Global Thermoplastics Market is expanding with the benefits of thermoplastics in food and automobile industries
Thermoplastic is a polymer and plastic compound that can be moulded above a particular temperature and becomes solid after cooling it for some time. Thermoplastics offer more advantages than the thermosets by offering less time for the manufacturing of various types of products, the increased impact strength of thermoplastic composites, easy recycling capabilities and the low rate of moisture absorption.
The global thermoplastics market registered worth of USD 17 billion in 2017 and expected to cross USD 25 billion by 2022, growing at a compound annual growth rate higher than 6%. Thermoplastics offer several applications in the areas of building and construction, automotive, transport, consumer goods and pharmaceuticals. Resistance to radiation, chemicals, fire and fluctuations in the temperature make thermoplastics the best option in many industries of the world.
The increase in the number of working women population across the world, rise in nuclear families with both husband and wife earning, growth in the disposable income of the people, and improved per-capita spending on the products related to lifestyle are the principal factors promoting the growth of thermoplastics market. Several social and cultural factors and increased use of durable products made of polymers and chemicals among different demographics people of the society are also increasing the need for thermoplastics. Moreover, the demand for light-weight, fuel-efficient and nature-friendly components are supplementing the boom of global thermoplastics market.
The use of thermoplastics in the packing of beverages, foods, model kits, sports and leisure boxes, etc. is augmenting the packing sector of the thermoplastics market. They are more preferred in the sealing of hot substances due to their flexibility, flame resistance, toughness and clearness. However, the availability of raw materials, issues related to the environment, stringent government regulations and biodegradability of thermoplastics are hindering the growth of the market.
The lightweight of the thermoplastics is helpful in reducing the weight of vehicles in the automobile industry, which can result in the decreasing carbon dioxide emissions and improved fuel-efficiency of the vehicles. The use of thermoplastics in various kinds of commercial aircraft is increasing its demand in the aerospace and defence industry. The growing use of thermoplastics in the food industry, automobile and transport industry, and electrical and electronics industry is offering the new growth potential for the global thermoplastics market.