01-Jul-19
Demand for filled thermoplastics in the Asian consumer goods market is expected to reach an estimated us$5.3 billion by 2024 with a CAGR of 6.5% from 2019 to 2024, as per Reserach and Markets. The future of filled thermoplastics market looks promising with opportunities in the Asian consumer appliances, electrical & electronics, power tools and other markets. The major drivers for this market are growing demand for consumer goods and increasing use of plastic components to reduce the part weight. Emerging trends, which have a direct impact on the dynamics of filled thermoplastics in the Asian consumer goods industry, include continuous innovation and development of new products with low water absorption, higher stiffness, and better thermal performance.
The report forecasts that polypropylene resin based filled thermoplastics will remain the largest segment by value and volume. The growing use of lightweight materials and comparatively lower cost than other thermoplastic resins is likely to drive the consumption of polypropylene based filled thermoplastics over the forecast period. Within filled thermoplastics market, electrical & electronics will remain the largest application by value and consumer appliances by volume. Electrical & electronics segment is also expected to witness highest growth over the forecast period due to the increasing demand for lightweight plastic materials with higher thermal stability. In this market, mineral filled and fiber reinforced thermoplastics are the major product types. Mineral filled thermoplastic will remain the largest segment by value and volume due to its wide application area. The reinforced thermoplastics segment is expected to witness highest growth over the forecast period due to the growing demand for materials with higher performance benefits.
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