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.
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.
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.
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.
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.