Specialty Plastics Market - Forecast(2024 - 2030)

Report Code: CMR 1099 Report Format: PDF + Excel

Specialty Plastics Market Overview

The Specialty Plastics Market size is estimated to reach US$11.8 billion by 2027, after growing at a CAGR of 5.1% during the forecast period 2022-2027. Specialty Plastics are similar to engineered resins that take plastic engineering to a new level, making them perfect for specialized applications in custom plastic parts, automotive transportation, medical and others. Various types such as polyester sulphone (PES), polyamide-imide (PAI), polysulphones PSO), thermoplastic polyurethanes (TPU), polyacrylates, polytetrafluoroethylene (PTFE) and others have rising demand for a wide range of applications across major industries. The preference for specialty plastics in automotive vehicles due to lightweight composition and versatility acts as a driving factor in the specialty plastics industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production increased from 77,621,582 units in 2020 to 80,145,988 units in 2021. In addition, the rapid inclination towards advanced plastics with superior resistance, durability and recyclability is propelling the growth scope in the market. The major disruption caused by the covid-19 outbreak impacted the growth of the Specialty Plastics Market due to disturbance in manufacturing, supply chain disruption, falling demand from major end-use industries and other lockdown restrictions. However, significant recovery is boosting the demand for specialty plastics for a wide range of applicability and utilization in automotive, medical, chemicals and other sectors. Thus, the specialty plastics industry is anticipated to grow rapidly and contribute to the Specialty Plastics Market size during the forecast period.

Specialty Plastics Market Report Coverage

The “Specialty Plastics Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Specialty Plastics Industry.

By Type: Aromatic Polyester (ARPES), Polyester Sulphone (PES), Polyamide Imide (PAI), Polyether Nitrile (PEN), Polyetheretherketone (PEEK) and Others.
By Processing: Thermoplastic (Polypropylene, Polyvinyl Chloride (PVC), Polyethylene and Others) and Thermosets (Polyurethanes, Phenol Formaldehyde, Unsaturated Polyesters and Others.
By Manufacturing Method: Blow Molding, Injection Molding, Extrusion Molding and Others.
By Application: Pipes, Panels, Flooring, Hoods, Consumer Electronics, Tunnels and Others.
By End-use Industry: Medical & Healthcare, Automotive (Passenger Vehicles [PVs], Light Commercial Vehicles [LCVs] and Heavy Commercial Vehicles [HCVs]), Aerospace (Commercial, Military and Others), Electrical & Electronics (Computer, Circuit Boards, Refrigerator and Others), Agriculture, Building & Construction (Residential, Commercial, Industrial and Infrastructural), Packaging (Rigid and Flexible) and Others.
By Geography: North America (the U.S., Canada and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle-East (Saudi Arabia, UAE, Israel and Rest of the Middle-East) and Africa (South Africa, Nigeria and Rest of Africa)].

Key Takeaways

  • Asia-Pacific dominates the Specialty Plastics Market, owing to growth factors such as the flourished base for the automotive sector, rising medical & pharmaceutical base and flourished construction projects, thereby boosting growth in this region.
  • The flourishing automotive industry sector across the world is propelling the demand for Specialty Plastics for major utilization in lightweight and fuel-efficient vehicles, thereby influencing the growth in the Specialty Plastics Market size.
  • However, the high operational costs associated with specialty plastics act as a challenging factor in the specialty plastics industry.

Figure: Specialty Plastics Market Revenue Share by Geography, 2021-2027 (%)

Specialty Plastics Market

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Specialty Plastics Market Segment Analysis – by Processing

The thermoplastics segment held a significant Specialty Plastics Market share in 2021 and is projected to grow at a CAGR of 5.3% during the forecast period 2022-2027. The growth scope for thermoplastics processing type is high over thermosets due to enhanced features such as better retention, high resistance, stiffness and lightweight, thereby having flourishing demand across various end-use sectors, majorly automotive. The thermoplastic processing specialty plastics have established a growth scope in automotive due to a wide range of applicability in vehicle components, hood, seats and others. Thus, with bolstering growth in the automotive sector for applicability in fuel-efficient and light vehicles, the thermoplastics segment is anticipated to grow rapidly in the Specialty Plastics Market during the forecast period.

