Global Thermoplastics Market Size/Share Worth USD 41.89 Billion by 2029 at a 6.79 % CAGR: AI Market Report (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)

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Brandessence Market Research and Consulting Private Limited

03 Apr, 2023, 14:01 GMT

LONDON, April 3, 2023 /PRNewswire/ -- The Global Thermoplastics Market was worth USD 26.45 billion in 2022 and is expected to amass a valuation of USD 41.89 billion by 2029, registering a CAGR of 6.79% over the assessment timeline of 2022-2029.

Thermoplastics are referred to a type of polymer that does not undergo any degradation or chemical change if reheated or reshaped. They get solidified when cooled and are mouldable at a certain temperature.  Nylon, polystyrene, polypropylene, and PVC, among others are some of the most common types of thermoplastics. They are widely adopted across numerous industries for applications such as packaging, automotive parts, toys, and medical devices owing to their durability, versatility, and ease of processing.

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Global Thermoplastics Market Outlook (2022-2029)

Widespread industrialization, growing disposable income levels, and technological advancements in the field are primarily augmenting the outlook of this business vertical.

Furthermore, rising R&D investments in the field, numerous beneficial characteristics of thermoplastics, along with the escalating product demand in the healthcare sector are creating lucrative opportunities for this marketplace to prosper.

Alongside, accelerating demand for lightweight materials across aerospace and automotive sectors is aiding the expansion of this industry sphere.

On the contrary, volatility in raw material costs and presence of ideal alternatives to thermoplastics are hindering the remuneration scope of this market.     

Competitive Hierarchy

The prominent players defining the competitive terrain of the Global Thermoplastics Market are Exxon Mobil Corporation, SABIC, LyondellBasell Industries Holdings B.V., Dow Chemical Company, BASF SE, Celanese Corporation, Covestro AG, Arkema S.A., Eastman Chemical Company, LG Chem Ltd., Mitsubishi Chemical Holdings Corporation, Evonik Industries AG, Solvay SA, Braskem S.A., Sumitomo Chemical Co., Ltd., DuPont de Nemours, Inc., PPG Industries, Inc., Teijin Limited, Toray Industries, Inc., PolyOne Corporation, and Chevron Phillips Chemical Company LLC.

Segmental Outlook

By Product:

  • Glass Mat Thermoplastics (GMT)
  • Advanced Thermoplastic Composites (ATC)

By Fiber Type:

  • Carbon
  • Glass
  • Mineral
  • Others

By Resin Type:

  • PA
  • PP
  • PEEK
  • Hybrid
  • Others

By Processing Technology:

  • Injection Molding
  • Extrusion Molding
  • Blow Molding
  • Thermoforming

By Application:

  • Transportation
  • Aerospace & Defense
  • Electrical & Electronics
  • Consumer Goods
  • Construction
  • Wind Energy
  • Marine
  • Others

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Region-Wise Outlook

Which is the leading region in the Global Thermoplastics Market?

North America is presently leading the market in terms of revenue share. This is attributable to the widespread industrialization, booming automotive sector, and stringent emission regulations.

How is Europe faring in this industry?

Europe is reckoned to generate significant returns over 2022-2029. This is due to the escalating demand for light weight and eco-friendly materials across numerous industries and prompt technological advancements in the field.

Category-Wise Outlook

Which is the top performing product segment in this business sphere?

The Advanced Thermoplastic Composites (ATC) segment is likely to amass notable gains over the stipulated timeline owing to their durability, stiffness, and high strength making them ideal for application in sectors such as construction, automotive, and aerospace.

Which is the fastest growing fiber type segment in this marketplace?

The glass segment has emerged as the fastest growing segment in this industry since they are highly affordable in nature and are equipped with the ability to process various resins.

Which resin type segment is expected to amplify significantly over 2022-2029?

The hybrid segment is slated to expand at a substantial rate over the estimated duration. Hybrid thermoplastics are also known for their high resistance to heat, chemicals, and UV radiation, which further expands their potential applications.

Which is the rapidly evolving application segment in this industry?

The transportation segment is one of the most rapidly evolving segments in this marketplace. This is credited to the escalating demand for light weight vehicles, rigid emission regulations, and widespread population expansion.

Comparing the historical outlook and ongoing trends of this market

The Global Thermoplastics Market is expected to generate significant returns over the assessment timeline of 2022-2029.

There has been a rising product demand for the automotive sector. With rapid population expansion and rising transportation needs, vehicles are in high demand. Thermoplastics are used to manufacture a wide range of automotive components owing to their favourable characteristics, especially their light weightiness. Apart from road vehicles, these components are also used in the manufacturing of rail coaches including interior and exterior applications of the rail carriers. These factors are stimulating the overall dynamics of a business vertical.

Moreover, growing environmental concerns is another crucial expansion stimulant for this industry sphere. It is evident that the automotive sector is highly responsible for the increasing emission rates. Stringent environmental regulations and rising concerns about global warming have pushed vehicle manufacturers to adopt sustainability goals. Thermoplastic composites help them to decrease the weight of the vehicles while in turn enhancing their fuel efficiency and ensure lesser CO2 emission rates. This in turn is adding significant traction to the development of this market sphere.

Apart from that, thermoplastics are corrosion resistant, durable, flexible, temperature resistant, and biocompatible in nature. They are widely used in the healthcare sector across applications such as surgical instruments, medical devices, and implants, among others. These components can easily withstand sterilization and the cleaning processes without losing the original structure or chemical compositions. These factors in turn are bolstering the overall growth of this business sphere over the forecast period of 2022-2029.

On Special Requirement Thermoplastics Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Major Developments

In 2020, SABIC announced the acquisition of the masterbatch business of Clariant, which predominantly produces additive and color concentrates for the plastics industry.

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