Specialty Thermoplastics Market: Low VOC Emitting Solvent
- Specialty thermoplastics are proprietary resins, monomers, and polymers. They are utilized in specialized applications such as curing technology. Specialty thermoplastics possess high stiffness, high resistance, and better retention properties. Specialty thermoplastics can be used in the injection molded and reprocessed to reuse the scrap. Specialty thermoplastics offers light weight property and possess high strength benefits.
- According to, the Association of Plastics Manufacturers and PlasticsEurope estimated global plastic production has reached around 348 million tons in 2017. In addition, plastic production in Asia Pacific gained over 50% market share followed by Europe constituted over 18.5% share in global plastic production. This trend is projected to expand at 6.5% CAGR in specialty thermoplastics market during the forecast period.
- These thermoplastics are used in various applications such as electrical & electronics, medical, construction, and electrical appliances. The thermoplastics are also employed in additive manufacturing, automotive vehicles, batteries, consumer goods, and personal care product, membrane & filtration, and oil & gas industries.
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Key Drivers of Specialty Thermoplastics Market
- Rise in demand for additive manufacturing in aerospace and automotive applications is one of the major factors driving the global specialty thermoplastics market.
- Increase in demand for specially designed thermoplastics in various end-use industries such as oil & gas to tolerate harsh conditions is also expected to boost the market during the forecast period.
- However, increase in demand for specialty thermoplastics in the health care industry, due to the increase in regulations, is estimated to provide lucrative opportunities to manufacturers of specialty thermoplastics during the forecast period.
- Merger & acquisitions are key strategies adopted by major manufacturers operating in the specialty thermoplastics market. For instance, in 2018, PolyOne Corporation, a leading manufacturer of specialized polymer materials, announced plans to acquire Formulated Polymers Ltd, a leading engineering thermoplastic compound maker based in India.
Automotive, Segment to Offer Attractive Opportunities
- Increasing demand for electronic gadgets such as mobile phones among the large population is anticipated to fuel global specialty thermoplastics market in the coming years. Specialty thermoplastics are extensively employed in the number of electronic gadgets and devices due to excellent insulation and low electricity modulus characteristic.
- These polymers possess high heat and chemical resistance; and high dimensional stability. They are widely used in electronics and lighting devices, transmission launch devices, thermal and air management, fuel and SCR systems, and power electronics systems.
- Aerospace industry is among prominent user specialty thermoplastics owing to the lightweight benefits, high stiffness, and excellent heat resistance properties. Aircraft components are required to withstand extreme pressure condition. This key aspect is projected to fuel specialty thermoplastics market during the forecast period.
- Rise in demand for the lightweight vehicle components in order to replace heavyweight metal parts to curb on carbon emission across the globe is expected to boost for specialty thermoplastic market during the forecast period.
- In addition, major automotive vehicle manufacturers and bod parts makers are strongly focusing on reducing vehicle body weight and by employing plastic components replacing metal parts. This trend is expected to fuel demand for specialty thermoplastic compounds in the automotive end-use industry owing to the prominent substitute for metal parts.
Volatile Raw Material Prices and Stringent Regulations to Hamper Market:
- High production cost and fluctuation in prices of raw materials are anticipated to hamper the market during the forecast period. Specialty thermoplastics are highly dependent on the crude oil and fossil fuel resources for the high quality raw material production.
- However, crude oil has become important resource of number application such as in the polymer production. Fluctuating international tariffs increases gap for supply and demand among raw material supplier and end use industry. Highly volatile crude oil prices directly impacts the polymer production cost across the globe. This factor may limits the expansion of specialty thermoplastic market in the coming years.
- Stringent regulations for the production of polymer composites owing to high release of large amount of carbon foot prints cause environmental damage. Most countries have restricted usage and production of polymer composites by implementing heavy taxation. These key factors may hamper growth for specialty thermoplastics market in the coming years.
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Asia Pacific expected to hold Lion’s Share in the Global Specialty Thermoplastics Market
- North America and Europe are the leading consumers of special thermoplastics. Technological innovations and increase in demand for bioplastics in the U.S., Germany, France, and the U.K. in health care and automotive applications are estimated to fuel the market during the forecast period.
- Asia Pacific is projected to become a leading consumer of specialty thermoplastics in the near future. Rapid urbanization and expansion of construction and automotive industries are likely to propel the demand for specialty thermoplastics in the region.
- Additionally, the rise in disposable income, growth in FDI investment, and an increase in population in developing economies of Asia Pacific are expected to fuel the demand for specialty thermoplastics in industrial applications in the region.
- Latin America and Middle East & Africa are highly dependent on the import of raw materials used in the manufacture of specialty thermoplastics. Therefore, the market in these regions is anticipated to expand moderately during the forecast period.
- Expansion in the construction industry and rapid industrialization across GCC, Mexico, and South Africa are projected to boost the demand for specialty thermoplastics in Latin America and Middle East & Africa during the forecast period.
Key Players Operating in the Specialty Thermoplastics Market:
Global specialty thermoplastic manufacturers are operating at forward integrated supply chain. Major players at global and domestic level catering high demand from several endues industries. Few of the key players operating in the Specialty Thermoplastics Market include
- BASF SE
- Arkema SA
- SABIC Innovative Plastics
- Royal DSM N.V.
- Solvay Plastics
Global Specialty Thermoplastics Market: Research Scope
Global Specialty Thermoplastics Market, by Product Type
- Nylon 6,66
- Higher nylons (PA11, PA12)
- Polybutylene terephthalate (PBT)
- Polyethylene Terephthalate (PET)
- Polycarbonate/Acrylonitrile Butadiene Styrene (PC/ABS)
- Polyphenylene Sulfide (PPS)
Global Specialty Thermoplastics Market, by End-use
- Electrical & Electronics
- Automotive & Aerospace
- Medical & Healthcare
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
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2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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