion |
Forecast Year Market Size (2025-2037) |
USD 252.43 billion |
Regional Scope |
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Type (Unsaturated Polyesters, Polyurethanes, Phenolic, Epoxy, Amino, Alkyd, Vinyl, Ester)
The unsaturated polyesters segment will grow the most by the forecast period and will hold almost 43% in the thermosetting plastics market because of its outstanding thermal opposition, high strictness, high creep power, di- electrical properties, and supreme chemical flexibility properties. Unsaturated polyester resin in the international automotive composites market seems encouraging with scopes in different applications, comprising pickups, closure panels, body panels, fenders, GOR (grille opening strengthening), heat shields, and headlamp specula. The UPR in the international automotive composites market is projected to reach a USD 600.6 million by 2028 at a CAGR of 5% from 2022 to 2028. The major operators for unsaturated polyester resin in the international automotive composites market expansion are the rising requirement for lightweight components and the execution advantages of enhanced composites over rival components. This will help to grow this segment of the thermosetting plastics market in a superior way.
End User Industry (Construction, Adhesive & Sealant, Electronics & Appliances, Automotive)
The construction segment will have superior growth during the forecast period and will hold around 45% of the revenue share of the thermosetting plastics market owing to the increasing expansion of the construction industry across the world. Encouragingly, the industry projects to get back some expansion momentum in 2024. Believing there is a modification of international economic steadfastness, anticipates recommending output expansion will grow by 3% and touch a yearly average of 4.2% between 2025 and 2027. Investment in the infrastructure and the energy and usefulness sectors is a major driver of complete construction output expansion. International economic expansion has slowed in the past 12 months due to high inflation and clamping financial situations, which are also restricting investment. Challenges to the international construction industry comprise the high costs of construction components and labor deficiencies. Thus, these will help this segment to have the highest growth in the thermosetting plastics market.
Our in-depth analysis of the global thermosetting plastics market includes the following segments:
Type |
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Moulding Process |
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End-Use Industry |
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APAC Market Statistics
The thermosetting plastic market in the Asia Pacific industry is likely to dominate majority revenue share of 39% by 2037. This growth will be noticed owing to the increasing expansion of the construction industry in this region because of rapid industrialization. Despite setbacks in construction and real estate activities at the time of the first half of 2020 as the international epidemic hit countries in Asia Pacific, the region is anticipated to rapidly pick up in 2021 and keep healthy expansion over the forecast period. The Asia Pacific region is set to stay the key construction and real estate market, contributing to approximately 40% of the global industry’s output worth by 2030 and helping the thermosetting plastic market to grow massively.
North American Market Analysis
The thermosetting plastic market in the North America region will also encounter huge growth during the forecast period and will hold the second position owing to the advancement of electrical electronics sectors in this region. The profit produced in the Consumer Electronics market in North America is projected to be USD 193.6 billion in 2024. Electricity is basic to approximately all prospects of their lives and economy. The latest technologies, planning and functioning processes, grid architectures, and business practices will frame the electricity system and its lives for decades to come. Thus, North America will hold the second position in the thermosetting plastic market.
Celanese Corporation an international specialty materials and chemical organization, declared the launch of iDose TR by Glaukos Corporation utilizing Celanese’s VitalDose EVA to give constant drug release for the therapy of glaucoma. Several glaucoma and ocular hypertension patients are nonconforming with topical medication utilized because of intricate dosing regimens, adverse impacts, and eye-drop discrimination.
Celanese Corporation, an international specialty materials and chemical organization, declared it has been accepted by the U.S. Department of Energy (DOE)’s Office of Fossil Energy and Carbon Management as a Utilization Procurement Grants (UPGrants) vendor. Celanese is now the only producer offering low-carbon acetic acid under the ECO-CC product name, which positions the company to help municipalities meet the growing demand for more sustainable and circular solutions.
Author Credits: Rajrani Baghel
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