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Thermoplastics Market Overview
Thermoplastics market size is forecast to reach US$33.8 billion by 2026, after growing at a CAGR of 6.4% during 2021-2026. Thermoplastic or thermo softening plastic, are a class of polymers that can be softened and melted by the application of heat, and can be processed either in the heat-softened state or in the liquid state by extrusion and injection molding. Thermoplastics market is growing as Engineering Thermoplastics such as the polyamides, polyesters, polycarbonate, polyacetals and acrylonitrile-butadiene-styrene (ABS) are extensively used in automotive, electronics and other industrial sectors. Thermoplastic composites have a number of characteristics, including low weight, high strength, a weather-resistant finish, and a variety of surface textures. As a result, demand for thermoplastic composites in the aerospace industry is expected to increase at a rapid rate and substantially during growing during the forecast period.
COVID-19 Impact
Currently, due to the COVID-19 pandemic, the lockdown restriction,
the supply chain was disrupted, restriction was imposed on cross border import,
as a result the global demand for
polyethylene and polypropylene, which has been steady in Thermoplastic Market
for the last 25 years, has decreased in 2020.
The automobile industry is feeling the lack of demand for plastic, with sales
considerably lower than the level before restrictions were introduced.
Most notably, food packaging has seen a huge rise in demand as a result
of panic buying, contamination fears, and longer transport
times. Single-use plastics have
also seen a rise, again due to their reduced risk
of cross-contamination. Items such as disposable cups, straws, and stirrers which were
all set to start being phased out have come back into popularity
over the last year. Single-use plastic for PPE(Personal
Protective Equipment) has also been in high demand for the
frontline workers during covid-19 Pandemic. Thus the market is growing steadily
instead of the small economic disruption.
Report Coverage
The report: “Thermoplastics Market – Forecast (2021-2026)”,
by IndustryARC, covers an in-depth analysis of the following segments of
the Thermoplastic Market.
By Type: Acrylonitrile
Butadiene Styrene (ABS), Acrylic, Nylon, Polyactic acid
(PLA), Polycarbonate, Polyethylene, Polypropylene, Polystyrene, Polyvinylchloride
(PVC), Teflon (PTFE), and Others.
By
Application: Fabrication, Consumer Goods,
Biomedical Materials, e-Mobility (Electric Vehicles), Medical Devices, Packaging
Films, Bulletproof Vests, and Others.
By End-Use Industry: Building
and Construction (Residential(Independent Houses, Row Houses, Large Apartments), Commercial (Office
Buildings, Educational Institutes, Hospitals) Healthcare, Automotive and
Transportation, Electrical and Electronics, Marine, Oil and Gas, Aerospace and
Defence, Sports and Leisure, and Others.
By Geography: North
America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy,
Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan,
Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile,
and Rest of South America), Rest of the World (Middle East, and Africa).
Key Takeaways
- Asia-Pacific dominates the Thermoplastics market, owing to the increasing use in healthcare, biomedical and electrical & electronics industry in the region. The total global production of thermoplastic polyurethane (TPU) was estimated at nearly
- 740,000 tons in 2020, with over 69% of production taking place in Asia Pacific alone.
- In 2018, global plastics production almost reached 360 million tonnes. In Europe, plastics production almost reached 62 million tons.
- In the United States, approximately 37
million tons of plastic are used every year. Of this, packaging and
food-service plastics represent about 16 million tons, and these are typically
“single use".
- Plastics have become the ubiquitous workhorse material of the modern economy – combining unrivaled functional properties with low cost. Their use has increased twentyfold in the past half-century and is expected to double again in the next 20 years. Thus the Thermoplastics Market has huge growth potential in future.
Figure: Asia-Pacific Thermoplastic Market Revenue, 2020-2026 (US$ Billion)
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Thermoplastics Market Segment
Analysis – By Type
The Polyethylene
segment held the largest share of 33% in the Thermoplastics Market in 2020. Polyethylene is a
lightweight, durable thermoplastic with a variable crystalline structure. It is
one of the most widely produced plastics in the world with 10 million tons are
produced worldwide each year. Polyethylene is used in applications ranging for
films, tubes, plastic parts, laminates, and in several markets such as packaging,
automotive, electrical and others. Polyethylene
comes in two types,high density and low density. High
Density Polyethylene is used in several packaging applications including
crates, trays, bottles for milk and fruit juices, caps for food packaging,
jerry cans, drums, industrial bulk containers. In such applications High
Density Polyethylene (HDPE) provides the end product a reasonable impact
strength. Low-Density Polyethylene (LDPE) uses majorly revolve around
manufacturing containers, dispensing bottles, wash bottles, tubing, plastic
bags for computer components, and various molded laboratory equipment. The
most popular application of low-density polyethylene is plastic bags. Other applications include consumer goods - housewares, flexible
toys, agricultural films, wiring & cables -
sub-conductor insulators, cable jacketing. Thus the
Thermoplastics are
expected to dominate the market owing to the vast usage in different products during
the forecast period.
Thermoplastics Market Segment
Analysis – By Application
Packaging films segment held the largest share of 30% in
Thermoplastics Market in 2020. Thermoplastic has various applications such as
packaging, medical devices, aircraft component and others. More than 50% of all
goods are packaged in plastics, which is 17% of all packaging weights.
Furthermore, this weight has been reduced by 28% over the past 10 years.
