Thermosetting Plastics Market Size

Thermosetting Plastics Market size is expected to reach USD 3 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of thermosetting plastics was USD 1 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.