APAC Thermoplastics Market By Product Type (Commodity Thermoplastics, Engineering Thermoplastics, High-performance Engineering Thermoplastics), End-User Industry (Packaging, Building and Construction, Automotive and Transportation, Electrical and Electronics, Sports and Leisure, Furniture and Bedding, Agriculture, Medical) & Region for 2024-2031
Report ID: 468218|No. of Pages: 202
APAC Thermoplastics Market By Product Type (Commodity Thermoplastics, Engineering Thermoplastics, High-performance Engineering Thermoplastics), End-User Industry (Packaging, Building and Construction, Automotive and Transportation, Electrical and Electronics, Sports and Leisure, Furniture and Bedding, Agriculture, Medical) & Region for 2024-2031
APAC Thermoplastics Market Valuation – 2024-2031
The APAC countries, particularly China, India, and Southeast Asian states are undergoing rapid industrial expansion and urbanization. This has resulted in increased demand for thermoplastics in industries such as construction, automotive, packaging, and electronics. The region’s rising manufacturing base and infrastructure developments contribute to this need, making thermoplastics a crucial material for a variety of applications. The market is to surpass a revenue of USD 3.18 Billion in 2024 and reach a valuation of around USD 5.71 Billion by 2031.
The APAC thermoplastics market is also benefiting from ongoing advances in material science and manufacturing technology. Bio-based and high-performance thermoplastics are examples of emerging innovations. These materials meet the changing demands of industry, notably automotive (lightweight materials) and electronics (heat-resistant polymers). Furthermore, the trend toward sustainability is increasing demand for recyclable and eco-friendly thermoplastics, accelerating market expansion. The market is to grow at a CAGR of 7.86% from 2024 to 2031.
APAC Thermoplastics Market: Definition/ Overview
The flexibility, durability, and recyclability of thermoplastics make them increasingly important in a variety of sectors across Asia-Pacific (APAC). These materials are widely utilized in several sectors, including automotive, packaging, construction, electronics, and consumer products. Thermoplastics are popular in the automobile industry due to their lightweight qualities, which assist in enhancing fuel efficiency and reducing vehicle emissions.
In addition, thermoplastics are widely utilized in building materials such as pipelines, insulation, and roofing membranes due to their resilience to environmental deterioration and simplicity of manufacture.
The development of high-performance thermoplastics, such as bio-based polymers and materials with improved thermal or chemical resistance, would benefit growing sectors such as electric cars, renewable energy, and sophisticated electronics. Furthermore, the area is investing in recycling infrastructure, which will help to promote a circular economy and lessen the environmental effects of plastic waste.
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
What's inside a VMR
industry report?
>>> Ask For Discount @ – https://www.verifiedmarketresearch.com/ask-for-discount/?rid=468218
Will the Automotive Industry Transformation and Lightweight Material Demand Drive the APAC Thermoplastics Market?
The automotive industry’s change, as well as the increased need for lightweight materials, will drive the APAC thermoplastics market. As manufacturers strive to reduce vehicle weight in order to increase fuel efficiency and comply with strict emissions laws, thermoplastics are increasingly being utilized for components such as bumpers, dashboards, and interior pieces. Their lightweight, robust, and cost-effective features make them perfect for the automobile industry, particularly the rapidly expanding electric vehicle (EV) market. This tendency, together with continuous breakthroughs in high-performance thermoplastics, is projected to drive further market expansion in the APAC region.
The growing automotive sector in APAC is indeed a key driver of demand for thermoplastics, as manufacturers prioritize lightweight, fuel-efficient materials to meet environmental and performance standards. As the region is projected to account for 40% of global automotive production by 2025, according to the International Energy Agency (IEA), the role of thermoplastics in automotive design is becoming increasingly important. The Japan Automobile Manufacturers Association (JAMA) reports a significant rise in the use of plastic components in vehicles, from 10% by weight in 1970 to over 20% today. This shift underscores the importance of thermoplastics, which offer advantages such as reducing vehicle weight, enhancing fuel efficiency, and contributing to overall sustainability goals. As the automotive sector in APAC continues to evolve, thermoplastics will play a pivotal role in shaping the future of vehicle manufacturing.
