Global Thermoplastic Market Expected To Reach XX Million By 2025
According to a new report published by Reports Monitor titled, Global thermoplastic Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global thermoplastic market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Thermoplastics are resins that become plastic on heating, and hardened on cooling. The process can be repeated. Carbon thermoplastics are formed by combining carbon fiber with advanced polymers that impart material advantages such as higher mechanical strength and high fracture resistance. Carbon thermoplastics can be easily remolded. Due to these advantages, the demand of carbon thermoplastics in various industrial sectors is rising.
The prominent driver for this market is the increasing demand of carbon based material in automotive industry. Automobile sector is the first sector which realizes the importance of carbon thermoplastics, and it is now widely used in construction material industry. Carbon thermoplastics have high strength to weight ratio and very easy to get molded and these properties make it suitable for automotive industry. Further the rising demand in sports as well as luxury cars are driving the global carbon thermoplastics market. The improvement in performance of automotive segment brought about by the use of the light weight carbon thermoplastics is difficult to duplicate with alternate materials, which has ensured continual growth of the carbon thermoplastics market in the upcoming years. The increasing government support towards fuel efficiency is big driver for this market, as the light weight of carbon thermoplastics also helps reduce the fuel consumption of vehicle. Use of carbon thermoplastic in military vehicles is increasing because of its characteristics to withstand high physical impact.
The hindrance in this market is its production cost and its usage across different range of manufacturing. The usage is heterogeneous across the industry as it is utilized in luxury cars and sports cars more prominently.
The market is segmented on the basis of end user type which includes transportation, electrical & electronics, industrial, medical, others. Further the market is bifurcated on the basis of temperature which includes HTTs (Range 302˚F-449.6˚F), Extreme Temperature Thermoplastics (Range >449.6˚F). Furthermore it is divided on the basis of resin type which includes high temperature fluoropolymers (High Temperature FPs), high performance polyamide (HPPA), polyphenylene sulfide (PPS), sulfone polymers (SP), liquid crystal polymers (LCP), aromatic ketone polymers (AKP), Poly-imide (PI).
The global Thermoplastics market is studied across regions North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). The market of thermoplastic is dominated by two developed region, North America and Europe, due to growth of aerospace and automotive manufacturing. China market for thermoplastics is expected a smooth growth owing to expansion of manufacturing and automotive sectors.
Key players: The major players in this market are BASF SE, Quickstep Holdings Limited, Celanese Corporation, SGL Group, Tencate, Saudi Basic Industries Corporation, and the Dow Chemical Company
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