The global thermoplastic resin market is projected to grow at a CAGR of 5.93% during the forecast period to reach US$13.150 billion by 2027, from US$8.786 billion in 2020.
Thermoplastic resins are adaptable by nature and can be reconstituted, enduring only physical rather than chemical changes. Thermoplastics are unshaped raw materials that harden when heated and change to liquid when cooled. They can be melted and molded repeatedly, allowing parts to be reprocessed. Market growth is fueled by their ability to alter the shape and be recycled, as well as their eco-friendliness.
The demand for thermoplastic resins is increasing as a result of increasing adoption in vehicle manufacturing, especially in electric cars. For instance, the Norwegian government is giving a massive package of subsidies worth Euro 17,000 on purchasing a small class ICE car, while the UK government is paying buyers of vehicles emitting less than 75 g/km a one-time premium of GBP 4,000-7,000. Market expansion will be aided by rising demand for practical and lightweight materials, as well as the application of severe regulations. Because of the rising uses in many industries, such as electronics and transportation, the market has a considerable possibility to grow remarkably. The manufacturing process is centered on environmental sustainability. The ability of thermoplastics to sustain high-level impact is nearly tenfold greater than that of their counterparts. This feature is used in bulletproof jackets, airline windows, and helmet visors, among other places.
The high cost of thermoplastic resins is expected to stifle the market’s growth. Thermoplastic resins used to make thermoplastic composites are more expensive than thermoset resins. The cost of raw materials accounts for a significant amount of the total cost of these composites. The cost of raw materials, manufacturing, and processing of thermoplastic composites are expensive, resulting in an increased cost of the end product. The high cost of thermoplastic composites is a major deterrent for OEMs in the supply chain. Furthermore, the gears needed to manufacture thermoplastic composites are expensive, resulting in a high production cost making them commercially unviable.
Polyone Corporation released new integrated thermoplastic products at CHINAPLAS 2019 in May 2019. Complete LFT formulation, a thermoplastic composite comprising PEEK and PP as a resin base, was introduced to meet the most robust performance and design process. KW Special Projects and UNITI SWEDEN redefined the design and development of the car in 2019 with the help of combinations of carbon fiber-reinforced thermoplastic and digital twin technologies.
By resin type, the global thermoplastic resin market can be segmented into polypropylene, polyamide, polybutylene terephthalate, polyphenylene sulfide, polycarbonate, and others. The Polyphenylene Sulfide segment is expected to grow at the fastest CAGR due to expanding applications across various industries such as defense, aerospace, and automotive, while the polyamide segment is expected to have the largest market share in terms of revenue. Polyamide-based materials are particularly beneficial for automotive applications because of their great wear resistance and ductility.
By compound, the global thermoplastic resin market can be segmented into short fiber-reinforced thermoplastic (SFT), long fiber-reinforced thermoplastic (LFT), continuous fiber-reinforced thermoplastic (CFT), and glass-mat thermoplastic (GMT). SFT has a wide range of applications due to their reprocessing ease; hence they have a significant share in the market. They are utilized in applications that need durability, high-volume manufacture, scrap recycling, and long shelf life. The LFT segment is expected to grow significantly.
By industry, the global thermoplastic resin market can be segmented into automotive and transportation, consumer products and electronics, aerospace and defense, wind energy, marine, construction, and others. The aerospace and defense industry is expected to have a significant market share. Because of their small weight, thermoplastic composites are used in the aerospace sector, allowing for various efficient designs for varied uses. Luggage bins, floor panels, and trolleys are among the components made of thermoplastic materials.
By composite, the global thermoplastic resin market can be segmented into glass and carbon fiber-reinforced plastics. The glass fiber segment dominates the global thermoplastic resin market due to various applications in wind energy, transportation, consumer products, and electronics, construction, building, and other industries. Glass fibers are in high demand because of their inexpensive cost and ability to be processed with a variety of resins.
By geography, the global thermoplastic resin market can be segmented into North America, Asia Pacific, Middle East, Africa, South America, and Europe. In the projected period, the Asia-Pacific is predicted to be the largest and fastest-growing market for the thermoplastic resins industry owing to the high production of commercial and passenger vehicles, rising manufacturing units, and continued growth of electronic manufacturing. China and India are likely to be the most important markets due to the availability of cheap labor and the expansion of downstream processing capacity.
COVID-19 hurt the thermoplastic composite demand in various industries, such as aerospace, defense, construction, transportation, wind energy, consumer and electronics goods, and others resulting in fewer aircraft deliveries, wind energy installations, and vehicle and electronics sales. Due to supply chain disruptions such as raw material delays or non-arrival, rising absenteeism among production line workers, and disturbed financial flows, OEMs have been forced to run at zero or partial capacity, resulting in lower demand for thermoplastic composites.
|Market size value in 2020||US$8.786 billion|
|Market size value in 2027||US$13.150 billion|
|Growth Rate||CAGR of 5.93% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Resin Type, Compound, Industry, Composite, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Celenase Corporation, BASF SE, Chevron Phillips, Dow Chemical, E. I. du Pont de Nemours and Company, EMS-GRIVORY, Exxon Mobil, Lanxess, SABIC, Solvay S.A.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the thermoplastic resin market size by 2027?
A1. The global thermoplastic resin market is projected to reach a total market size of US$13.150 billion in 2027.
Q2. What are the growth prospects for the thermoplastic resin market?
A2. The thermoplastic resin market is projected to grow at a CAGR of 5.93% during the forecast period.
Q3. What is the size of the global thermoplastic resin market?
A3. Thermoplastic Resin Market was valued at US$8.786 billion in 2020.
Q4. Which region holds the largest market share in the thermoplastic resin market?
A4. The Asia-Pacific is predicted to be the largest and fastest-growing market for the thermoplastic resins industry owing to the high production of commercial and passenger vehicles, rising manufacturing units, and continued growth of electronic manufacturing.
Q5. What factors are anticipated to drive the thermoplastic resin market growth?
A5. The demand for thermoplastic resins is increasing as a result of increasing adoption in vehicle manufacturing, especially in electric cars.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL THERMOPLASTIC RESIN MARKET, BY RESIN TYPE
5.4. Polybutylene terephthalate
5.5. Polyphenylene sulfide
6. GLOBAL THERMOPLASTIC RESIN MARKET, BY COMPOUND
6.2. Short fiber-reinforced thermoplastic
6.3. Long fiber-reinforced thermoplastic
6.4. Continuous fiber-reinforced thermoplastic
6.5. Glass-mat thermoplastic
7. GLOBAL THERMOPLASTIC RESIN MARKET, BY INDUSTRY
7.2. Automotive and transportation
7.3. Consumer products and electronics
7.4. Aerospace and defense
7.6. Wind energy
8. GLOBAL THERMOPLASTIC RESIN MARKET, BY COMPOSITE
8.2. Glass fiber-reinforced plastics
8.3. Carbon fiber-reinforced plastics
9. GLOBAL THERMOPLASTIC RESIN MARKET, BY GEOGRAPHY
9.2. North America
9.2.1. United States
9.3. South America
9.4.1. United Kingdom
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.4. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Celanese Corporation
11.2. BASF SE
11.3. Chevron Phillips
11.4. Dow Chemical
11.5. E. I. du Pont de Nemours and Company
11.7. Exxon Mobil
11.10. Solvay S.A.
E. I. du Pont de Nemours and Company
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