Global Thermoplastics Market Research and Forecast 2022-2028

Global Thermoplastics Market Size, Share & Trends Analysis Report, By Product (Polyethylene, Polypropylene, Polystyrene, Polycarbonate, Polyethylene Terephthalate, and Others), by Application (Packaging, Building & Construction, Automotive, Electrical & Electronics, Household, Leisure & Sports, Agriculture, and Others), and Forecast, 2022-2028

The global 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 fibers 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.

Segmental Outlook

The market is segmented based on the product and application. Based on the product, the market is segmented into polyethylene, polypropylene, polystyrene, polycarbonate, polyethylene terephthalate, and others. Further, based on the application, the market is segmented into packaging, building and construction, consumer goods, electronics, automobiles, and others.

Global Thermoplastics Market Share by Product, 2020 (%)

Global Thermoplastics Market Share by Product

In 2020, polyethylene (PE) held the largest share in the market. It is a cost-effective, lightweight, and durable semicrystalline thermoplastic polymer that features a low melting temperature and better resistance to various chemicals. PE has a low melting temperature that makes melt processing economically favorable for PE than the other thermoplastics by minimizing energy costs. PE has a nonpolar molecular structure which leads to a good moisture barrier. It can be used to produce a wide range of packaging materials. All types of PE such as low-density PE (LDPE), high-density PE (HDPE), and linear low-density PE (LLDPE) are utilized in packaging applications. HDPE is significantly used for the manufacturing of rigid containers, for products such as household cleaning solutions, and milk bottles to shampoos.

Regional Outlooks

The global thermoplastics market is analyzed based on geographical regions such as North America, Europe, Asia Pacific and the Rest of the World (RoW). Asia-Pacific is estimated to witness potential growth during the forecast period owing to the significant rise in the packaging and consumer goods sector. The packaging sector is classified into two major segments (such as rigid and flexible packaging). As per the India Brand Equity Foundation (IBEF), rigid packaging representing a 64% market share in India. Regarding packaging materials, plastics dominate 55% of the sector, followed by paper & cardboard (20%) and glass (10%). The largest consumer of packaging is food processing at 45%, followed by pharmaceuticals (25%) and personal care products (10%). The rising adoption of packaging from such end-user segments is offering significant potential for thermoplastics as it is significantly used in the packaging sector owing to its high tensile strength, good flexibility, and wear resistance.

Global Thermoplastics Market Growth, by Region, 2022-2028

Global Thermoplastics Market Growth, by Region

Market Players Outlook

Key players operating in the market include BASF SE, Arkema SA, Evonik Industries AG, Asahi Kasei Corp., and DuPont de Nemours, Inc. The market players are adopting some key strategies to expand their market share. This includes geographical expansion, partnerships and collaborations, mergers and acquisitions, and product launches. For instance, in March 2019, Celanese Corp. declared the expansion of its Pibiflex and Riteflex TPC (thermoplastic co-polyester) manufacturing unit at the Donegani facility in Ferrara, Italy which intends to support the constant growth of its engineered materials business across the globe. Additionally, in May 2019, ExxonMobil Chemical, Irving, Texas, finished an expansion of its specialty elastomers production plant in Newport, Wales. This will double the manufacturing capacity of the plant and enhances the global production capacity of Santoprene thermoplastic vulcanizates (TPVs) by 25%.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global thermoplastics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.