Thermoplastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Thermoplastics Market is segmented by Product Type (Commodity Thermoplastics, Engineering Thermoplastics, High-performance Engineering Thermoplastics, and Other Product Types), End-user Industry (Packaging, Building and Construction, Automotive and Transportation, Electrical and Electronics, Sports and Leisure, Medical, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for the thermoplastics market in volume (kilo tons) for all the above segments.

Market Snapshot

Thermpoplastics Market - Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %

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Market Overview

The thermoplastics market is expected to register a CAGR of greater than 6% during the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdown around the world, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period.

· Some prominent trends observed in the market are the increasing capacity additions in downstream processing and growing consumer goods and electronics industries.

· Environmental concerns related to thermoplastics are expected to hinder the market's growth.

· The growing popularity of bio-based products is expected to act as an opportunity for the market.

Scope of the Report

The thermoplastics market is segmented by product type, end-user industry, and geography. The market is segmented by product type: commodity thermoplastics, engineering thermoplastics, high-performance engineering thermoplastics, and other product types. By end-user industry, the market is segmented into packaging, building and construction, automotive and transportation, electrical and electronics, sports and leisure, medical, and other end-user industries. The report also covers the market size and forecasts for the thermoplastics market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Product Type
Commodity Thermoplastics
Polyethylene (PE)
Polypropylene (PP)
Polyvinyl chloride (PVC)
Polystyrene (PS)
Engineering Thermoplastics
Polyamide (PA)
Polycarbonates (PC)
Polymethyl methacrylate (PMMA)
Polyoxymethylene (POM)
Polyethylene terephthalate (PET)
Polybutylene terephthalate (PBT)
Acrylonitrile Butadiene Styrene (ABS)/Styrene Acrylonitrile (SAN)
High-performance Engineering Thermoplastics
Polyether Ether Ketone (PEEK)
Liquid Crystal Polymer (LCP)
Polytetrafluoroethylene (PTFE)
Polyimide (PI)
Other Product Types (PPE, PSU, PEI, PPS, ETFE, PFA, FEP, PBI)
End-user Industry
Packaging
Building and Construction
Automotive and Transportation
Electrical and Electronics
Sports and Leisure
Medical
Other End-user Industries (Agriculture, Consumer Goods)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from Automotive and Transportation

· Thermoplastics have been extensively used in numerous automotive and transportation applications. Some of the applications of engineering plastics are as follows: Automotive airbags, Under-the-hood applications, and Automotive electrical and electronics.

· The growing demand for lightweight materials in the automotive industry to provide increased efficiency and design flexibility is primarily responsible for the growth of the thermoplastics market.

· The automotive industry is recovering at a great pace after the downfall due to the COVID-19 outbreak. According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production witnessed a 10% increase to 57.26 million units in the first nine months of 2021 compared to 52.15 million units in the same period last year.

· North America is witnessing a huge demand for lightweight automobiles, driven by the growing consumer preference for high-quality, fuel-efficient automobiles. Therefore, the region's utilization of engineering plastics for manufacturing automobiles is rapidly increasing.

· According to International Energy Agency (IEA), approximately 6.5 million electric cars were sold worldwide in 2021, more than double the number sold in 2020. The US EV sales also surged in 2021, despite supply chain issues, more than doubling to surpass half a million.

· Further, the presence of automotive giants in the European region, along with huge investments made in the automotive R&D sector by European companies and governments, is propelling the growth of thermoplastics in the region.

Thermoplastics Market Segmentation Trends

China to Dominate the Market Growth in Asia-Pacific

  • The Asia-Pacific region is expected to dominate the market. China is one of the fastest emerging economies and has become one of the world's biggest production houses for plastics, electronics, and construction.
  • China is in experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion.
  • The electronics industry is one of the largest consumers of thermoplastics. Electronic products such as smartphones, OLED TVs, and tablets have the highest growth in the market in the consumer electronics segment. According to ZVEI Dia Elektroindustrie, China's electronics industry was about USD 2,430 million in 2020 and is forecast to grow at 11% and 8% Y-o-Y in 2021 and 2022, respectively.
  • According to the National Bureau of Statistics of China, in 2021, total plastic production in China stood at 82.33 million metric ton, an increase of 5.5% compared to 78.08 million metric ton in 2020, with about 7.95 million metric ton of plastic products produced in December 2021 alone.
  • China also increased its 2021 defense budget by 6.8% to CNY 1.35 trillion (USD 209 billion) at a quicker pace than last year's growth. Also, by 2025, China's total number of aircraft is expected to reach 5,343, according to the reports issued by the Aviation Industry Development Research Center of China, thus augmenting the market studied.
  • Furthermore, China has one of the largest automotive production bases in the world. The production of vehicles in the first nine months of 2021 stood at 18.24 million units, an increase of 8% compared to the same period in 2020, thus boosting the demand for thermoplastics.
  • Therefore, the demand for thermoplastics from various end-user industries is expected to increase during the forecast period.
Thermoplastics Market Regional Trends

Competitive Landscape

The thermoplastics market is fragmented, with few players holding the major share in the market. Key players in the thermoplastics market (not in any particular order) include BASF SE, Evonik Industries AG, Solvay, SABIC, and Arkema.

