Analysis of Potential Impact of COVID-19 on Specialty Thermoplastics Market

Specialty Thermoplastics Market Introduction:

Specialty thermoplastics are proprietary resins, monomers, and polymers. They are utilized in specialized applications such as curing technology. Specialty thermoplastics possess high stiffness, high resistance, and better retention properties. Specialty thermoplastics are light in weight and possess high strength benefits.
These thermoplastics are used in various applications such as electrical & electronics, medical, and construction. Specialty thermoplastics are also employed in additive manufacturing, automotive vehicle, batteries, consumer goods, personal care products, membrane & filtration, and oil & gas industries.

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Drivers of Specialty Thermoplastics Market

Rise in demand for additive manufacturing in aerospace and automotive applications is one of the major factors driving the global specialty thermoplastics market. Increase in demand for specially designed thermoplastics in various end-use industries such as oil & gas to tolerate harsh conditions is expected to boost the market during the forecast period. Increase in demand for specialty thermoplastics in the health care industry is estimated to provide lucrative opportunities to manufacturers of specialty thermoplastics during the forecast period.
Merger & acquisitions are key strategies adopted by major manufacturers operating in the specialty thermoplastics market. For instance, in 2018, PolyOne Corporation, a leading manufacturer of specialized polymer materials, announced plans to acquire Formulated Polymers Ltd, a leading engineering thermoplastic compound maker based in India.

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Restraints of Specialty Thermoplastics Market

High production cost and fluctuation in prices of raw materials are anticipated to hamper the market during the forecast period. Specialty thermoplastics are highly dependent on crude oil and fossil fuel resources for high quality raw material production. However, crude oil has become an important resource of a number of applications such as polymer production. Fluctuation in international tariffs increases gap for supply and demand among raw material suppliers and end-use industries. Highly volatile crude oil prices directly impact polymer production costs across the globe. This is likely to hamper the specialty thermoplastic market in the next few years.
Most countries have restricted the usage and production of polymer composites by implementing heavy taxation as they lead to environmental pollution. This is projected to hider the specialty thermoplastics market in the near future.

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Covid-19 impact on Specialty Thermoplastics Market

The COVID-19 outbreak is hampering the demand for specialty thermoplastics in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in in demand for specialty thermoplastics across the globe.

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This release was published on openPR.