Thermoplastic Resin Market size is projected to reach USD 16.76 Billion by 2031, growing at a CAGR of 5%: Straits Research

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New York, United States, Jan. 23, 2023 (GLOBE NEWSWIRE) — Thermoplastic resins are substances that become a liquid at high temperatures and then harden once more at low temperatures. These characteristics allow thermoplastic materials to be molded into various forms and structures, making plastic resins useful across numerous industries. The process of injection molding is where they are most frequently used. Thermoplastics come in various varieties, each with its uses, such as nylon, acrylic, and polycarbonate. Among other things, nylon is used in rope, machine screws, and gear wheels. Aquariums, windows, signs, and even medicine can all be made of acrylic.

There is a thermoplastic that could be helpful for almost any industry. Using thermoplastic resins in the plastics molding process forms chemical bonds known as polymers. The bonds between the different kinds of molecules included in the polymer chains determine the plastic’s characteristics. Thermoplastic resins and thermosetting plastic offer two distinct classes of polymers, each with unique properties. Their melting points and responses to heat are the main distinctions between the two.

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Invention of Low-Cost Production Methods

Thermoplastic composites have a wide range of uses. The high cost of these composites prevents their use in many products from being commercially viable. The consumption of thermoplastic composites may rise due to the production of low-cost versions for various applications. Developing low-cost technologies is urgent for all research institutions and thermoplastic producers. For the players in the market, investing in R&D to create new technology for producing thermoplastic composites is a significant challenge. However, businesses are making significant investments in R&D to lower the overall cost of manufacturing thermoplastic composites and the finished good. Some businesses offer thermoplastic composites made from recycled thermoplastics. For instance, the ECO MID POLYAMIDE COMPOUNDS made from recycled PA66 compounds are available from Celanese Corporation (US). This product line provides affordable options for the construction, consumer goods, and automotive industries.

Growing Demand from The Transportation Sector & Electric Vehicles

Heavy vehicles, rail coaches, and various automotive components are all made with thermoplastic composite materials. These materials are lightweight and aid in lightening the weight of cars, which lowers CO2 emissions and improves fuel efficiency, allowing automakers to meet CAFÉ emission standards and other fuel standards imposed by environmental organizations. One of the factors propelling the thermoplastic composites market in the transportation sector is the rise in the use of thermoplastic composite materials in racing and high-performance vehicle components, such as instrumental panels, front-end modules, door modules, roof components, appearance-grade components, and under-hood components. Environmentally friendly and helping to lower carbon emissions in the transportation sector are electric vehicles (EV). In the upcoming years, there will likely be a significant increase in the demand for electric and  hybrid vehicles. Excellently strong and significantly contributing to vehicle weight reduction are thermoplastic composites. They are, therefore, accommodating in the creation of electric vehicle parts. Consequently, the demand for electric vehicles is growing, increasing the use of thermoplastic composites.

Report Scope

Report Metric Details
Market Size USD 16.76 Billion by 2031
CAGR 5% (2023-2031)
Historical Data 2020-2021
Base Year 2022
Forecast Period 2023-2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Resin Type, Compound Type, Composite Type, End User, Region
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors BASF SE, LyondellBasell Industries, Koninklijke DSM N.V.,Solvay S.A.,Lanxess,E. I. DuPont de Nemours and Company,SABIC,Dow Inc.,Evonik Industries AG,Sumitomo Chemical,Arkema,Celanese Corp.,Eastman Chemical Company
Key Market Drivers Recyclability and Impact Resistance

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Regional Analysis

Asia Pacific is the highest contributor to the global thermoplastic resin market and is anticipated to grow at a CAGR of 4.75% during the forecast period. With the necessary facilities and production capacity to meet local demand, China is self-sufficient in producing plastic.

North America is expected to grow at the fastest CAGR of 5.33% during the forecast period. The FDA, EPA, and other regulatory agencies policies are likely to serve as a restraint. Alternative production methods and product sustainability throughout its life cycle are anticipated to lessen the impact of this factor. Due to the nation’s ongoing focus on fuel-efficient vehicles, the United States is a leading consumer of thermoplastics in the automotive industry.