Will the Fluctuating Raw Material Prices Hamper the APAC Thermoplastics Market?
Fluctuating raw material prices may impede the expansion of the Asia-Pacific (APAC) thermoplastics industry. The manufacture of thermoplastics is primarily dependent on petroleum-based goods like polyethylene and polypropylene, which are obtained from oil and natural gas. As global oil prices vary, businesses risk higher or unexpected raw material expenses, potentially increasing thermoplastic manufacturing costs. These swings can cause price volatility for thermoplastic goods, making it difficult for producers to maintain constant pricing for end users, especially in price-sensitive markets.
Rising raw material costs may put pressure on profit margins and impede investments in capacity development. This may restrict market development, particularly in areas such as automotive and packaging, where cost-efficiency is critical. If raw material costs continue erratic, producers may be obliged to look into other materials or pass on cost hikes to customers, perhaps leading to a change in demand toward more cost-effective options. Thus, while the APAC thermoplastics market has tremendous development potential, changing raw material prices provides a substantial hurdle that may limit its progress in the future years.
Category-Wise Acumens
How does the Cost-Effectiveness of Commodity Thermoplastics Contribute to their Dominance in the Product Type Segment?
Commodity thermoplastics is the dominant segment of the APAC Thermoplastics market. Commodity thermoplastics’ dominance in the product type sector, notably in the APAC market, is mostly due to their low cost. Because of their cheap raw material prices and easy production methods, commodity thermoplastics like polyethylene (PE), polypropylene (PP), and polyvinyl chloride (PVC) are extremely cost-effective to create. This makes them the top option for mass-market applications in industries such as packaging, automotive, construction, and consumer products.
The low cost of these materials makes them ideal for large-scale industrial uses, particularly in industries that value affordability, such as packaging and throwaway consumer items. As a result, commodity thermoplastics dominate due to their widespread availability and scalability, which is ideal for the expanding industry and urbanization in APAC countries. While more advanced materials, such as engineering thermoplastics are used for specific, high-performance applications, commodity thermoplastics’ economic benefits and versatility ensure their continued dominance in the product type segment.
Will the High Demand for Cost-effective, Versatile, and Durable Materials Drive the End User Industry Segment?
Packaging industry is the dominant segment of the APAC Thermoplastics market. The strong need for cost-effective, adaptable, and long-lasting materials will propel the end-user industrial segment, notably in the packaging sector. Thermoplastics, such as polyethylene (PE) and polypropylene (PP), provide a great balance of cost, flexibility, and strength, making them the preferred material for a variety of packaging applications. With the rising e-commerce business, the expansion of consumer products, and the increased requirement for food preservation, thermoplastics have become essential packaging materials. Their flexibility to be molded into a variety of forms, moisture resistance, and simplicity of recycling make them the favored choice for sectors looking to balance performance and cost-effectiveness.
The versatility and durability of thermoplastics are pushing their use in a variety of industries, including automotive, electrical electronics, and medicine. In the automobile industry, for example, thermoplastics are utilized to make lightweight components that improve fuel economy and reduce emissions. The growing emphasis on sustainability, as well as the necessity for lightweight, durable components, will continue to fuel demand in these sectors. Overall, the growing need for cost-effective and adaptable materials across numerous sectors would be a significant driver of the thermoplastics market in APAC.
Gain Access into APAC Thermoplastics Market Report Methodology
https://www.verifiedmarketresearch.com/select-licence/?rid=468218
Country/Region-wise Acumens
Will the Rapid Industrialization and Manufacturing Growth Drive the Market in Shanghai City?
