The global thermoplastics market is anticipated to grow at a CAGR of nearly 7.0% during the forecast period (2021-2027). Rising applications of thermoplastics in the transportation industry is one of the major factors accelerating the demand for thermoplastics. Plastic materials are utilized for a comprehensive range of transportation applications such as light diffusers, glazing, interior wall panels, headliners, and partitions. Thermoplastics provide several benefits over fiberglass, metals, and wood including superior durability, aesthetics, and sound insulating properties. These are also very lightweight, which contributes to increased fuel efficiency. Thermoplastic supports in the manufacturing of various components of automotive, coaches in rails and heavy vehicles. The strength-to-weight ratio of thermoplastics is higher when observed with steel and aluminium.
In the transportation industry, the automotive industry requires to follow strict rules and regulations related to fuel efficiency along with the reduction in weight of vehicles. Thermoplastics are designed to meet such requirements as these materials are considered weightless which aid in reducing the weight of the car that results in better fuel efficiency. Thermoplastic materials are utilised in rails for the development of interior and exterior applications to decrease the weight of rail carriers. Composites materials are utilised more in high-performance vehicle components along with materials in racing that includes roof components, components related to appearance and roof, front end and door modules. Apart from these, the rising shift towards electric vehicles (EVs) is expected to offer an opportunity for the adoption of thermoplastics to increase the lightweight property of the vehicle.
A Full Report of Global Thermoplastics Market is Available at: https://www.omrglobal.com/industry-reports/thermoplastics-market
Global Thermoplastics Market-Segmentation
By Product
- Polyethylene
- Polypropylene
- Polystyrene
- Polycarbonate
- Polyethylene Terephthalate
- Others
By Application
- Packaging
- Building and Construction
- Consumer Goods
- Electronics
- Automobiles
- Others
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