Specialty Plastics Market Segment Analysis – by End-use Industry

The automotive segment held a significant Specialty Plastics Market share in 2021 and is projected to grow at a CAGR of 5.8% during the forecast period 2022-2027. Specialty plastics such as polyester sulphone (PES), polyamide-imide (PAI), polyacrylates, thermoplastic polyurethanes (TPU) and others have growing applications in automotive for lightweight and fuel-efficient vehicles due to excellent features such as exceptional thermal resistance, aesthetic appeal, weight reduction, ease of processing and others. The automotive industry is rapidly growing due to growth factors such as flourished public transportation, initiatives for vehicle electrification and urbanization. For instance, according to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the European Automobile Manufacturer Association, South America car production grew by 11% while US car production grew by 3.1% in 2021. With the rapid growth scope and production trend for the automotive sector, the demand for specialty plastics is increasing, which, in turn, is projected to boost its growth scope in the automotive industry during the forecast period.

Specialty Plastics Market Segment Analysis – by Geography

Asia-Pacific held the largest Specialty Plastics Market share in 2021 up to 42.2%. The lucrative growth scope for specialty plastics in this region is influenced by the rise in automotive manufacturing base, flourished healthcare sector, rising spending on construction utilities and urbanization. The lucrative growth for the automotive sector in Asia-Pacific is influenced by the flourished base for the automotive sector, which utilizes rubber and growing public transportation. For instance, according to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2%, with 101,233 units in March 2022 compared to March 2021. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$ 251.4-282.8 billion by the year 2026. With the bolstering growth and rising production in the automotive sector in APAC, the utilization of specialty plastics such as thermoplastic polyurethanes (TPU), polyester sulphone (PES), polyamide-imide (PAI) and others in vehicle seats, hoods and others are growing, which, in turn, is projected to boost its growth prospects in the Asia-Pacific region during the forecast period.

Specialty Plastics Market Drivers

Bolstering Growth of the Medical & Healthcare Sector:

Specialty Plastics has significant demand in the medical sector for applicability in endoscopic medical instruments, pill dispensing equipment and other devices. The medical & healthcare industry is significantly flourishing, owing to factors such as high drug spending, growing healthcare infrastructure and a high rate of chronic health incidents. For instance, according to the International Trade Administration, the medical device sector in China is projected to expand by 6.2% during 2020-2025. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total pharmaceutical market value for EU member nations at ex-factory prices increased from US$147,686 in 2019 to US$253,027 in 2020. With the robust scope for the medical & healthcare sector, the utilization of specialty plastics such as thermoplastic polyurethanes, polyamide-imide (PAI) and others in medical instruments is increasing, which, in turn, is driving the specialty plastics industry.

Flourishing Growth of the Building & Construction Sector:

Specialty Plastics has a wide range of applications in the building & construction sector for pipes, panels, windows, roofing and others. The building & construction industry is significantly growing due to growth factors such as rising government for infrastructural projects, residential housing projects and rapid industrialization. For instance, according to the National Investment Promotion & Facilitation Agency, the construction industry in India is expected to reach US$ 1.4 trillion by 2025. According to the United States Census Bureau, the total construction spending in the U.S increased from a seasonally adjusted annual rate of US$1.62 million in May 2021 to US$1.77 million in May 2022. Thus, with the rapid increase in global building & construction activities, the applicability of specialty plastics for flooring, glazing, valves and others is growing, which, in turn, is driving the specialty plastics industry.

Specialty Plastics Market Challenges

High Operating Costs Associated with Specialty Plastics:

The operating costs for specialty plastics are high due to the complicated manufacturing process that requires advanced technological equipment. In addition, technical obsolescence owing to ever-changing end-use sector needs is expected to hinder the growth scope in specialty plastics, thereby the specialty plastics industry anticipates major growth challenges and slow down.