Key Highlights

  • The global thermoplastic resin market size is projected to reach USD 16.76 billion by 2031, growing at a CAGR of 5% during the forecast period (2023-2031).
  • Based on resin type, the global thermoplastic resin market is bifurcated into polypropylene, polyamide, polybutylene terephthalate, polyphenylene sulfide, polycarbonate, and other resins. The polypropylene segment is the highest contributor to the market and is forecasted to grow at a CAGR of 4.5% during the forecast period.
  • Based on compound type, the global thermoplastic resin market is bifurcated into short fiber-reinforced thermoplastic, long fiber-reinforced thermoplastic, continuous fiber-reinforced thermoplastic, and glass-mat thermoplastic. The short fiber-reinforced thermoplastic segment is the highest contributor to the market and is anticipated to grow at a CAGR of 5.24% during the forecast period.
  • Based on composite type, the global thermoplastic resin market is bifurcated into glass fiber-reinforced plastics and carbon fiber-reinforced plastics. The glass fiber-reinforced plastics segment owns the highest market share and is forecasted to grow at a CAGR of 4.91% during the forecast period.
  • Based on end user, the global thermoplastic resin market is bifurcated into automotive & transportation, consumer goods, electrical & electronics, aerospace & defense, construction & infrastructure, marine, and others. The aerospace & defense segment is the most significant contributor to the market and is expected to grow at a CAGR of 5.17% during the forecast period.
  • Asia Pacific is the highest contributor to the global thermoplastic resin market and is expected to grow at a CAGR of 4.75% during the forecast period.

Competitive Players

The global thermoplastic resin market’s major key players are

  • BASF SE
  • LyondellBasell Industries,
  • Koninklijke DSM N.V.
  • Solvay S.A.
  • Lanxess
  • E. I. DuPont de Nemours and Company, and SABIC. BASF SE,
  • Dow, Inc
  • Evonik Industries AG
  • Sumitomo Chemical
  • Arkema
  • Celanese Corp
  • Eastman Chemical Company
  • Chevron Phillips Chemical Co., LLC
  • Lotte Chemical Corp.
  • Covestro AG
  • Toray Industries, Inc
  • Teijin Ltd.

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Global Thermoplastic Resin Market: Segmentation

By Resin Type

  • Polypropylene
  • Polyamide
  • Polybutylene Terephthalate
  • Polyphenylene Sulfide
  • Polycarbonate
  • Other Resins Operation

By Compound Type

  • Short Fiber-Reinforced Thermoplastic
  • Long Fiber-Reinforced Thermoplastic
  • Continuous Fiber-Reinforced Thermoplastic
  • Glass-Mat Thermoplastic

By Composite Type

  • Glass Fiber-Reinforced Plastics
  • Carbon Fiber-Reinforced Plastics

By End User

  • Automotive & Transportation
  • Consumer Goods
  • Electrical & Electronics
  • Aerospace & Defense
  • Construction & Infrastructure
  • Marine
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

1          Introduction
1.1       Market Definition
1.2       Market Scope
2          Research Methodology
2.1       Primary Research
2.2       Research Methodology
2.3       Assumptions & Exclusions
2.4       Secondary Data Sources
3          Market Overview
3.1       Report Segmentation & Scope
3.2       Value Chain Analysis: Thermoplastic Resin Market
            3.2.1   Vendor Matrix
                        3.2.1.1    Suppliers
                        3.2.1.2    Distributors
                        3.2.1.3    End users/Consumers
3.3       Key Market Trends
3.3.1   Drivers
3.3.2   Restraints
3.3.3   Opportunities
3.4       Porter’s Five Forces Analysis
3.4.1   Bargaining Power of Suppliers
3.4.2   Bargaining Power of Buyers
3.4.3   Threat of Substitution
3.4.4   Threat of New Entrants
3.4.5   Competitive Rivalry
3.5       Regulatory Framework
3.6       Technological Landscape
3.7       Market Share Analysis
3.8       Cost Structure Analysis
3.9       Regional Price Analysis
4          Resin Type Overview
4.1       Introduction
4.1.1   Market Size & Forecast
4.2       Polypropylene
4.2.1   Market Size & Forecast
4.3       Polyamide
4.3.1   Market Size & Forecast
            4.4       Polybutylene Terephthalate
                        4.4.1   Market Size & Forecast
 4.5      Polyphenylene Sulfide
                        4.5.1   Market Size & Forecast
4.6       Polycarbonate
                        4.6.1   Market Size & Forecast
4.7       Other Resins
                        4.7.1   Market Size & Forecast
5          Compound Type Overview
5.1       Introduction
5.1.1   Market Size & Forecast
5.2       Short Fiber-Reinforced Thermoplastic
5.2.1   Market Size & Forecast
5.3       Long Fiber-Reinforced Thermoplastic
5.3.1   Market Size & Forecast       
            5.4       Continuous Fiber-Reinforced Thermoplastic
                        5.4.1   Market Size & Forecast
5.5       Glass-Mat Thermoplastic
                        5.5.1   Market Size & Forecast
6          Composite Type Overview
6.1       Introduction
6.1.1   Market Size & Forecast
6.2       Glass Fiber-Reinforced Plastics
6.2.1   Market Size & Forecast
6.3       Carbon Fiber-Reinforced Plastics
6.3.1   Market Size & Forecast
7          End User Overview
            7.1       Transportation
                        7.1.1   Market Size & Forecast
            7.2       Consumer Goods
                        7.2.1   Market Size & Forecast
            7.3       Electrical & Electronics
                        7.3.1   Market Size & Forecast
7.4       Aerospace & Defense
                        7.4.1   Market Size & Forecast
7.5       Others
                        7.5.1   Market Size & Forecast
8          Regional Overview
8.1       Introduction
8.1.1   Market Size & Forecast
8.2      America
            8.2.1   North America
8.2.1.1 U.S.
8.2.1.1.1         By Resin Type
8.2.1.1.2         By Compound Type
8.2.1.1.3         By Composite Type
8.2.1.1.4         By End User
8.2.1.2 Canada
8.2.1.2.1         By Resin Type
8.2.1.2.2         By Compound Type
8.2.1.2.3         By Composite Type
8.2.1.2.4         By End User
8.2.1.3 Mexico          
8.2.1.3.1         By Resin Type
8.2.1.3.2         By Compound Type
8.2.1.3.3         By Composite Type
8.2.1.3.4         By End User
 8.3     Latin America
            8.3.1   By Resin Type
8.3.2   By Compound Type
8.3.3   By Composite Type
8.3.4   By End User
                                   