Shanghai is the dominant city in the APAC Thermoplastics Market due to rapid industrialization and manufacturing expansion in Shanghai will have a big impact on the thermoplastics industry. Shanghai’s expanding need for thermoplastics is driven by its primary sectors, which include automotive, packaging, and construction. The city’s excellent industrial infrastructure, along with its strategic location as a worldwide economic hub, make it a significant driver of thermoplastic production and consumption. This expansion will continue to boost the market, particularly as Shanghai’s industries emphasize lightweight, cost-effective, and long-lasting materials for a variety of applications.
The Asia-Pacific region is seeing unprecedented industrial growth, notably in manufacturing industries that rely largely on thermoplastic materials. According to the Asian Development Bank (ADB), manufacturing value-added in the APAC area increased by 7.4% in 2022, with China, India, and Vietnam driving the industrial change. According to the United Nations Industrial Development Organization (UNIDO), the area currently accounts for 50.4% of worldwide manufacturing production, resulting in a strong demand for adaptable thermoplastic materials in a variety of industries.
Will the Technological Innovation and Electronics Manufacturing Drive the Market in the Bangalore City?
Bangalore is the fastest-growing city in APAC Thermoplastics Market due to technological innovation and the expansion of electronics manufacturing in Bangalore will propel the city’s thermoplastics sector. Bangalore, a key hub for the electronics and IT sectors, is seeing a surge in demand for high-performance thermoplastics used in electronics components such as connectors, housings, and insulation. The city’s emphasis on innovation and technical breakthroughs, notably in consumer electronics and mobile devices, will drive demand for lightweight, durable, and heat-resistant thermoplastics, boosting market expansion in the region.
The region’s strength in electronics and semiconductor production is driving up demand for sophisticated thermoplastics. According to World Semiconductor Trade Statistics (WSTS), Asia-Pacific will account for 67% of global semiconductor manufacturing in 2022. The Japanese Ministry of Economy, Trade, and Industry (METI) estimated that the region’s electronics manufacturing industry will grow by 8.6% in 2022, with South Korea, Taiwan, and China leading the way in high-tech manufacturing. This technological growth has resulted in an unprecedented need for specialized, high-performance thermoplastic materials used in electronic components, packaging, and sophisticated manufacturing.
Competitive Landscape
The APAC Thermoplastics Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations focus on innovating their product line to serve the vast population in diverse regions.
Some of the prominent players operating in the APAC thermoplastics market include:
- SABIC
- LG Chem
- Dow Inc.
- Reliance Industries
- BASF SE
- Hanwa Group
- China National Petroleum Corporation (CNPC)
- ExxonMobil Chemical
- Sumitomo Chemical
- Mitsubishi Chemical Corporation
APAC Thermoplastics Market Latest Developments
- In March 2024, Hexcel and Arkema completed the first aviation construction comprised of thermoplastic composites. This accomplishment highlights their capacity to develop materials like HexPly thermoplastic tapes, which include Arkema’s Kepstan PEKK resin with Hexcel’s HexTow carbon fibers. The project was established by HAICoPAS, and its purpose is to enhance aerospace item design and manufacture while focusing on lifespan cost and efficiency over typical metallic materials.
- In February 2023, Avient introduced Resound REC thermoplastic elastomers made from post-consumer recycled polycarbonate and ABS. The new materials are designed for over-molding because they improve industrial sustainability by using recycled plastics. Avient seeks to meet the rising need for ecologically friendly solutions in businesses that require strong, flexible materials for over-molding applications.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~7.86% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | SABIC, LG Chem, Dow Inc., Reliance Industries, BASF SE, Hanwa Group, China National Petroleum Corporation (CNPC), ExxonMobil Chemical, Sumitomo Chemical, Mitsubishi Chemical Corporation |
| Customization | Report customization along with purchase available upon request |
APAC Thermoplastics Market, By Category
Product Type:
- Commodity Thermoplastics
- Engineering Thermoplastics
- High-performance Engineering Thermoplastics
End -User Industry:
- Packaging
- Building and Construction
- Automotive and Transportation
- Electrical and Electronics
- Sports and Leisure
- Furniture and Bedding
- Agriculture
- Medical
Region:
- Asia Pacific
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
