The thermoplastic resin market is expected to reach a value of USD 13 billion by 2026, driven by increasing demand for fast-curing and sustainable composite materials in the automotive industry. Rising demand for thermoplastics from growing automobile manufacturing and the development of new goods using the product drive adoption. Growing demand for feasible and lightweight material and the imposition of stringent government regulations will encourage market growth. Rising focus on introducing high molecular weight thermoplastic resins is fostering the product penetration. There is a significant opportunity for the market to flourish across the globe, owing to the increasing applications in various industries, including transportation, electronics, etc.
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Thermoplastic resins are versatile in nature and have the ability to reform, undergoing only physical changes and no chemical ones. Thermoplastics are unshaped raw materials that turn to liquid on heating and solidify on cooling. They can be remelted and remolded repeatedly, allowing parts to go under reprocessing. Their ability to change shape and be recycled and eco-friendliness drive market growth. The manufacturing process is based on environmental sustainability, and the procedure requires low investment. Thermoplastics can withstand high-level impact; their ability to handle impact surpasses that of their counterparts by almost tenfold. This particular feature drives applications in bulletproof vests, airplane windows, and helmet visors.
Several thermoplastic resins contain filler materials such as fibers or powders that offer stiffness and strength and lubricants such as molybdenum disulfide and also contain fiber such as metal powders, silicates, and ceramics. Thermal conductivity, tensile strength, and usage temperature are the key characteristics encouraging product adoption. Thermal compounds offer an extensive array of features; products designed for electrical and electronics applications deliver protection against electromagnetic interference, electrostatic discharge, and radio frequency interference. Goods that are resistive, electrically conductive insulating, and suitable for high voltage applications are readily available. Flame retardant materials decrease the spread of flames and resist ignition when exposed to high temperatures. Thermoplastic materials mold a thermally conductive film over the substrate between components within a finished electronic good. A few thermoplastic materials have water-borne or water-based resins, while others have solvent-based resins employ volatile organic compounds (VOCs) to alter viscosity.
Aesthetically-superior finish, hard crystalline and rubbery surface, and chemical resistance are the key characteristics of thermoplastic resins that drive demand around the globe.
Based on resin type, the market is segmented into polypropylene, polyamide, polybutylene terephthalate, polyphenylene sulfide, polycarbonate, and other resins. The polyphenylene sulfide (PPS) segment is anticipated to witness the fastest growth during the forecasted period, owing to the rising applications across various industries such as defense, aerospace, and automotive. The polyamide segment is growing rapidly and pegged to hold the largest market share during the forecast period, on account of widespread applications in short fiber-reinforced thermoplastic (SFRT). Polyamide-based materials exhibit impressive wear resistance and strong ductility, making them highly valuable for automotive applications. Furthermore, their ease in processing, high resistance to heat, superior mechanical strength, and stiffness with good dielectric properties enable automotive OEMs to decrease weight without conceding on vehicle performance.
Based on compound type, the market is segmented into short fiber-reinforced thermoplastic, long fiber-reinforced thermoplastic, continuous fiber-reinforced thermoplastic, and glass-mat thermoplastic. Short fiber-reinforced thermoplastics offer reprocess-ability and ease in processing, which drives their applications across various verticals. Specifically, they are used in applications where toughness, high volume production, scrap recycling, and long shelf life are important.
Based on end-use, the market is segmented into transportation, consumer goods, electrical and electronics, aerospace and defense, and others. The aerospace and defense segment is estimated to hold a substantial market share across the globe. Thermoplastic composites find application in the aerospace industry due to their lightweight; they facilitate several efficient designs for various purposes. The internal components manufactured from thermoplastic materials include luggage bins, floor panels, seats, trolleys, separation panels, fuel pipes, and bulkheads.
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Asia-Pacific is anticipated to remain the fastest-growing and largest market shareholder during the forecast period. Increasing sales and production of automobiles, growing demand from the electronics industry in developing economies, including India, China, Australia, and many others, will augment market size. Rising manufacturing units for commercial and passenger vehicles and the increasing number of local players are boosting the industrial outlook. China and India are the key developing countries in the region and projected to hold prominent value shares in the thermoplastic resin market, owing to the abundant availability of labor at a low cost and high downstream processing capacity.
The market is competitive in nature, and a smaller number of participants hold large value shares. The most noteworthy participants are BASF SE, , LyondellBasell Industries, Koninklijke DSM N.V., Solvay S.A., Lanxess, E. I. DuPont de Nemours and Company, and SABIC. Key players are investing in increasing their production capacities and expanding their business in a bid to better prepare for future demand trends.