The Infinium Global Research analyzes the Thermoplastics Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in the global thermoplastics market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of thermoplastics. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the thermoplastics market during the period. The global thermoplastics market is projected to grow at a CAGR of 5.8% over the forecast period of 2020-2026.
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Higher Demand for Lighter Automotive Components is the Major Factor Driving the Growth of the Thermoplastics Market
The higher demand for lighter automotive components is the major factor driving the growth of the thermoplastics market. In order to improve the performance and fuel efficiency of a vehicle, its components are required to be lightweight. The automotive components made up of thermoplastics are lightweight than steel or aluminum components at the same time they are strong. This enables us to reduce the overall weight of the vehicle. Lightweight vehicles are faster and consume less fuel.
Moreover, the rapidly growing consumer electronic goods industry is anticipated to further boost the growth of the market. The consumer electronic goods industry is valued at nearly USD 1 trillion and is expected to reach up to more than USD 1.5 trillion in 2025. The growth of this industry is mainly attributed to growing demand from developing markets and improving infrastructure. Most consumer electronic goods are made up of thermoplastics, as they have better insulation and lower electromagnetic interference. This, in turn, boosts the demand for thermoplastics around the world. However, the high cost of raw materials makes thermoplastics relatively expensive than other materials. This is one of the major restraining factors for the growth of the market.
However, the current concerns over the outbreak of coronavirus are expected to have a negative impact on the sale of thermoplastics in the short term. The outbreak of the pandemic has led to lockdowns in numerous countries across the world. Due to such lockdowns, production in several industries such as automotive, consumer goods, electronics, and packaging has reduced significantly. Thus, the demand for raw materials such as thermoplastics has declined drastically in the past few months.
Moreover, consumers in locked-down countries are staying at home and buying only essential products such as food, medicines, and other household goods. Thus, the sale of goods such as electronics, furniture, and vehicles has decreased considerably. Thus, the sales of raw materials such as thermoplastics that are used to manufacture the products have decreased. Nevertheless, as these countries open up, production will come to the normal rate, increasing the sale of thermoplastics.
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Asia Pacific Region is Expected to Hold the Largest Share in the Global Thermoplastics Market
Among the geographies, the Asia Pacific region is expected to hold the largest share in the global thermoplastics market as Asian countries such as India and China are the major manufacturing hubs for a number of multinational companies. Factors including better availability of natural resources, inexpensive labor, and government support are encouraging various companies to establish their production plants in these countries. Thermoplastics being one of the raw materials, its demand in countries like China and India has increased due to growing production plants. Moreover, the demand for electronic goods and vehicles in the Asia Pacific has increased due to improved disposable income and growing urbanization. As the demand for such products increases, production also increases which, in turn, boosts the sale of thermoplastics in the Asia Pacific.
Thermoplastics Market: Segmentation
The report on the global thermoplastics market covers segments such as type and end-user. On the basis of type, the sub-markets include polyethylene, polypropylene, polystyrene, polyvinyl chloride, teflon, acrylonitrile butadiene styrene (ABS), and other types. On the basis of end-user, the sub-markets include automotive, agriculture, construction, consumer goods, electrical and electronics, packaging, pharmaceuticals, and other end-users.
Thermoplastics Market: Competitive Landscape
The report provides profiles of the companies in the market such as The 3M Company, Arkema S.A., BASF SE, Covestro AG, DuPont de Nemours, Inc., Evonik Industries AG, SABIC, Solvay S.A., LG Chem Ltd., Mitsubishi Engineering-Plastics Corporation, and Other Companies.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of thermoplastics.
=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2026.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on investing, consolidate, expanding and/or diversify.
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