8.3.5   Brazil
8.3.5.1            By Resin Type
8.3.5.2            By Compound Type
8.3.5.3            By Composite Type
8.3.5.4            By End User 
8.3.6   Argentina
8.3.6.1            By Resin Type
8.3.6.2            By Compound Type
8.3.6.3            By Composite Type
8.3.6.4            By End User 
8.3.7   Argentina
8.3.7.1            By Resin Type
8.3.7.2            By Compound Type
8.3.7.3            By Composite Type
8.3.7.4            By End User 
8.3.8   Colombia
8.3.8.1            By Resin Type
8.3.8.2            By Compound Type
8.3.8.3            By Composite Type
8.3.8.4            By End User  
8.4      Europe
8.4.1   Market Size & Forecast
8.4.2   Germany
8.4.2.1            By Resin Type
8.4.2.2            By Compound Type
8.4.2.3            By Composite Type
8.4.2.4            By End User
8.4.3   France
8.4.3.1            By Resin Type
8.4.3.2            By Compound Type
8.4.3.3            By Composite Type
8.4.3.4            By End User
8.4.4   U.K.
8.4.4.1            By Resin Type
8.4.4.2            By Compound Type
8.4.4.3            By Composite Type
8.4.4.3            By End User
8.4.5   Italy
8.4.5.1            By Resin Type
8.4.5.2            By Compound Type
8.4.5.3            By Composite Type
8.4.5.4            By End User
8.4.6   Spain
8.4.6.1            By Resin Type
8.4.6.2            By Compound Type
8.4.6.3            By Composite Type
8.4.6.4            By End User
8.4.7   Russia
8.4.7.1            By Resin Type
8.4.7.2            By Compound Type
8.4.7.3            By Composite Type
8.4.7.4            By End User
8.4.8   Poland
8.4.8.1           By Resin Type
8.4.8.2            By Compound Type
8.4.8.3            By Composite Type
8.4.8.4            By End User
8.4.9   Rest of Europe
8.4.9.1            By Resin Type
8.4.9.2            By Compound Type
8.4.9.3            By Composite Type
8.4.9.4            By End User
8.5      Asia-Pacific
8.5.1   Market Size & Forecast
8.5.2   Japan
8.5.2.1            By Resin Type
8.5.2.2            By Compound Type
8.5.2.3            By Composite Type
8.5.2.4            By End User
8.5.3   China
8.5.3.1            By Resin Type
8.5.3.2            By Compound Type
8.5.3.3            By Composite Type
8.5.3.4            By End User
8.5.4   Australia
8.5.4.1            By Resin Type
8.5.4.2            By Compound Type
8.5.4.3            By Composite Type
8.5.4.4            By End User
8.5.5   India
8.5.5.1            By Resin Type
8.5.5.2            By Compound Type
8.5.5.3            By Composite Type
8.5.5.4            By End User
8.5.6   South Korea
8.5.6.1            By Resin Type
8.5.6.2            By Compound Type
8.5.6.3            By Composite Type
8.5.6.4            By End User
8.5.7   Australia
8.5.7.1            By Resin Type
8.5.7.2            By Compound Type
8.5.7.3            By Composite Type
8.5.7.4            By End User
8.5.8   South Korea
8.5.8.1            By Resin Type
8.5.8.2            By Compound Type
8.5.8.3            By Composite Type
8.5.8.4            By End User
8.5.9   Vietnam
8.5.9.1            By Resin Type
8.5.9.2            By Compound Type
8.5.9.3            By Composite Type
8.5.9.4            By End User
8.5.10 Indonesia
8.5.10.1          By Resin Type
8.5.10.2          By Compound Type
8.5.10.3          By Composite Type
8.5.10.4          By End User
8.5.11 Malaysia
 8.5.11.1         By Resin Type
8.5.11.2          By Compound Type
8.5.11.3          By Composite Type
8.5.11.4          By End User
8.5.12 Singapore
8.5.12.1          By Resin Type
8.5.12.2          By Compound Type
8.5.12.3          By Composite Type
8.5.12.4          By End User
8.5.13 Rest of Asia-Pacific
8.5.13.1          By Resin Type
8.5.13.2          By Compound Type
8.5.13.3          By Composite Type
8.5.13.4          By End User
