[FURL=https://www.industryarc.com/Research/Thermoplastics-Market-Research-503156?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Thermoplastics market[/FURL] size is forecast to reach US$33.8 billion by 2026, after growing at a CAGR of 6.4% during 2021-2026. Thermoplastic or thermo softening plastic, are a class of polymers that can be softened and melted by the application of heat, and can be processed either in the heat-softened state or in the liquid state by extrusion and injection molding. Thermoplastics market is growing as Engineering Thermoplastics such as the polyamides, polyesters, polycarbonate, polyacetals and acrylonitrile-butadiene-styrene (ABS) are extensively used in automotive, electronics and other industrial sectors.Key Takeaways
Asia-Pacific dominates the Thermoplastics market, owing to the increasing use in healthcare, biomedical and electrical & electronics industry in the region. The total global production of thermoplastic polyurethane (TPU) was estimated at nearly
740,000 tons in 2020, with over 69% of production taking place in Asia Pacific alone.
In 2018, global plastics production almost reached 360 million tonnes. In Europe, plastics production almost reached 62 million tons.
In the United States, approximately 37 million tons of plastic are used every year. Of this, packaging and food-service plastics represent about 16 million tons, and these are typically “single use".
Plastics have become the ubiquitous workhorse material of the modern economy – combining unrivaled functional properties with low cost. Their use has increased twentyfold in the past half-century and is expected to double again in the next 20 years. Thus the Thermoplastics Market has huge growth potential in future.
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Thermoplastics Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the Thermoplastics market in 2020 up to 43%, owing to the accelerating Plastic demand and its application in almost all industries in the region. According to Applied Market Information Ltd.,thermoplastics market to surpass 20 million tons by 2020. According to Smithers study, in 2021 the thermoplastic elastomer market is estimated to be 3.84 million tons and is expected to grow to 5.55 million tons by 2026.With increase in disposable income, consumers’ buying patterns have reformed, which has been evident due to globalization.
Thermoplastics Market – Drivers
Rise in Demand for Manufacturing in Aerospace and Automotive Application
Increase in Demand for Thermoplastics in the Health Care Industry
Thermoplastics Market Landscape
Thermoplastics market top companies are SABIC, Celenase Corporation, BASF SE, Lanxess AG , Solvay S.A., Mitsubishi Chemical Advanced Materials (Japan), SGL Group, DuPont, Toray Industries, Inc., Polyone Corporation
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