A recent report published by Infinium Global Research on thermoplastics market provides an in-depth analysis of segments and sub-segments in the global as well as regional thermoplastics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional thermoplastics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global thermoplastics market. According to the report, the global thermoplastics market is projected to grow at a CAGR of 5.8% over the forecast period of 2020-2026.

Market Insight

Thermoplastics are unshaped materials that turn soft and moldable on heating and solidify on cooling. They can be remelted and remolded a number of times, allowing the finished goods to go under reprocessing. Their ability to change shape makes thermoplastics recyclable and eco-friendly. The manufacturing process is environmentally sustainable and requires low investment, which makes thermoplastics suitable raw material for various goods. Thermoplastics can endure heavy impact; their ability to withhold impact is superior to most of their counterparts by almost tenfold. Moreover, thermoplastics have enhanced physical properties compared to other materials such as higher tensile strength, lower thermal conductivity, and lower electromagnetic interference. These physical properties of thermoplastics make them suitable for a variety of applications in different end use industries.

The higher demand for lighter automotive components is the major factor driving the growth of the thermoplastics market. In order to improve the performance and fuel efficiency of a vehicle, its components are required to be lightweight. The automotive components made up of thermoplastics are lightweight than steel or aluminum components at the same time they are strong. This enables to reduce the overall weight of the vehicle. Lightweight vehicles are faster and consume less fuel. Moreover, the rapidly growing consumer electronic goods industry is anticipated to further boost the growth of the market. The consumer electronic goods industry is valued at nearly USD 1 trillion and is expected to reach up to more than USD 1.5 trillion in 2025. The growth of this industry is mainly attributed to growing demand from developing markets and improving infrastructure. Most of the consumer electronic goods are made up of thermoplastics, as they have better insulation and lower electromagnetic interference. This, in turn, boosts the demand for thermoplastics around the world. However, the high cost of raw materials makes thermoplastics relatively expensive than other materials. This is one of the major restraining factors for the growth of the market. However, the current concerns over the outbreak of coronavirus are expected to have a negative impact on the sale of thermoplastics in the short term. The outbreak of pandemic has led to lockdowns in numerous countries across the world. Due to such lockdowns, the production in several industries such as automotive, consumer goods, electronics, and packaging has reduced significantly. Thus the demand for raw materials such as thermoplastics has declined drastically in the past few months. Moreover, consumers in locked-down countries are staying at home and buying only essential products such as food, medicines, and other household goods. Thus the sale of goods such as electronics, furniture, and vehicles has decreased considerably. Thus, the sales of raw materials such as thermoplastics that are used to manufacture the products have decreased. Nevertheless, as these countries open up, the production will come to the normal rate, increasing the sale of thermoplastics.

Among the geographies, the Asia Pacific region is expected to hold the largest share in the global thermoplastics market as Asian countries such as India and China are the major manufacturing hubs for a number of multinational companies. Factors including better availability of natural resources, inexpensive labor, and government support are encouraging various companies to establish their production plants in these countries. Thermoplastics being one of the raw materials, its demand in countries like China and India have increased due to growing production plants. Moreover, the demand for electronic goods and vehicles in the Asia Pacific has increased due to improving disposable income and growing urbanization. As the demand for such products increases, the production also increases which, in turn, boosts the sale of thermoplastics in the Asia Pacific.

Segment Covered

The report on the global thermoplastics market covers segments such as type and end-user. On the basis of type, the sub-markets include polyethylene, polypropylene, polystyrene, polyvinyl chloride, teflon, acrylonitrile butadiene styrene (ABS), and other types. On the basis of end-user, the sub-markets include automotive, agriculture, construction, consumer goods, electrical and electronics, packaging, pharmaceuticals, and other end-users.

Companies Profiled:

The report provides profiles of the companies in the market such as The 3M Company, Arkema S.A., BASF SE, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, SABIC, Solvay S.A., LG Chem Ltd., Mitsubishi Engineering-Plastics Corporation, and Other Companies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of thermoplastics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.