Thermoplastics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

Report Code: CMR 26922 Report Format: PDF + Excel

Thermoplastics Market Overview

Thermoplastics market size is forecast to reach US$33.8 billion by 2026, after growing at a CAGR of 6.4% during 2021-2026Thermoplastic or thermo softening plastic, are a class of polymers that can be softened and melted by the application of heat, and can be processed either in the heat-softened state or in the liquid state by extrusion and injection molding. Thermoplastics market is growing as Engineering Thermoplastics such as the polyamides, polyesters, polycarbonate, polyacetals and acrylonitrile-butadiene-styrene (ABS) are extensively used in automotive, electronics and other industrial sectors. Thermoplastic composites have a number of characteristics, including low weight, high strength, a weather-resistant finish, and a variety of surface textures. As a result, demand for thermoplastic composites in the aerospace industry is expected to increase at a rapid rate and substantially during growing during the forecast period.

COVID-19 Impact

Currently, due to the COVID-19 pandemic, the lockdown restriction, the supply chain was disrupted, restriction was imposed on cross border import, as a result the global demand for polyethylene and polypropylene, which has been steady in Thermoplastic Market for the last 25 years, has decreased in 2020. The automobile industry is feeling the lack of demand for plastic, with sales considerably lower than the level before restrictions were introduced. Most notably, food packaging has seen a huge rise in demand as a result of panic buying, contamination fears, and longer transport times. Single-use plastics have also seen a rise, again due to their reduced risk of cross-contamination. Items such as disposable cups, straws, and stirrers which were all set to start being phased out have come back into popularity over the last year. Single-use plastic for PPE(Personal Protective Equipment) has also been in high demand for the frontline workers during covid-19 Pandemic. Thus the market is growing steadily instead of the small economic disruption.

Report Coverage

The report: “Thermoplastics Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermoplastic Market.
By Type: Acrylonitrile Butadiene Styrene (ABS)Acrylic, Nylon, Polyactic acid (PLA), Polycarbonate, Polyethylene, Polypropylene, Polystyrene, Polyvinylchloride (PVC), Teflon (PTFE), and Others.
By Application: Fabrication, Consumer Goods, Biomedical Materials, e-Mobility (Electric Vehicles), Medical Devices, Packaging Films, Bulletproof Vests, and Others.
By End-Use Industry: Building and Construction (Residential(Independent Houses, Row Houses, Large Apartments), Commercial (Office Buildings, Educational Institutes, Hospitals) Healthcare, Automotive and Transportation, Electrical and Electronics, Marine, Oil and Gas, Aerospace and Defence, Sports and Leisure, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and 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, and Africa).

Key Takeaways

  • Asia-Pacific dominates the Thermoplastics market, owing to the increasing use in healthcare, biomedical and electrical & electronics industry in the region. The total global production of thermoplastic polyurethane (TPU) was estimated at nearly
  • 740,000 tons in 2020, with over 69% of production taking place in Asia Pacific alone.
  • In 2018, global plastics production almost reached 360 million tonnes. In Europe, plastics production almost reached 62 million tons.
  • In the United States, approximately 37 million tons of plastic are used every year. Of this, packaging and food-service plastics represent about 16 million tons, and these are typically “single use".
  • Plastics have become the ubiquitous workhorse material of the modern economy – combining unrivaled functional properties with low cost. Their use has increased twentyfold in the past half-century and is expected to double again in the next 20 years. Thus the Thermoplastics Market has huge growth potential in future.

Figure: Asia-Pacific Thermoplastic Market Revenue, 2020-2026 (US$ Billion)

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Thermoplastics Market Segment Analysis – By Type

The Polyethylene segment held the largest share of 33% in the Thermoplastics Market in 2020. Polyethylene is a lightweight, durable thermoplastic with a variable crystalline structure. It is one of the most widely produced plastics in the world with 10 million tons are produced worldwide each year. Polyethylene is used in applications ranging for films, tubes, plastic parts, laminates, and in several markets such as packaging, automotive, electrical and others. Polyethylene comes in two types,high density and low density. High Density Polyethylene is used in several packaging applications including crates, trays, bottles for milk and fruit juices, caps for food packaging, jerry cans, drums, industrial bulk containers. In such applications High Density Polyethylene (HDPE) provides the end product a reasonable impact strength. Low-Density Polyethylene (LDPE) uses majorly revolve around manufacturing containers, dispensing bottles, wash bottles, tubing, plastic bags for computer components, and various molded laboratory equipment. The most popular application of low-density polyethylene is plastic bags. Other applications include consumer goods - housewares, flexible toys, agricultural films, wiring & cables - sub-conductor insulators, cable jacketing. Thus the Thermoplastics are expected to dominate the market owing to the vast usage in different products during the forecast period.

