The thermoplastic market tends to grow at 7.2% of CAGR, by 2028

Introduction

Thermoplastic is a polymer material that can be easily supple at a certain temperature and mold it into a solid-state at cooling. Thermoplastics are materials that can be easily recycled or remolded into another form, they have low boiling and melting point. Thermoplastics are resistant to chemicals and detergents and have been used widely in the chemical specifies industry. They are extensively used in various fields of automotive, healthcare, aero defense, food, packages, and others. Thermoplastics are Corrosion-free materials, they can easily replace steel. Thermoplastic can be used instead of steel or covering steel pipe to minimize corrosion. They are used as corrosion protection as they are the anti-corrosive in the environment. The use of thermoplastics is very cheap, it is highly used to replace the use of steel or any other expensive material like steel.

Types of thermoplastics:

Polyethylene (PE) – It is highly used to make bottles, bins, containers, and others for transport materials, packaging bags, cable coating, pipes, and others for daily users. There are two types of polyethylene (PE) material i.e., HDPE high-density polythene, which is translucent and good to use for carrying food, lightweight material, and LDPE low-density polythene, which is translucent and good to use in carrying non-toxic material.

Polyvinyl chloride (PVC) - It is highly used to make food containers, credit or debit cards, household products, clothes, toys, buildings, and healthcare applications. It is versatile, easy to manufacture, recyclable, and light in weight.

Polystyrene or Styrofoam (PS) – It is highly used in food packaging, boxes, lamps, disposables, cutlery, and others. It is a shiny material, cheaper, inflammable, and bright material used to design cutlery, it is used to replace glass, aluminum, and wood.

Polypropylene (PP) – It is highly used to make furniture, car batteries, ropes, food containers, and others. Polypropylene is water-resistant and can be used as both plastic and fiber, cheaper and easily replace paper, and cellophane.

Polyethylene terephthalate (PET) – It is highly used to make bags and synthetic fibers for clothing. It is one of the best thermoplastics as it is moisture and gas-resistant, highly recyclable, and colorless in nature. It is the most usable plastic in the US to make 2-letter bottles for soft drinks. The FDA approved polyethylene terephthalate as the safest plastic to use in food and beverages contact.

What are thermoplastic and thermosetting?

Thermoplastic and Thermosetting plastic both are polymers but with different properties. When both thermoplastic and thermostatic expose to heat they behave differently.  Thermoplastic has a low boiling point so they get melts after curing, whereas thermosetting plastic retains its shape at high temperatures. Thermosetting materials have better heat-resistant properties than thermoplastic materials and prevent cracking or flaking, in different weather conditions, and are highly used in electronic housing. Due to different properties, they both have different industry uses according to their temperature resistance.

Challenges faced in the development of the thermoplastic market

Thermoplastics can degrade easily in exposure to sunlight, some thermoplastic materials are not solvable in water, they are polar solvents. Thermoplastic materials under high stress can fracture, and form weaker adhesive bonds.

Market Analysis for Thermoplastic Market

The thermoplastic market tends to grow at 5.9% of CAGR, by 2028. Asia’s Pacific region held the largest market share, where China is to dominate the thermoplastic market. As China is one of the greatest manufacturers of plastics and electronics. Plastic production in China is 83 million metric tons, by 2021. The use of thermoplastic in the automotive sector at the highest rate is due to the increasing demand for lightweight products for manufacturing in the automotive sector. Demand for lightweight automobiles in North America is high which increases its usage in its sector for engineering thermoplastic. The demand for engineering thermoplastic is increasing by 6% of CAGR and shares nearly 20% of the share of the global plastic market. The use of thermoplastic in the electronics sector also increases promptly and rashly, the manufacturing of smartphones, TV, and other industries have a high demand for thermoplastic material, insulation, lightweight, and supple properties if thermoplastic material is made its use easy in this industry compared to other materials. The thermoplastic pipe market is expected to grow by $3.5 billion at a 5% of CAGR, by 2028. They are made from polythene (PE) and polyvinyl chloride (PVC).

Conclusion

Thermoplastic materials are widely used materials worldwide. The mega industries from aerospace, automobile, electrical sector, and healthcare sector are the largest market sector for the use of thermoplastic. Thermoplastic provides various unbeatable features which will replace all the other materials used in household kinds of stuff and others. Thermoplastic materials use in the electronics sector for their insulation properties to make wires, in the automotive industry from its lightweight demand for automobiles, in aero defense to increase the efficiency of fuel in airplanes and others. Market size for the thermoplastic market is expected to grow at 5.9% of CAGR, by 2028. The future for the thermoplastic market is high, and its development in the Asia Pacific region is more due to the large scale of manufacturing in China.