Japan Thermoset Plastics Market Rapid Grow Due to Technological Innovations

The key players in Japan thermoset plastics market are adopting a technological innovation strategy to develop a new range of thermoset plastics, which ensures superior durability for end products. Thus, the recent technological advancements are favoring the launch of a new range of thermoset plastics in Japan, equipped with advanced features, which in turn, is driving the market growth.

According to the Markets and Data Research report, “Japan Thermoset Plastics Market Assessment, Opportunities and Forecast, FY2018-FY2032F”, Japan thermoset plastics market is expected to observe a CAGR of 5.38% during the forecast period FY2025-FY2032, rising from USD 5,107.88 million in FY2023 to USD 8,204.15 million in FY2032F. The generation of wind energy and electric vehicles (EVs) have led to a boom in global thermoset plastic market in Japan. Through sopfosterted recycling techniques, the industry generates income and fosters economic expansion. For instance, in 2023, the Japan Wind Power Association (JWPA) reports that, Japan's wind power capacity reached 5,213.4 MW, marking a significant milestone in the adoption of renewable energy. Regulating single-use plastics, has made it harder for Japan's thermoset plastic sector to flourish, which might divert investment. Consequently, the market is growing rapidly due to the electrical and electronics sector spurring the demand for more durable materials, such as thermoset polymers.

Spread through 119 pages, the "Japan Thermoset Plastic Market" report includes an in-depth TOC, over 20 market data figures, latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways:

1 - While Japan places a strong emphasis on resource conservation, the country's limited recycling infrastructure and current shift towards eco-friendly thermoset plastic alternatives in electrical and electronics sector is growing need for materials with exceptional durability, propelling the expansion of the thermoset plastics market in Japan.

2 - The use of thermoset polymers in the production of corrosion-resistant tanks, pipelines, and insulating materials is anticipated to increase further as Japan makes more investments in the upgrading of its oil and refinery facilities as well as in infrastructure development.

3 - Production of unsaturated polyester resins, polyurethane foam, and epoxy resins showed notable increases, suggesting a continued need for these products in Japan thermoset plastic market.

4 - The Act on the Promotion of Resource Circulation for Plastics, which was introduced in April 2022, is one of the instances of a government policy that encourages resource conservation and recycling and raises public awareness that could hinder the market growth.

5 - As Japan continues to engage in infrastructure expansion and modernization of its oil and refinery facilities, the rise in the use of thermoset plastics in the production of corrosion-resistant pipes, tanks, and insulating materials is anticipated to increase.

6 - In FY2023, the top 5 players hold significant market share in Japan thermoset plastics market, characterized by processing type, key players, and substantial demand for essential applications.

7 - Rapidly advancing government investments in infrastructure development projects related to renewable energy are expanding the adoption of thermoset plastics in Japan. Despite the stability of thermoset plastics market, Japan's poor recycling infrastructure and current trend towards eco-friendly thermoset plastic alternatives can hinder the future growth of the industry.

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Japan thermoset plastics market is segmented in the following categories:

By Type: Unsaturated Polyesters, Polyurethanes, Epoxy, Phenol Formaldehyde Resins, Phenolic, Amino, Alkyd, Vinyl Ester, and Others
By Processing Method: Compression Molding, Injection Molding, Filament Winding, and Others
By Application: Adhesive and Sealants, Pipelines, Insulation, Automobile Components, Electronic Components, and Others
By End-use Industry: Transportation, Power Generation, Oil Refineries, Steel, Fertilizers, and Others
By Region: North, Central, and South

Based on type, Japan thermoset plastics market in FY2024, the maximum revenue share attributed to the epoxy segment. The remarkable mechanical strength, chemical resistance, and adhesive qualities of epoxy resins make them adaptable materials. Their application is extensive in composites, adhesives, coatings, and electronic encapsulation. For instance, DIC has developed an epoxy resin curing agent that is both recyclable and resistant to high temperatures. This agent helps to improve product performance and minimize environmental effect when thermosetting polymers are remolded. Accordingly, the market is expanding due to Japan's growing need for epoxy resins to preserve its exceptional adhesion capabilities.

Lightweighting breakthroughs in electric vehicles (EVs) has contributed as a major driver for Japan thermoset plastic market. The combined efforts of thermoset plastic organizations in Japan and worldwide have revived thermoset resin molding which demonstrates the capacity to contribute to lightweighting vehicle parts of an electric vehicle significantly. The new advancement shows the thermoset plastic market's ability to meet the growing need for light stuff in cars. The industry is focused on improving injection and clamping to make thermosets molding more accurate and effective. For instance, Nissei Plastic's N-SAPLI system helps control resin flow, making parts more precise and better. Also, firms like Sumitomo Bakelite, Nissei Plastic, and others are making electronics coverings better, with cheaper and more exact ways than before.

Based on the end-use industry, transportation led the market share in FY2024. The development of lightweight car components that improve fuel economy and lower emissions frequently uses thermoset polymers. Due to their strength and lightweight nature, thermoset materials are becoming more popular in the automotive industry, especially for electric and hybrid cars. This is demonstrated by the fact that Japan's motor vehicle production increased to 8.9 million units in December 2023.

Green options such as biobased plastic and recycled plant fiber are growing in Japan. The demand for these alternatives may divert attention and investment from traditional thermoset plastics as consumers and businesses increasingly prioritize sustainability. Also, new and better sustainable plastics, like the vitrimer epoxy resin developed by researchers at the University of Tokyo, make it even harder for thermoset plastic to stay ahead in the market.

Major Companies Operating in Japan Thermoset Plastics Market Include:

·         Mitsui Chemicals, Inc.

·         KISCO Ltd.

·         NIPPON STEEL Chemical & Materials

·         INOAC CORPORATION

·         LANXESS

·         Celanese Japan Co., Ltd.

·         Daicel Corporation

·         Kitamura Chemicals Co.Ltd.

·         Huntsman International LLC.

·         NIHON GOSEI KAKO Co.,Ltd

Daicel Corporation dominated the market due to its extensive portfolio of thermoset plastic products, including phenolic resins, epoxy resins, and urethane foams.

For instance, in July 2020, Daicel Corporation acquired Celanese Corporation's plastic engineering business for USD 1.58 billion. The acquisition aimed to diversify into other advanced engineering plastics and develop new products. Therefore, the recent acquisitions are boosting the market competition in Japan thermoset plastics market.

“Japan Thermoset Plastics Market Assessment, FY2018-FY2032F”, evaluates the future growth potential of Japan thermoset plastics market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make more strategic investment decisions for their organizations. Moreover, the report also identifies and examines the emerging trends along with key drivers, challenges, and opportunities in Japan thermoset plastics market.

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