Thermoplastics Market Segment Analysis – By Application

Packaging films segment held the largest share of 30% in Thermoplastics Market in 2020. Thermoplastic has various applications such as packaging, medical devices, aircraft component and others. More than 50% of all goods are packaged in plastics, which is 17% of all packaging weights. Furthermore, this weight has been reduced by 28% over the past 10 years. Lightweight packaging will reduce the number of trucks needed to ship the products in addition to helping reduce transportation energy, decrease emissions, and lower shipping costs. It also helps to reduce the amount of waste generated. The use of Thermoplastics in medical devices is endless. It gives high-performance TPEs (Thermoplastic Elastomers) for syringes, high barrier resistance properties, seals, vial caps, and soft touch cushions for glucose-measuring devices. The soft Thermoplastics feature very low levels of extraction. It is FDA (Food and Drug Administration) compliant, easy to sterilize, and free of latex and PVC (Polyvinyl Chloride). It offers excellent sealing performance, is cost effective, and easy to recycle, and it features excellent over mold adhesion to a wide range. Thermoplastics are used in almost every big core industry, which contributes to increased business growth.

Thermoplastics Market Segment Analysis – By End-Use Industry

Automotive and Transpiration segment held the largest share in the Thermoplastics market in 2020 and is growing at a CAGR of 6.8% during 2021-2026. TPU (Thermoplastic Polyurethane) usage in the automotive sector, especially with the increasing demand in the electric vehicle segment, including tubing and interior parts, as well as complex materials under the bonnet. There is also potential for complex 3D printed parts for the automotive industry. Modern aircraft and spacecraft are manufactured from a wide range of materials for greater aircraft performance by using the engineering thermoplastics. Due to the low specific gravity of Thermoplastics it will have half of the density of aluminum and one-sixth of the density of steel. When fillers such as glass or carbon fbers are used, plastics can achieve relatively high modulus, and the combination of high stiffness and light weight results in a high specidic modulus. This is beneficial for aerospace applications because low weight tends to result in fuel efficiency. Many military and civilian aircraft canopies are now manufactured from acrylic or polycarbonate plastics, which are lighter than glass and have many times the impact strength of glass. The interiors of aircraft are often subject to impact as travellers manipulate carry-on luggage, and high-toughness plastics, such as KYDEX Thermoplastic Sheet, are robust enough to stand up to these conditions. Semi-crystalline engineering thermoplastic accounts for around 53% of the global sales volume, utilized mainly by end-use industries in Europe. Focus across these regions on the aerospace and defense and Automotive industries is projected to fuel the growth of the global Thermoplastics market over the forecast market.

Thermoplastics Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the Thermoplastics market in 2020 up to 43%, owing to the accelerating Plastic demand and its application in almost all industries in the region. According to Applied Market Information Ltd.,thermoplastics market to surpass 20 million tons by 2020. According to Smithers study, in 2021 the thermoplastic elastomer market is estimated to be 3.84 million tons and is expected to grow to 5.55 million tons by 2026.With increase in disposable income, consumers’ buying patterns have reformed, which has been evident due to globalization. Rising population in emerging regions such as South Asia is boosting demand for engineering thermoplastic from end-use industries such as automotive & transportation, electrical & electronics, consumer appliances, and packaging.  governments, introducing policies to encourage foreign direct investment and facilitate closer integration with the worldwide economy, helping to drive investment in petrochemicals, polymer production and downstream plastic processing.

Thermoplastics Market – Drivers

Rise in Demand for Manufacturing in Aerospace and Automotive Application 

    Major Automotive vehicle manufacturers and bod parts makers are strongly focusing on reducing vehicle body weight and by employing plastic components replacing metal parts. This trend is expected to fuel demand for specialty thermoplastic compounds in the automotive end-use industry owing to the prominent substitute for metal parts.Rise in demand for the lightweight vehicle components in order to replace heavyweight metal parts to curb on carbon emission across the globe is expected to boost for specialty thermoplastic market during the forecast period. Aerospace industry is among prominent user specialty thermoplastics owing to the lightweight benefits, high stiffness, and excellent heat resistance properties. Aircraft components are required to withstand extreme pressure condition.  This key aspect is projected to fuel specialty thermoplastics market during the forecast period..