Lightweight packaging will reduce the number of trucks needed to ship the
products in addition to helping reduce transportation energy, decrease
emissions, and lower shipping costs. It also helps to reduce the amount of
waste generated. The use of Thermoplastics in medical devices is endless. It
gives high-performance TPEs (Thermoplastic Elastomers) for syringes, high
barrier resistance properties, seals, vial caps, and soft touch cushions for
glucose-measuring devices. The soft Thermoplastics feature very low levels of
extraction. It is FDA (Food and Drug Administration) compliant, easy to
sterilize, and free of latex and PVC (Polyvinyl Chloride). It offers excellent
sealing performance, is cost effective, and easy to recycle, and it features
excellent over mold adhesion to a wide range. Thermoplastics are used in almost every big core industry,
which contributes to increased business growth.
Thermoplastics Market Segment
Analysis – By End-Use Industry
Automotive and
Transpiration segment held the largest share in the Thermoplastics market in
2020 and is growing at a CAGR of 6.8% during 2021-2026. TPU (Thermoplastic Polyurethane)
usage in the automotive sector, especially with the increasing demand in the
electric vehicle segment, including tubing and interior parts, as well as
complex materials under the bonnet. There is also potential for complex 3D
printed parts for the automotive industry. Modern
aircraft and spacecraft are manufactured from a wide range of materials for
greater aircraft performance by using the engineering thermoplastics. Due to
the low specific gravity of Thermoplastics it will have half of the density of
aluminum and one-sixth of the density of steel. When fillers such as glass or
carbon fbers are used, plastics can achieve relatively high modulus, and the
combination of high stiffness and light weight results in a high specidic
modulus. This is beneficial for aerospace applications because low weight tends
to result in fuel efficiency. Many military and civilian aircraft canopies are
now manufactured from acrylic or polycarbonate plastics, which are lighter than
glass and have many times the impact strength of glass. The interiors of
aircraft are often subject to impact as travellers manipulate carry-on luggage,
and high-toughness plastics, such as KYDEX Thermoplastic Sheet, are robust
enough to stand up to these conditions. Semi-crystalline
engineering thermoplastic accounts for around 53% of the global sales volume,
utilized mainly by end-use industries in Europe. Focus across these regions on the aerospace
and defense and Automotive industries is projected to fuel the growth of the
global Thermoplastics market over the forecast market.
Thermoplastics Market Segment
Analysis – By Geography
Asia-Pacific region held the largest share in the Thermoplastics market in 2020 up to 43%, owing to the accelerating Plastic demand and its application in almost all industries in the region. According to Applied Market Information Ltd.,thermoplastics market to surpass 20 million tons by 2020. According to Smithers study, in 2021 the thermoplastic elastomer market is estimated to be 3.84 million tons and is expected to grow to 5.55 million tons by 2026.With increase in disposable income, consumers’ buying patterns have reformed, which has been evident due to globalization. Rising population in emerging regions such as South Asia is boosting demand for engineering thermoplastic from end-use industries such as automotive & transportation, electrical & electronics, consumer appliances, and packaging. governments, introducing policies to encourage foreign direct investment and facilitate closer integration with the worldwide economy, helping to drive investment in petrochemicals, polymer production and downstream plastic processing.
Thermoplastics Market – Drivers
Rise in Demand for Manufacturing in Aerospace and Automotive Application
Major Automotive vehicle manufacturers and bod parts makers are strongly focusing on reducing vehicle body weight and by employing plastic components replacing metal parts. This trend is expected to fuel demand for specialty thermoplastic compounds in the automotive end-use industry owing to the prominent substitute for metal parts.Rise in demand for the lightweight vehicle components in order to replace heavyweight metal parts to curb on carbon emission across the globe is expected to boost for specialty thermoplastic market during the forecast period. Aerospace industry is among prominent user specialty thermoplastics owing to the lightweight benefits, high stiffness, and excellent heat resistance properties. Aircraft components are required to withstand extreme pressure condition. This key aspect is projected to fuel specialty thermoplastics market during the forecast period..
Increase in Demand for Thermoplastics in the Health Care Industry:
Polymers such as resins and fibers, elastomers such as natural rubber and thermoplastic elastomers and biodegradable plastics used in various forms in medical and healthcare applications are collectively known as medical polymers. Increasing preference for healthcare treatment and growth in ageing population are some of the key factors likely to boost demand for medical polymers. Additionally, rising usage of disposable medical devices is expected to augment demand for medical polymers. Over the past few years, polymers have been increasingly substituting traditional materials such as metals in packaging of medical devices, equipment and pharmaceuticals owing to their biocompatibility and lightness in weight. Major Investments on Healthcare system and for the advancement of healthcare facilities globally are going to raise the potential of Thermoplastics market in the forecast period.
Thermoplastics Market – Challenges
Difficulty in sourcing of Raw Material:
Manufacturers are finding it difficult to source raw materials and maintain revenue along with good levels of profit margins in challenging economies. Therefore, understanding the industry structure and staying connected with the end-use market will not only help understand industry needs but also assist being updated with standard industry requirements. Furthermore, marketing and distribution strategy, minimizing lead time for product availability, along with customer support, strategic collaborations, and partnerships, could be some key winning strategies for manufacturers.
Thermoplastics Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Thermoplastic market. Thermoplastics market top companies are:
1. SABIC
2. Celenase Corporation
3. BASF SE
4. Lanxess AG
5. Solvay S.A.
6. Mitsubishi Chemical Advanced Materials (Japan)
7. SGL Group
8. DuPont
9. Toray Industries, Inc.
10 Polyone Corporation
Acquisitions/Technology Launches
On 9th
January 2020, INEOS Solution, has announced
to build a world-scale ABS (Acrylonitrile Butadiene Styrene)plant
in Ningbo, China to
grow its production capacity in the country significantly. The new production site will be adjacent to
the recently acquired polystyrene plant in Ningbo.
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