Thermoplastics Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)

Thermoplastics market is growing at a CAGR of nearly 9.5% during the forecast period. The major factors that are accelerating the market growth include rising application in consumer goods and electronics industries and growth in the packaging industry. As per the Flexible Packaging Association (FPA), in 2018, the flexible packaging industry had $31.8 billion in sales in the US. It is the second-largest packaging segment in the US, accounting for nearly 19% of the $170 billion US packaging market. In the US, food (retail and institutional) accounted for a major share in flexible packaging, representing nearly 59% of shipments.

Thermoplastic materials are significantly utilized for different flexible packaging applications. Polypropylene is one of the most commonly used thermoplastics across the globe. The application of Polypropylene ranges from plastic parts for machinery and equipment, plastic packaging, and even fibres and textiles. Other thermoplastics that are commonly used in the flexible packaging industry include polyethylene (PE), polyvinyl chloride (PVC), and polyethylene terephthalate (PET). PE is the most extensive used thermoplastics for engineered parts and components and is available in a range of grades and formulations according to diverse requirement.

Generally, PE delivers a low coefficient of friction and offers superior electrical properties, chemical and impact resistance. Additionally, PE is easily processed, lightweight, and provide near-zero moisture absorption. High-Density PE is used in multiple packaging applications including bottles for milk and fruit juices, crates, trays, industrial bulk containers, caps for food packaging, jerry cans, drums, among others. HDPE offers the end product a satisfactory impact strength in these applications. However, fluctuating raw material prices is acting as a major restraining factor for the market growth. The market has significant opportunity coupled with the innovation in thermoplastic materials and processes.

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Thermoplastics Market Segmentation

By Product

· Polyethylene

· Polypropylene

· Polystyrene

· Polycarbonate

· Polyethylene Terephthalate

· Others

By Application

· Packaging

· Building and Construction

· Consumer Goods

· Electronics

· Automobiles

· Others

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Regional Analysis

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

· Latin America

· Middle East and Africa

Company Profiles

· Arya Sasol Polymer Co.

· Arkema S.A.

· Asahi Kasei Corp.

· BASF SE

· Bayer AG

· Braskem SA

· Chevron Phillips Chemical Co. LLC

· China National Petroleum Corp. (CNPC)

· The Dow Chemical Co.

· DuPont de Nemours, Inc.

· Evonik Industries AG

· Exxon Mobil Corp.

· Formosa Plastics Corp.

· Ineos AG

· Jam Petrochemical Company

· Lanxess AG

· Lotte Chemical Corp.

· LyondellBasell Industries Holdings B.V.

· Mitsubishi Chemical Corp.

· Avient Corp.

· PTT Global Chemical Public Co.Ltd.

· Reliance Industries Ltd. (RIL)

· Saudi Basic Industries Corp. (SABIC)

· Sumitomo Chemical Co., Ltd.

· Toray Industries, Inc.

· Total SE

· Westlake Plastics Co.

· Solvay SA

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