Specialty Plastics Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Specialty Plastics Market. The top 10 companies in the Specialty Plastics Market are:

  1. Biome Speciality Plastics
  2. Eastman Spectrum Plastic Group
  3. Lomont Molding LLC
  4. PolyVisions Inc
  5. Arkema
  6. PolyPlasty
  8. Cytec Solvay Group
  9. Asahi Kasei Corporation
  10. Centroplast Engineering Plastics GmbH

Recent Development

  • In January 2020, BASF introduced Polyether sulfone Ultrason EO510 C2TR for applicability in automotive parts. The latest product offers good tribological properties, high oil resistance and dimensional stability.

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1. Specialty Plastics Market - Market Overview
    1.1 Definitions and Scope
2. Specialty Plastics Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Processing
    2.3 Key Trends by Manufacturing Method
    2.4 Key Trends by Application
    2.5 Key Trends by End-use Industry
    2.6 Key Trends by Geography
3. Specialty Plastics Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Specialty Plastics Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Specialty Plastics Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Specialty Plastics Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Specialty Plastics Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Specialty Plastics Market – by Type (Market size – US$ Million/Billion)
    8.1 Aromatic Polyester (ARPES)
    8.2 Polyester sulfone (PES)
    8.3 Polyamide Imide (PAI)
    8.4 Polyether Nitrile (PEN)
    8.5 Polyetheretherketone (PEEK)
    8.6 Others
9. Specialty Plastics Market – by Processing (Market size – US$ Million/Billion)
    9.1 Thermoplastics
        9.1.1 Polypropylene
        9.1.2 Polyvinyl Chloride (PVC)
        9.1.3 Polyethylene
        9.1.4 Others
    9.2 Thermosets
        9.2.1 Polyurethanes
        9.2.2 Phenol Formaldehyde
        9.2.3 Unsaturated Polyesters
        9.2.4 Others
10. Specialty Plastics Market – by Manufacturing Method (Market size – US$ Million/Billion)
    10.1 Blow Molding
    10.2 Injection Molding
    10.3 Extrusion Molding
    10.4 Others
11. Specialty Plastics Market – by Application (Market size – US$ Million/Billion)
    11.1 Pipes
    11.2 Panels
    11.3 Flooring
    11.4 Hoods
    11.5 Consumer Electronics
    11.6 Tunnels
    11.7 Others
12. Specialty Plastics Market - by End-use Industry (Market Size - US$ Million/Billion)
    12.1 Medical & Healthcare
    12.2 Automotive
        12.2.1 Passenger Vehicles (PVs)
        12.2.2 Light Commercial Vehicles (LCVs)
        12.2.3 Heavy Commercial Vehicles (HCVs)
    12.3 Aerospace
        12.3.1 Commercial
        12.3.2 Military
        12.3.3 Others
    12.4 Electrical & Electronics
        12.4.1 Computer
        12.4.2 Circuit Boards
        12.4.3 Refrigerators
        12.4.4 Others
    12.5 Agriculture
    12.6 Building & Construction
        12.6.1 Residential
        12.6.2 Commercial
        12.6.3 Industrial
        12.6.4 Infrastructural
    12.7 Packaging
        12.7.1 Rigid
        12.7.2 Flexible
    12.8 Others
13. Specialty Plastics Market - by Geography (Market Size - US$ Million/Billion)
    13.1 North America
        13.1.1 the U.S.
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 the UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 the Netherlands
        13.2.6 Spain
        13.2.7 Belgium
        13.2.8 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zeeland
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle-East
   Saudi Arabia
   Rest of the Middle-East
        13.5.2 Africa
   South Africa
   Rest of Africa
14. Specialty Plastics Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Specialty Plastics Market – Industry/Competition Segment Analysis Premium
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Region - Major companies
    15.4 Market Share by Key Country - Major companies
    15.5 Market Share by Key Application - Major companies
    15.6 Market Share by Key Product Type/Product category - Major companies
    16. Specialty Plastics Market – Key Company List by Country Premium Premium
17. Specialty Plastics Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
* "Financials would be provided to private companies on best-efforts basis."
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