Press release
Thermoplastic Resins Market Outlook 2029 | Revenue Models
Thermoplastic Resins Market - DataM Intelligence
The Global Thermoplastic Resins Market is expected to grow at a high CAGR of 4.4% during the forecasting period (2022-2029).
Thermoplastic resins are raw, unshaped polymers that melt and change state to liquid when heated and turn solid when cooled. They can be repeatedly re-melted and remolded, allowing parts and scraps to be reprocessed.
The global thermoplastic resins market is anticipated to grow at a steady growth rate till 2026 owing to several advantages of thermoplastic resins and the increasing adoption of thermoplastic resins into various industry verticals.
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Market Drivers and Restraints
The increasing demand for lightweight and naturally sustainable materials and their growing applications in the end-user industry is the key driver of the industry.
Moreover, the growing adoption of thermoplastic within the automotive industry, increasing demand for automobiles, rising demand for recyclable and fast-curing materials, and growing penetration of composite materials by replacing metals are significant factors boosting the growth of the thermoplastic resin market.
Overall, the introduction of ultra-high molecular weight thermoplastic resins would drive the growth of the thermoplastic resins industry within the next few years.
The thermoplastic resin market looks good with opportunities in various applications such as powertrain systems, electrical and electronics, chassis systems, interior, exterior, underbody systems, and others within the automotive industry. The particular need of the automotive sector such as lightweight and durable materials will drive the future demand for thermoplastic resins.
The industry is anticipated to face particular challenges such as regulations to reduce CO2 emissions, crude oil, and naphtha price fluctuations, and product commoditization.
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Market Segmentation
By Resin Type
Polypropylene
Polyamide
Polybutylene Terephthalate
Polyphenylene Sulfide
Polycarbonate
By Compound Type
Short Fiber-Reinforced Thermoplastic
Long Fiber-Reinforced Thermoplastic
Continuous Fiber-Reinforced Thermoplastic
Glass-Mat Thermoplastic
By End-use Industry
Transportation
Consumer Goods
Electrical & Electronic
By Composite Type
Glass Fiber-Reinforced Plastics
Carbon Fiber-Reinforced Plastics
Major players:
BASF SE, Chevron Phillips, Dow Chemical, E. I. du Pont de Nemours and Company, EMS-GRIVORY, ENI, Exxon Mobil, INEOS, Koninklijke DSM N.V., Lanxess Aktiengesellschaft, LG Chem, LyondellBasell Industries N.V., SABIC, Solvay S.A.
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