Increase in Demand for Thermoplastics in the Health Care Industry:

Polymers such as resins and fibers, elastomers such as natural rubber and thermoplastic elastomers and biodegradable plastics used in various forms in medical and healthcare applications are collectively known as medical polymers. Increasing preference for healthcare treatment and growth in ageing population are some of the key factors likely to boost demand for medical polymers. Additionally, rising usage of disposable medical devices is expected to augment demand for medical polymers. Over the past few years, polymers have been increasingly substituting traditional materials such as metals in packaging of medical devices, equipment and pharmaceuticals owing to their biocompatibility and lightness in weight. Major Investments on Healthcare system and for the advancement of healthcare facilities globally are going to raise the potential of Thermoplastics market in the forecast period.

Thermoplastics Market – Challenges

Difficulty in sourcing of Raw Material:

Manufacturers are finding it difficult to source raw materials and maintain revenue along with good levels of profit margins in challenging economies. Therefore, understanding the industry structure and staying connected with the end-use market will not only help understand industry needs but also assist being updated with standard industry requirements. Furthermore, marketing and distribution strategy, minimizing lead time for product availability, along with customer support, strategic collaborations, and partnerships, could be some key winning strategies for manufacturers.

Thermoplastics Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Thermoplastic market. Thermoplastics market top companies are:

1. SABIC 

2. Celenase Corporation 

3. BASF SE 

4. Lanxess AG 

5. Solvay S.A. 

6. Mitsubishi Chemical Advanced Materials (Japan)

7. SGL Group 

8. DuPont 

9. Toray Industries, Inc. 

10 Polyone Corporation

Acquisitions/Technology Launches

On 9th January 2020, INEOS Solution, has announced  to build a world-scale ABS (Acrylonitrile Butadiene Styrene)plant in Ningbo, China to grow its production capacity in the country significantly. The new production site will be adjacent to the recently acquired polystyrene plant in Ningbo.

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1. Thermoplastics Market- Market Overview
    1.1 Definitions and Scope
2. Thermoplastics Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Thermoplastics 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. Thermoplastics 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. Thermoplastics Market– Industry Market Entry Scenario PremiumPremium
    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. Thermoplastics Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters 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. Thermoplastics Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Thermoplastics Market– By Type(Market Size -US$Million/Billion)
    8.1 Acrylonitrile Butadiene Styrene (ABS)
    8.2 Acrylic
    8.3 Nylon
    8.4 Polyactic acid (PLA)
    8.5 Polycarbonate
    8.6 Polyethylene
    8.7 Polypropylene
    8.8 Polystyrene
    8.9 Polyvinyl chloride (PVC)
    8.10 Teflon (PTFE)
    8.11Others
9. Thermoplastics Market – By Application(Market Size -US$Million/Billion)
    9.1 Fabrication
    9.2 Consumer Goods
    9.3 Biomedical Materials
    9.4 e-Mobility (Electric Vehicles)
    9.5 Medical Devices
    9.6 Packaging Films
    9.7 Bulletproof Vests
    9.8 Others
10. Thermoplastics Market – By End-Use Industry(Market Size -US$Million/Billion)
    10.1 Building and Construction
        10.1.1 Residential
            10.1.1.1 Independent Houses
            10.1.1.2 Row Houses
            10.1.1.3 Large Apartments
        10.1.2 Commercial
            10.1.2.1 Office Buildings
            10.1.2.2 Educational Institutes
            10.1.2.3 Hospitals
            10.1.2.4 Others
    10.2 Healthcare
    10.3 Automotive and Transportation
    10.4 Electrical and Electronics
    10.5 Marine
    10.6 Oil and Gas
    10.7 Aerospace and Defence
    10.8 Sports and Leisure
    10.9 Others
11. Thermoplastics Market -By Geography (Market Size -US$Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Thermoplastics Market– Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Thermoplastics Market– Industry/Segment Competition Landscape Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category- Major companies
    13.6 Company Benchmarking Matrix - Major companies
14. Thermoplastics Market – Key Company List by Country Premium Premium
15. Thermoplastics Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"