Thermoplastic Market To Witness Significant Revenue Growth On Back Of Augmenting Demand

Precision Business Insights published a research report on “Thermoplastic Market: By Type (Acrylonitrile Butadiene Styrene (ABS), Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Teflon, and Others), By End User Industry (Building & Construction, Oil & Gas, Electrical & Electronics, Automotive & Transport, Agriculture, Consumer Goods, Pharmaceuticals, and Others), and Geography - Global/Region/Country Forecast to 2027".

Thermoplastics are utilized in the manufacture of electrical components and structural automotive, as well as circuit boards and printed injection molded connectors. Thermoplastics are made up of monomers, proprietary resins, and polymers. They're used in a variety of applications, including curing technologies. Thermoplastics have a lot of stiffness, a considerable amount of resistance, and a lot of retention. Thermoplastics are lightweight and have a good strength to weight ratio. Electrical and electronics, construction, medical, and electrical appliances are just a few of the applications for these thermoplastics. Thermoplastics are also utilized in automotive vehicles, additive manufacturing, consumer goods, batteries, and personal care products, oil and gas and membrane and filtration.

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The emergence of the pandemic had an influence on thermoplastic composites manufacturing, which resulted in the closure of services. The shutdown also caused a deficit in the chemical industry's supply chain. Thermoplastics have a long history of use in the automotive and transportation industries. The following are a few examples of engineering plastics applications: Amongst these topics covered are automotive airbags, under-the-hood applications, and automotive electrical and electronics. The expansion of the thermoplastics market is mostly due to rising demand for lightweight materials in the automotive sector in order to give better effectiveness and design flexibility. Over the forecast period, superior features such as flame, radiation, and chemical resistance, as well as temperature tolerance, are expected to fuel demand for high-performance thermoplastics. Over the next few years, improved mechanical qualities such as fatigue, wear, robustness, durability, and stiffness are expected to drive up demand for high-performance thermoplastics in durable applications.

The Global Thermoplastics Market is classified into Product Type and by end-use. In terms of Product, the market is fragmented into Higher nylons (PA11, PA12), Nylon 6,66, Polyethylene Terephthalate (PET), Polybutylene terephthalate (PBT), Polyphenylene Sulfide (PPS), Polycarbonate/Acrylonitrile Butadiene Styrene (PC/ABS) and Others. In terms of end-use, the market is divided into Medical & Healthcare, Textile, Automotive & Aerospace, Packaging, Electrical & Electronics and Others.

Due to increased investments, particularly in the consumer products industry, Asia Pacific led the high-performance thermoplastics market in 2014, and this trend is projected to continue in the near future. Due to rising construction and textile sector requirement, China is expected to become the major high-performance thermoplastics production and consumer region in the coming years. Due to technical developments and increased R&D in manufacturing processes in the territory, the United States is expected to be the main consumer market.

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Some of the major key players operating in thermoplastic market are Arkema, BASF SE, Convestro, Du Pont, Evonik Industries, LG Chem Ltd, Royal DSM NV, Solvay Plastics, SABIC, Daicel Corporation, Eastman Chemical Company, Asahi Kasei Corporation.

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