Thermoplastics Market Report Updated on 2018 Premium Insights on Industry Growth rate and Trend Analysis and Forecast 2023

The thermoplastics market was valued at USD 17 billion in 2017 and is expected to expand at a CAGR 6.24% during the forecast period, 2018 - 2023.

The increase in productive capacity has resulted in a rise in the applications in the end-user industries, such as building & construction, automotive & transport, and consumer goods & pharmaceuticals, and this trend is expected to remain same during the forecast period. However, the availability of raw materials and the environment-related concerns are expected to hinder the market growth.

Soaring Demand due to Growing Purchasing Power
The key factors which are driving the market growth include an increase in the number of working women, a rise of the dual-income nuclear families, increase in the disposable income, and high per-capita spending on lifestyle products.

Social and cultural factors also influence the demand of the market. The rise in disposable income for middle-class and upper-class population has resulted in an increased consumption of durable and non-durable goods made from polymers and chemicals. The growing focus towards fuel efficient, light-weight, and environment-friendly products is playing an important role in the growth of the market.

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Packaging is the Fastest Growing Segment
The packaging industry is the fastest growing segment and is expected to grow significantly during the forecast period. Thermoplastics are used in the packaging of different beverages, foods, model kits, sports and leisure boxes, etc.

Thermoplastics applications are poised for growth in the United States, owing to the increasing use of these plastics to replace traditional plastics, such as polypropylene and polyethylene, especially in the food packaging industry as they are energy efficient and lighter than alternative materials. Due to its toughness, flexibility, and relative transparency, thermoplastics are popularly used in applications where heat sealing is necessary, thereby, driving the growth of the market.

Asia-Pacific to Dominate the Market
Asia-Pacific dominates the market for thermoplastics, followed by North America and Europe. The growing demand in the Asia-Pacific region is mainly due to the high market potential for polyethylene in China.

The developing regions of South America and Asia-Pacific are expected to increase their market share in the future owing to the growing purchasing power in the developing countries. Europe and North America remain interesting locations for R&D and they are also important as sales markets. However, the establishment of new production capacities is favored in the Middle East region.

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Notable Developments in Market
February 2018: Evonik Acrylics Africa, a specialty plastics manufacturing company, announced that it is now a wholly owned Evonik Enterprise without any joint venture partners.

June 2017: Solvay and GKN Aerospace team up in order to accelerate the adoption of thermoplastic composite materials on aircraft, with Solvay becoming the supplier of lightweight material to Fokker.

Major Players: Arkema SA, BASF, Evonik Industries AG, SABIC Innovative Plastics, Covestro, Solvay Plastics, Royal DSM N.V., DowDuPont, Asahi Kasei Corporation, and Teijin Chemicals Limited, among others.

Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)

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Customization of the Report
The report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.

Companies Mentioned:
Arkema SA, Asahi Kasei Corporation, BASF SE, Covestro, Celanese Corporation, Chevron Phillips Chemical Company LP, Daicel Corporation, DuPont, Eastman Chemical Company, Evonik Industries AG, LyondellBasell Industries, Lanxess AG, LG Chem Ltd, Mitsubishi Engineering Plastic Corporation, Polyplastic Co. Ltd, Royal DSM NV, SABIC Innovative Plastics, Solvay Plastics, Teijin Chemicals Limited, A. Schulman, Inc., Ineos Abs Corporation, Dyneon LLC, Rochling Group

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