The Thermosets Market deals with the development and distribution of thermoset plastics or thermosetting polymers, which can be described as synthetic materials. Such thermosetting materials can only be moulded once, during the initial heating phase, and cannot be altered later in their shelf life. On the other hand, thermoplastic resin and other thermoplastic products can be heated up and altered multiple times according to usage preferences.
Despite this property of only being altered once, the R&D efforts undertaken by the Thermosets Market over the years has led to thermosetting resin developing positive properties like the ability to remain really strong even at extremely high temperatures.
Scope & Regional Forecast of the Thermosets Market
Since thermosetting polymers offer the dual advantage of being lightweight as well as providing an extremely high performance, the Thermosets Market expects thermoset products to fly off the shelves over the next few years. End-user industries from various sectors like construction and automobile are expected to drive this demand during the forecast period as both Asia-Pacific’s manufacturing hub works at a tremendous pace.
Another big consumer of thermoset technology is the paints as well as coatings sector, whose main concern during recent years has been the usage of more eco-friendly materials. As government regulations keep tightening, the coatings sector is aiming to anticipate the future of the market by transitioning towards bio-based base materials. To this end, thermoset product manufacturers have ramped up their R&D investments to focus on eco-friendly thermoset plastics.
Thanks to the presence of huge automotive manufacturing hubs, Asia-Pacific currently holds the largest share in the Thermosets Market. It is followed by Europe and North America in the stakes for the largest share. As far as future predictions are concerned, the countries located in Asia are predicted to register the fastest growth in demand during the forecast period. This is largely due to breakneck manufacturing pace being set by the gigantic automotive industry located there.
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Segmentations & Key Players Involved in the Thermosets Market
According to IndustryARC findings, the Thermosets Market can be broken down into various segmentations on the basis of –
Type: Polyester Resins, Epoxy Resins, Vinyl Ester Resins, Phenolic, Polyurethane and Others.
Application: Automotive, Consumer Goods, Electronics, Water Tanks, Chemical Tanks and Others.
Geographical Location: Europe, Asia-Pacific, North America and Rest of the World.
Some of the key players involved in the Thermosets Market according to IndustryARC are as follows:
- Chevron Phillips Chemical Company LLC
- Dow Chemical Company
- Eastman Chemical Company
- LyondellBasell Industries
- Asahi Kasei Chemical Corp
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