8.6      Middle East
8.6.1   Market Size & Forecast
8.6.2   Saudi Arabia
8.6.2.1            By Resin Type
8.6.2.2            By Compound Type
8.6.2.3            By Composite Type
8.6.2.4            By End User
8.6.3   Oman
8.6.3.1            By Resin Type
8.6.3.2            By Compound Type
8.6.3.3            By Composite Type
8.6.3.4            By End User
8.6.4   Qatar
8.6.4.1            By Resin Type
8.6.4.2            By Compound Type
8.6.4.3            By Composite Type
8.6.4.4            By End User
8.6.5   Bahrain
8.6.5.1            By Resin Type
8.6.5.2            By Compound Type
8.6.5.3            By Composite Type
8.6.5.4            By End User
8.6.6   UAE
8.6.6.1            By Resin Type
8.6.6.2            By Compound Type
8.6.6.3            By Composite Type
8.6.6.4            By End User
8.6.7   Rest of Middle East & Africa
8.6.7.1            By Resin Type
8.6.7.2            By Compound Type
8.6.7.3            By Composite Type
8.6.7.4            By End User
8.7      Middle East
8.7.1   Market Size & Forecast
8.7.2   Nigeria
8.7.2.1            By Resin Type
8.7.2.2            By Compound Type
8.7.2.3            By Composite Type
8.7.2.4            By End User
8.7.3   Tanzania
8.7.3.1            By Resin Type
8.7.3.2            By Compound Type
8.7.3.3            By Composite Type
8.7.3.4            By End User
8.7.4   South Africa
8.7.4.1            By Resin Type
8.7.4.2            By Compound Type
8.7.4.3            By Composite Type
8.7.4.4            By End User
8.7.5   Ghana
8.7.5.1            By Resin Type
8.7.5.2            By Compound Type
8.7.5.3            By Composite Type
8.7.5.4            By End User
8.7.6   Rest of Africa
8.7.6.1            By Resin Type
8.7.6.2            By Compound Type
8.7.6.3            By Composite Type
8.7.6.4            By End User
9          Company Profile
9.1       BASF SE
9.1.1   Company Overview
9.1.2   Financial Performance
9.1.3   Recent Developments
9.1.4   Resin Type Portfolio
9.2       LyondellBasell Industries
9.2.1   Company Overview
9.2.2   Financial Performance
9.2.3   Recent Developments
9.2.4   Resin Type Portfolio
9.3       Koninklijke DSM N.V.
9.3.1   Company Overview
9.3.2   Financial Performance
9.3.3   Recent Developments
9.3.4   Resin Type Portfolio
9.4       Solvay S.A.
9.4.1   Company Overview
9.4.2   Financial Performance
9.4.3   Recent Developments
9.4.4   Resin Type Portfolio
9.5       Lanxess, E. I.
9.5.1   Company Overview
9.5.2   Financial Performance
9.5.3   Recent Developments
9.5.4   Resin Type Portfolio
9.6       DuPont de Nemours and Company
9.6.1   Company Overview
9.6.2   Financial Performance
9.6.3   Recent Developments
9.6.4   Resin Type Portfolio
9.7       SABIC
9.7.1   Company Overview
9.7.2   Financial Performance
9.7.3   Recent Developments
9.7.4   Resin Type Portfolio

Table of Content and Figure @ https://straitsresearch.com/report/thermoplastic-resin-market/toc

Market News

  • November 2022, Compounding Solutions, a leader in premium custom thermoplastic medical grade compounds and concentrates, and SM Engineering Materials have announced a new strategic partnership. Through this strategic alliance, DSM’s Care portfolio, which includes Arnitel Care, which is regarded as a superior replacement for current catheter materials, is more easily accessible to medical device customers.
  • March 2022, With the creation of the first 100% recyclable prototype wind turbine blade using Arkema’s Elium liquid thermoplastic resin and new high-performance glass fabrics, the ZEBRA consortium announced a new advancement in the industry’s ambitious transition project towards a circular economy.

News Media

Global Plastic Resin Market Size Worth USD 1,104 Billion in 2030 | CAGR of 4.5%

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