The global thermoplastic market is predicted to grow at a CAGR of 6% from 2021 to 2031 and could possibly reach a valuation of $25 billion by 2031.
The steady rise in demand for high-performance thermoplastic engineering plastics is due to their balanced properties of low cost, low density, and ease of processing. Moreover, thermoplastics are ideal for economical processing from low output to mass production. The rising demand for waterproof and lightweight packaging has reduced the demand for paper-based packaging. This is another reason why the thermoplastics market is expected to grow even more
In the year 2020, engineering thermoplastics held 20% of the current global plastic market. Also, Europe and North America together accounted for half of the market revenue for global engineering thermoplastics.
The Sustainability Influence
In the packaging industry, plastics have been widely used owing to their exceptional performance. The packaging industry makes use of thermoplastics like:
However, since almost 80% of plastic packaging is usually discarded each year, there is a rising demand for recyclable thermoplastics. The increasing circular economy initiatives are also contributing to the need for a sustainable initiative.
With the advancement in technology, there have been plans to introduce new techniques to separate plastic packaging waste and PET. This move is more likely to create multiple opportunities for thermoplastic manufacturers. What’s more, the growing use of thermoplastics in agricultural equipment, medical equipment, and fluid handling is likely to create a huge demand for engineering thermoplastics. In the near future, this will only further enable manufacturers to expand their production capacity.
Medical Market Highlights
Emerging markets in regions like India and China have massive untapped potential in growing the engineering thermoplastics market. As population and healthcare expenditure continue to rise, a large sentiment of the population will expect better treatment and healthcare with advanced systems.
This demand will further propel the demand for medical polymers that are used in equipment and devices such as spinal implants, ventilators, joint replacement prosthetics. Common thermoplastics such as PVC, PP, PET, and PS will witness a huge surge in demand.
We hope you have gained some deep insights from this article. The global thermoplastics market will continue to grow in the years to come and the use of polymers will continue to find applications across diverse industries.