DUBLIN, October 19, 2021--(BUSINESS WIRE)--The "Thermosetting Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for thermosetting plastics is expected to witness a CAGR of more than 5% during the forecast period. A major factor driving the market studied is the growing construction industry in Asia-Pacific.
Asahi Kasei Corporation
BUFA GmbH & Co. KG
Eastman Chemical Company
Kanoria Chembond Pvt. Ltd.
Mitsubishi Engineering-Plastics Corporation
NIHON GOSEI KAKO Co.,Ltd
Satyen Polymers Pvt. Ltd.
SHOWA DENKO K.K.
Sumitomo Bakelite Co., Ltd.
U-PICA Company Ltd.
Key Market Trends
Increasing Demand from Construction Industry
Thermosetting plastics are the cross-linked polymers that are being widely used in construction activities because of their excellent properties such as chemical resistance, heat resistance, structural integrity, less in weight, providing hardness, insolubility, thermal and electrical resistance. Thermosetting plastics are being usually preferred for structural applications in buildings and architecture that include adhesives and sealants, thermal insulation, roofing, piping, bridge structures, and repair and rehabilitation of civil structures.
Epoxies and Unsaturated polyesters have wide applications in the construction industry. Epoxies are being used for pipes, tanks, pressure vessels, and tooling jigs and fixtures also reinforcements applications and exhibit high mechanical strength, chemical resistance, electrical insulating properties.
Unsaturated polyesters which are being used for roofs, awnings, skylight domes, partitions, wall siding, decorative fixtures, fences, bathroom accessories, the surfacing of concrete floors.
The demand for thermosetting plastics from developing economies, like China and India, is much more than the demand form developed countries, like United States and United Kingdom and others because of the rapid construction growth in the developing countries. In developed countries, the construction sector is mature, as compared to the construction sector in developing economies, which is growing drastically, fuelled by the growing population and increasing urbanization.
China to Dominate the Asia-Pacific Market
In Asia-Pacific, China is the largest economy, in terms of GDP. In 2019, the country witnessed about 6.1% growth in its GDP, despite having trade disturbance, caused due to its trade war, with the United States. Currently, the Chinese economy has been severely hit with the COVID-19 outbreak. The country was by far the worst affected nation with the virus outbreak beginning in the country itself. All the major manufacturing industries have taken a major hit as the entire nation has gone into a self-quarantine situation to contain the virus outbreak.
According to the National Bureau of Statistics of China, in the first three months of 2020, the nation's GDP has declined by 6.8% marking the first decline in about 44 years. According to International Monetary Fund (IMF) projections, the real GDP annual percent change in China is projected to be 1.2% in 2020 and the country is expected to witness a growth rate of 9.2% in 2021, subject to the post-pandemic global economic recovery.
In China, the Construction industry has a prominent role in the growth of the country's economy and is one of the largest industries in the country. The sector has witnessed a significant growth even in middle of economic crisis. This is due to the country's belief that infrastructure investment is an option to boost economic growth during slow down. Similar kind of investments are expected in the construction industry to push the economic growth, back to recovery post covid-19. The construction activity in the country resumed from April, after implementation of lockdown when almost all industries have been shutdown in January.
In 2019, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019 which are estimated to be completed by 2023 as revealed by According to National Development and Reform Commission and also the growing demand for housing is likely to drive the residential construction in the country both in public and private sectors. The new hotels projects in the country increased by about 15% in 2019, the increase in construction of tall buildings, and hotels is driving the market studied.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Construction Industry in Asia-Pacific
4.1.2 Rising Demand for Polyurethane in the Automotive Industry
4.2.1 Stringent Government Regulations
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Technological Snapshot
5 MARKET SEGMENTATION
5.2 End-user Industry
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Bio-based Thermosetting Plastics
7.2 Emerging Applications in Composites
For more information about this report visit https://www.researchandmarkets.com/r/9je8qi
View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005562/en/
Laura Wood, Senior Press Manager
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