Thermoplastic Resins Market: Current Analysis and Forecast (2022-2028)

The thermoplastic resins market is expected to register a CAGR of approx. 6% over the period of 2022-2028. Thermoplastic resins are versatile in nature and can reform, undergoing only physical changes rather than chemical ones. Thermoplastics are unshaped raw materials that melt when heated and solidify when cooled. They can be remelted and remolded multiple times, allowing parts to be reprocessed. Their ability to change shape and be recycled, as well as their environmental friendliness, drive market growth. The manufacturing process is environmentally sustainable, and it requires little investment. Thermoplastics can withstand high-level impact; their impact resistance is nearly ten times that of their counterparts. This feature motivates applications such as bulletproof vests, airplane windows, and helmet visors. The growing demand for thermoplastic resins can be attributed to the rising product demand from the construction, automotive, and electrical & electronics sectors, thus, rising the adoption of organic growth strategies among key industry players across the globe. For instance, In May 2019, Polyone Corporation launched new thermoplastic composite products at CHINAPLAS 2019. It introduced Complet LFT formulations, which is a thermoplastic composite with PEEK and PP as base resin, to meet highly demanding design and performance requirements. Owing to the glaring statistics due to the rising population and their preferences for automotive and others, the demand for thermoplastic resins is boosted across the globe and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the thermoplastic resins market is anticipated to grow on account of the rise in product consumption in the healthcare sector owing to the growing production of Personal Protective Equipment (PPE), such as face masks, face shields, medical gowns, and various medical devices, due to the rising cases of COVID-19. In addition, increasing spending in the construction sector by various governments acts as a prominent factor that drives the market growth. However, some of the restraints in the market including the high costs of raw materials are impeding the growth of this market all over the world.

BASF SE, Celenase Corporation, Lanxess AG, Solvay S.A, Mitsubishi Chemical Advanced Materials, Toray Industries, Inc., Polyone Corporation, LyondellBasell Industries N.V., EMS-GRIVORY, INEOS are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst resin type, the polyphenylene sulfide category accounted for the significant share in the market in 2020"

Based on the resin type, the thermoplastic resin market is segmented into polypropylene, polyamide, polybutylene terephthalate, polyphenylene sulfide, and others. The polyphenylene sulfide segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The polyamide segment is anticipated to have the largest market share in terms of revenue due to its growing applications across numerous industries, including defense, aerospace, and automotive. Due to their excellent wear resistance and ductility, polyamide-based materials are especially advantageous for automotive applications.

"Amongst compound, the short fiber-reinforced thermoplastic category is expected to hold significant share during the forecast period"

Based on the compound, the market is fragmented into short fiber-reinforced thermoplastic, long fiber-reinforced thermoplastic, continuous fiber-reinforced thermoplastic, and glass-mat thermoplastic. The short fiber-reinforced thermoplastic segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. They are used in applications where long shelf lives, high production volumes, and durability are required.

"Amongst composite type, the glass fiber-reinforced plastics category to hold considerable market share during the forecast period"

Based on the composite type, the market is fragmented into glass fiber-reinforced plastics and carbon fiber-reinforced plastics. The glass fiber-reinforced plastics segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period due to a variety of uses in wind energy, transportation, consumer electronics, building, and other industries. Glass fibres are in high demand due to their low cost and ability to be processed with a wide range of resins.

"Amongst end-user, the aerospace and defense category to hold considerable market share during the forecast period"

Based on the end-user, the market is fragmented into aerospace and defense, transportation, consumer good, electrical & electronic, and others. The aerospace and defense segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period Because of their light weight, thermoplastic composites are used in the aerospace industry, allowing for a variety of efficient designs for a variety of applications.

"Asia Pacific to witness significant growth during the forecast period"

For a better understanding of the market adoption of thermoplastic resins, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. The Asia Pacific constitutes a major market for the thermoplastic resins industry owing to the high production of commercial and passenger vehicles, rising manufacturing units, and continued growth of electronic manufacturing. China accounts for nearly one-fourth of the world's plastic production capacity and has more than 15,000 plastic factories.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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