Emphasis on Resin Type (Polypropylene, Polyamide, Polybutylene Terephthalate, Polyphenylene Sulfide, and Others); Compound (Short Fiber-Reinforced Thermoplastic, Long Fiber-Reinforced Thermoplastic, Continuous Fiber-Reinforced Thermoplastic, and Glass-Mat Thermoplastic); Composite Type (Glass Fiber-Reinforced Plastics and Carbon Fiber-Reinforced Plastics); End-User (Aerospace and Defense, Transportation, Consumer Good, Electrical & Electronic, and Others); and Region/Country
The thermoplastic resins market is expected to register a CAGR of approx. 6% over the period of 2022-2028. Thermoplastic resins are versatile in nature and can reform, undergoing only physical changes rather than chemical ones. Thermoplastics are unshaped raw materials that melt when heated and solidify when cooled. They can be remelted and remolded multiple times, allowing parts to be reprocessed. Their ability to change shape and be recycled, as well as their environmental friendliness, drive market growth. The manufacturing process is environmentally sustainable, and it requires little investment. Thermoplastics can withstand high-level impact; their impact resistance is nearly ten times that of their counterparts. This feature motivates applications such as bulletproof vests, airplane windows, and helmet visors. The growing demand for thermoplastic resins can be attributed to the rising product demand from the construction, automotive, and electrical & electronics sectors, thus, rising the adoption of organic growth strategies among key industry players across the globe. For instance, In May 2019, Polyone Corporation launched new thermoplastic composite products at CHINAPLAS 2019. It introduced Complet LFT formulations, which is a thermoplastic composite with PEEK and PP as base resin, to meet highly demanding design and performance requirements. Owing to the glaring statistics due to the rising population and their preferences for automotive and others, the demand for thermoplastic resins is boosted across the globe and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the thermoplastic resins market is anticipated to grow on account of the rise in product consumption in the healthcare sector owing to the growing production of Personal Protective Equipment (PPE), such as face masks, face shields, medical gowns, and various medical devices, due to the rising cases of COVID-19. In addition, increasing spending in the construction sector by various governments acts as a prominent factor that drives the market growth. However, some of the restraints in the market including the high costs of raw materials are impeding the growth of this market all over the world.
BASF SE, Celenase Corporation, Lanxess AG, Solvay S.A, Mitsubishi Chemical Advanced Materials, Toray Industries, Inc., Polyone Corporation, LyondellBasell Industries N.V., EMS-GRIVORY, INEOS are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst resin type, the polyphenylene sulfide category accounted for the significant share in the market in 2020”
Based on the resin type, the thermoplastic resin market is segmented into polypropylene, polyamide, polybutylene terephthalate, polyphenylene sulfide, and others. The polyphenylene sulfide segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The polyamide segment is anticipated to have the largest market share in terms of revenue due to its growing applications across numerous industries, including defense, aerospace, and automotive. Due to their excellent wear resistance and ductility, polyamide-based materials are especially advantageous for automotive applications.
“Amongst compound, the short fiber-reinforced thermoplastic category is expected to hold significant share during the forecast period”
Based on the compound, the market is fragmented into short fiber-reinforced thermoplastic, long fiber-reinforced thermoplastic, continuous fiber-reinforced thermoplastic, and glass-mat thermoplastic. The short fiber-reinforced thermoplastic segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. They are used in applications where long shelf lives, high production volumes, and durability are required.
“Amongst composite type, the glass fiber-reinforced plastics category to hold considerable market share during the forecast period”
Based on the composite type, the market is fragmented into glass fiber-reinforced plastics and carbon fiber-reinforced plastics. The glass fiber-reinforced plastics segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period due to a variety of uses in wind energy, transportation, consumer electronics, building, and other industries. Glass fibres are in high demand due to their low cost and ability to be processed with a wide range of resins.
“Amongst end-user, the aerospace and defense category to hold considerable market share during the forecast period”
Based on the end-user, the market is fragmented into aerospace and defense, transportation, consumer good, electrical & electronic, and others. The aerospace and defense segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period Because of their light weight, thermoplastic composites are used in the aerospace industry, allowing for a variety of efficient designs for a variety of applications.
“Asia Pacific to witness significant growth during the forecast period”
For a better understanding of the market adoption of thermoplastic resins, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. The Asia Pacific constitutes a major market for the thermoplastic resins industry owing to the high production of commercial and passenger vehicles, rising manufacturing units, and continued growth of electronic manufacturing. China accounts for nearly one-fourth of the world’s plastic production capacity and has more than 15,000 plastic factories.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Thermoplastic Resins Market
6. Global Thermoplastic Resins Market Revenue, 2020-2028f
7. Market Insights By Resin Type
8. Market Insights By Compound
9. Market Insights By Composite Type
10. Market Insights By End-user
11. Market Insights By Region
12. Thermoplastic Resins Market Dynamics
13. Thermoplastic Resins Market Opportunities
14. Thermoplastic Resins Market Trends & Insights
15. Demand And Supply Side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Global Thermoplastic Resins Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global thermoplastic resins market were the three major steps undertaken to create and analyze the adoption of thermoplastic resins in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global thermoplastic resins market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the thermoplastic resins market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the thermoplastic resins market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the resin type, compound, composite type, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the thermoplastic resin market. Further, we conducted factor analysis using dependent and independent variables such as the growing demand for thermoplastic resins can be attributed to the rising product demand from the construction, automotive, and electrical & electronics sectors, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the thermoplastic resin market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global thermoplastic resins market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global thermoplastic resins market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of resin type, compound, composite type, and end-users in the global thermoplastic resins market.
The main objective of the Global Thermoplastic Resins Market Study
The current & future market trends of the global thermoplastic resins market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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