Product Code: 52899
The thermoplastics market is expected to register a CAGR of more than 6.25% during the forecast period. Some of the prominent trends that the market is increasing capacity additions in downstream processing and rising applications in the automotive industry.
- Various environmental concerns related to thermoplastics are likely to hinder the market's growth.
- Growing popularity of bio-based products is expected to act as an opportunity for the market.
Key Market Trends
Increasing Demand from Automotive and Transportation
- Thermoplastics have been extensively used in numerous automotive and transportation applications. Some of the applications of engineering plastics are as follows: Automotive airbags, Under-the-hood applications, Automotive electrical and electronics among others.
- Growing demand for lightweight materials in the automotive industry, in order to provide increased efficiency and design flexibility, is primarily responsible for the growth of the thermoplastics market.
- High-performance engineering plastics offer manufacturers the advantages of design and comparable strength of steel, which help in reducing the overall weight and controlling greenhouse gas emissions.
- Currently, the Asia-Pacific region is the manufacturing hub for automobiles and its related components. The region is expected to witness the fastest growth during the forecast period, owing to the factors, such as growing automotive sales in the region, coupled with increasing number of automotive OEM manufacturers.
- North America is witnessing a huge demand for lightweight automobiles, driven by the growing consumer preference for high-quality, fuel-efficient automobiles. Therefore, the utilization of engineering plastics for manufacturing automobiles is rapidly increasing in the region.
- Further, the presence of automotive giants in the European region, along with huge investments made in the automotive R&D sector by companies, as well as governments in Europe, is propelling the growth of thermoplastics in the region.
India to Dominate the Market Growth
- India is a growing economy and holds great potential for future market opportunities.
- Automotive and consumer electronics are among the fastest-growing end-user industries in the country. The rising technological expertise and plastic production facilities in the country are projected to boost the demand for thermoplastics, during the forecast period.
- Consumer durables, like electronics appliances, have witnessed tremendous increase in production and sales, owing to the growing middle-class income, rapid urbanization, and change in lifestyle of the working class. Government initiatives have supported the expansion of the consumer electronics production in the country. Many global manufacturers have expanded their production facilities in the country, and many manufacturing projects are expected to be underway over the next decade.
- The aircraft manufacturing, repair, and maintenance activities in the country are increasing at a steady rate, owing to factors, like government partnerships and incentives for private companies, supportive FDI policies, adoption of new technologies, and government focus on improving regional connectivity.
- The demand for new airplanes in the country is expected to rise significantly, which is a positive factor for the adoption of thermoplastics, like PI, PEEK, and PPS, in manufacturing, repair, and maintenance activities.
- The consumption of thermoplastics is increasing the automotive sector in India, owing to the increasing consumer preference for lightweight and fuel-efficient vehicles. Entry of new players (such as Kia and Lexus), and expansions in the current manufacturing facilities by major manufacturers in the country (such as Toyota, Volvo, and Skoda) are expected to drive the demand for thermoplastics used for automotive production purposes.
The thermoplastics market is fragmented, with few players holding the major share in the market. Key players in the thermoplastics market include Arkema SA, BASF SE, Evonik Industries AG, SABIC, Covestro, Solvay, Royal DSM N.V., Dow, Asahi Kasei Corporation, and Teijin Chemicals Limited, among others.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Rapid Increase in Downstream Processing Capacity Additions
- 4.1.2 Increasing Usage in the Automotive Sector
- 4.2 Restraints
- 4.2.1 Environmental Concerns
- 4.2.2 Other Restraints
- 4.3 Industry Value-Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Product Type
- 5.1.1 Commodity Thermoplastics
- 18.104.22.168 Polyethylene (PE)
- 22.214.171.124 Polypropylene (PP)
- 126.96.36.199 Polyvinyl chloride (PVC)
- 188.8.131.52 Polystyrene (PS)
- 5.1.2 Engineering Thermoplastics
- 184.108.40.206 Polyamide (PA)
- 220.127.116.11 Polycarbonates (PC)
- 18.104.22.168 Polymethyl methacrylate (PMMA)
- 22.214.171.124 Polyoxymethylene (POM)
- 126.96.36.199 Polyethylene terephthalate (PET)
- 188.8.131.52 Polybutylene terephthalate (PBT)
- 184.108.40.206 Acrylonitrile butadiene styrene (ABS)/ Styrene acrylonitrile
- 220.127.116.11.1 (SAN)
- 5.1.3 High-performance Engineering Thermoplastics
- 18.104.22.168 Polyether ether ketone (PEEK)
- 22.214.171.124 Liquid Crystal Polymer (LCP)
- 126.96.36.199 Polytetrafluoroethylene (PTFE)
- 188.8.131.52 Polyimide (PI)
- 5.1.4 Other Product Types (PPE, PSU, PEI, PPS, ETFE, PFA, FEP, PBI)
- 5.2 End-user Industry
- 5.2.1 Packaging
- 5.2.2 Building and Construction
- 5.2.3 Automotive and Transportation
- 5.2.4 Electrical and Electronics
- 5.2.5 Sports and Leisure
- 5.2.6 Furniture and Bedding
- 5.2.7 Agriculture
- 5.2.8 Medical
- 5.2.9 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 India
- 18.104.22.168 Japan
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.3.2 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.3.3 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 Italy
- 188.8.131.52 France
- 184.108.40.206 Rest of Europe
- 5.3.4 South America
- 220.127.116.11 Brazil
- 18.104.22.168 Argentina
- 22.214.171.124 Rest of South America
- 5.3.5 Middle East & Africa
- 126.96.36.199 Saudi Arabia
- 188.8.131.52 South Africa
- 184.108.40.206 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Arkema SA
- 6.4.2 Asahi Kasei Corporation
- 6.4.3 BASF SE
- 6.4.4 Covestro AG
- 6.4.5 Celanese Corporation
- 6.4.6 Chevron Phillips Chemical Company LP
- 6.4.7 Daicel Corporation
- 6.4.8 Dow
- 6.4.9 Eastman Chemical Company
- 6.4.10 Evonik Industries AG
- 6.4.11 LyondellBasell Industries
- 6.4.12 Lanxess AG
- 6.4.13 LG Chem Ltd
- 6.4.14 Mitsubishi Engineering Plastic Corporation
- 6.4.15 Polyplastic Co. Ltd
- 6.4.16 Royal DSM NV
- 6.4.17 SABIC
- 6.4.18 Solvay
- 6.4.19 Teijin Chemicals Limited
- 6.4.20 A. Schulman Inc.
- 6.4.21 Ineos
- 6.4.22 Dyneon LLC
- 6.4.23 Rochling Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Popularity of Bio-based Products