The Global "Thermoplastic Resins Market" is expected to grow at a high CAGR of 4.4% during the forecasting period (2022-2029).
Thermoplastic resins are raw, unshaped polymers that melt and change state to liquid when heated and turn solid when cooled. They can be repeatedly re-melted and remolded, allowing parts and scraps to be reprocessed.
The global thermoplastic resins market is anticipated to grow at a steady growth rate till 2026 owing to several advantages of thermoplastic resins and increasing adoption of thermoplastic resins into various industry verticals.
Increasing demand for lightweight and naturally sustainable materials and their growing applications with the end-user industry is the key driver of the industry.
Moreover, the growing adoption of thermoplastic within the automotive industry, increasing demand for automobiles, rising demand for recyclable and fast-curing materials, and growing penetration of composite materials by replacing metals are significant factors boosting the growth of the thermoplastic resin market.
Overall, the introduction of ultra-high molecular weight thermoplastic resins would drive the growth of the thermoplastic resins industry within the next few years.
The thermoplastic resin market looks good with opportunities in various applications such as powertrain system, electrical and electronics, chassis system, interior, exterior, underbody system, and others within the automotive industry. The particular need of the automotive sector such as lightweight and durable materials will drive the future demand for thermoplastic resins.
The industry is anticipated to face particular challenges such as regulations to reduce CO2 emissions, crude oil, and naphtha price fluctuations, and product commoditization.
The global market for Thermo Plastic Resins is broadly segmented as resin type, compound type, end-user industry type, and composite type.
By the resin type, the market is segmented as Polypropylene, Polyamide, Polybutylene Terephthalate, Polyphenylene Sulfide, Polycarbonate, and Other Resins.
By compound type, the market is segmented as Short Fiber-Reinforced Thermoplastic, Long Fiber-Reinforced Thermoplastic, Continuous Fiber-Reinforced Thermoplastic, and Glass-Mat Thermoplastic.
The end-user industries segment is segregated as Transportation, Consumer Goods, Electrical & Electronic, and Others. Further, the composite type segment is bifurcated as Glass Fiber-Reinforced Plastics and Carbon Fiber-Reinforced Plastics.
Regarding resin type, polyamide is anticipated to remain the dominant resin owing to its short fiber thermoplastic-based applications.
However, polyphenylene sulfide (PPS) is expected to witness the fastest growth over the next few years, driven by the increasing usage of thermoplastic composites in the aerospace, defense, and automotive industries.
The introduction of ultra-high molecular weight thermoplastic and sugarcane-based thermoplastic are some of the important evolving movements that may lead the industry toward higher sustainable growth. For instance, BASF introduced an advanced grade of thermoplastic polyurethane (TPU) in August 2018, which can considerably improve the production of shoe shanks and beautiful shoe parts in high-performance shoes while providing excellent mechanical properties, such as UV resistance.
The global Thermo Plastic Resins market is segmented into North America, Europe, Asia Pacific, South America, and ROW. North America is further divided into U.S., Canada, and Mexico. Europe is divided into Germany, France, the UK, and the Rest of Europe. China, Japan, India, and Australia are some of the prominent countries considered under the study.
South American Thermoplastic Resin market is majorly driven by growth within Brazil and Argentina. Asia-Pacific is expected to be the largest and the fastest-growing market for thermoplastic resins in the composites industry in the coming decade. High production of passenger and commercial vehicles, the continuous growth of electronic manufacturing, and the shift from the developed economies to the developing Asian economies are the primary growth drivers of the thermoplastic resin market in the Asia-Pacific’s composites industry.
China and India are expected to be the key market within the thermoplastic resin industry. Low-cost labor availability and downstream processing capacity additions are anticipated to contribute to steady industry growth in the Asia Pacific (APAC).
BASF SE, Chevron Phillips, Lubrizol, E. I. du Pont de Nemours and Company, EMS-GRIVORY, ENI, Exxon Mobil, INEOS, Koninklijke DSM N.V., Lanxess Aktiengesellschaft, LG Chem, LyondellBasell Industries N.V., SABIC, and Solvay S.A. are the principal suppliers of thermoplastic resins in the composites industry.
Most of the players are forward integrated and supply reinforced compounds as well. Product development extended geographical reach, and extensive product portfolio is the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.
The acquisition is the key strategy adopted by the market players to improve their market share. For instance, Lubrizol Acquires Dow Thermoplastic Polyurethane Business in January 2018.
The Thermoplastic resin market is anticipated to grow at a steady growth rate within the forecast period.
The Asia-Pacific will drive the growth factor for the thermoplastic resin market.
The automotive sector is the prime consumer of thermoplastic resins and increasing adoption within various components of automotive vehicles will provide sustainable growth to the market.
The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles. Based on geography the market is segmented into – North America, South America, Europe, Asia Pacific, and the Middle East and Africa.
The report profiles the following companies – Vendor List
E. I. du Pont de Nemours and Company
Koninklijke DSM N.V.
LyondellBasell Industries N.V.
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