Major Players

  1. BASF SE

  2. Evonik Industries AG

  3. Solvay

  4. SABIC

  5. Arkema

Thermoplastics Market - market concentration

Recent Developments

  • In January 2022, Arkema announced a 25% increase in its global Pebax elastomer production capacity by investing in Serquigny in France. This investment will notably enable increased production of the bio-circular Pebax, Rnew, and traditional Pebax ranges.
  • In December 2021, Celanese Corporation announced that it had completed the acquisition of the Santoprene TPV elastomers business of ExxonMobil Corporation for a total purchase price of USD 1.15 billion, including two world-scale production facilities in Pensacola, Florida, the United States, and Newport, Wales, the United Kingdom with over 190 kt of total annual production capacity.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rapid Increase in Downstream Processing Capacity Additions

      2. 4.1.2 Growing Consumer Goods and Eelctronics Industries

    2. 4.2 Restraints

      1. 4.2.1 Other Restraints

    3. 4.3 Industry Value-chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Commodity Thermoplastics

        1. 5.1.1.1 Polyethylene (PE)

        2. 5.1.1.2 Polypropylene (PP)

        3. 5.1.1.3 Polyvinyl chloride (PVC)

        4. 5.1.1.4 Polystyrene (PS)

      2. 5.1.2 Engineering Thermoplastics

        1. 5.1.2.1 Polyamide (PA)

        2. 5.1.2.2 Polycarbonates (PC)

        3. 5.1.2.3 Polymethyl methacrylate (PMMA)

        4. 5.1.2.4 Polyoxymethylene (POM)

        5. 5.1.2.5 Polyethylene terephthalate (PET)

        6. 5.1.2.6 Polybutylene terephthalate (PBT)

        7. 5.1.2.7 Acrylonitrile Butadiene Styrene (ABS)/Styrene Acrylonitrile (SAN)

      3. 5.1.3 High-performance Engineering Thermoplastics

        1. 5.1.3.1 Polyether Ether Ketone (PEEK)

        2. 5.1.3.2 Liquid Crystal Polymer (LCP)

        3. 5.1.3.3 Polytetrafluoroethylene (PTFE)

        4. 5.1.3.4 Polyimide (PI)

      4. 5.1.4 Other Product Types (PPE, PSU, PEI, PPS, ETFE, PFA, FEP, PBI)

    2. 5.2 End-user Industry

      1. 5.2.1 Packaging

      2. 5.2.2 Building and Construction

      3. 5.2.3 Automotive and Transportation

      4. 5.2.4 Electrical and Electronics

      5. 5.2.5 Sports and Leisure

      6. 5.2.6 Medical

      7. 5.2.7 Other End-user Industries (Agriculture, Consumer Goods)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3M (incl. Dyneon LLC)

      2. 6.4.2 Arkema

      3. 6.4.3 Asahi Kasei Corporation

      4. 6.4.4 BASF SE

      5. 6.4.5 Celanese Corporation

      6. 6.4.6 Chevron Phillips Chemical Company

      7. 6.4.7 Covestro AG

      8. 6.4.8 Daicel Corporation

      9. 6.4.9 DuPont

      10. 6.4.10 DSM

      11. 6.4.11 Eastman Chemical Company

      12. 6.4.12 Evonik Industries AG

      13. 6.4.13 INEOS AG

      14. 6.4.14 LANXESS

      15. 6.4.15 LG Chem

      16. 6.4.16 LyondellBasell Industries Holdings BV (incl. A. Schulman Inc.)

      17. 6.4.17 Mitsubishi Engineering-Plastics Corporation

      18. 6.4.18 Polyplastics Co. Ltd

      19. 6.4.19 SABIC

      20. 6.4.20 Solvay

      21. 6.4.21 TEIJIN LIMITED

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Popularity of Bio-based Products

**Subject to Availability
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Frequently Asked Questions

The Thermoplastics Market market is studied from 2017 - 2027.

The Thermoplastics Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

BASF SE, Evonik Industries AG, Solvay, SABIC, Arkema are the major companies operating in Thermoplastics Market.

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