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.
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.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503156
Report Price: $ 4500 (Single User License)
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.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503156
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:
2. Celenase Corporation
3. BASF SE
4. Lanxess AG
5. Solvay S.A.
6. Mitsubishi Chemical Advanced Materials (Japan)
7. SGL Group
9. Toray Industries, Inc.
10 Polyone Corporation
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.
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.
A. Thermoplastic Elastomers Market
B. Thermoplastic Composites Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.