Press release
Thermosetting plastics production is expected to reach 41.96 million tonnes by 2020 showing a CAGR of 3.7%
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The major trend driving the thermosetting plastics market is the growing demand for Developing countries like India, China and Brazil, and is reflected in growing production of thermosetting plastics: in 2015 production of thermosetting plastics amounted to 34.99 million tonnes.
Global thermosetting plastics production is currently estimated to be 34.99 million tonnes in 2015 and is expected to reach 41.96 million tonnes by 2020 showing a compound annual growth rate of 3.7%. Asia-Pacific currently dominates the market for thermosetting plastics followed by North America and Europe. The developing regions of South America and Asia Pacific are expected to increase its market share in the future owing to the growing purchasing power in the developing countries.
Our thermosetting plastics current data shows that Europe and North America remain interesting as locations for research and development and also important as sales markets. However, the establishment of new production capacities is favored in the Middle East region.
Thermosetting plastics are used in an increasing number of markets from Construction, Adhesives & Coatings, Electrical & electronics, Automotive & transportation and a number of other segments.
Drivers
China's demand for thermoset plastics has grown at a fast pace in the past decade. In the next five years, both production and demand will continue to grow and will be the principal driver for global thermosetting plastics demand to 2020. The rapid increase in downstream processing capacity additions, primarily geared towards export markets, will be the main driver of the demand in the future. The study indicates that innovations in packaging, rising living standards and population, growing demand in end user markets, and emerging economies are anticipated to boost the industry.
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Challenges
The industry is expected to face certain challenges such as regulatory standards to reduce CO2 emissions, fluctuation of crude oil prices, and product commoditization.
What the report contains
The report elucidates the situation of thermosetting plastics around the world and studies the markets of the thermosetting plastics type which include Alkyds (Polyester resin), Epoxies (Epoxy resin), Epoxies (Epoxy resin), Polyurethane and others.
Lastly, the report is divided by geography - North Americas, Europe, the Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 6 years. The various applications of thermosetting plastics have been discussed in detail in addition to a comprehensive overview of the market.
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