US thermoplastics market is expected to project a considerable CAGR during the forecast period. The US is one of the key markets for plastic packaging, owing to the massive demand generated for plastics from end-user industries. Along with the packaging industry, the construction industry is one of the major contributors to the US economy, as per the Associated General Contractors of America (AGC).
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The investment in infrastructure is anticipated to increase in the near future owing to the growing construction projects. Moreover, the automotive sector is another industry that has a considerable share in the US economy. Though the sales of automotive have decreased in the US, the sales of EVs (electric vehicles) and the installation of charging stations are expected to increase in the future. However, the uncertainty of recovery from the economic disruption of the COVID-19 pandemic has underlined weaknesses in durable goods demand, such as autos and light trucks.
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The US thermoplastics market is segmented based on type and application. Based on type, the market is broadly categorized into polyethylene (PE), polypropylene (PP), polystyrene (PS), polyvinylchloride (PVC), polyethylene terephthalate (PET), and others. Based on application, the market is segmented into packaging; building & construction; automotive; electrical & electronics; household, leisure & sports; agriculture; and others. The packaging is the major application of thermoplastics and is estimated to contribute a significant share to the market.
Furthermore, some of the key players in the market include BASF SE, Exxon Mobil Corp., Hexcel Corp., the Dow Chemical Co., Celanese Corp., and others. These companies are using several strategies to expand market share and gain a competitive advantage over their competitors. The strategies include new product launches, mergers and acquisitions, partnerships, and collaborations. For instance, in January 2019, Hexcel Corp. acquired ARC Technologies, LLC (“ARC”), a leading supplier of custom RF/EMI and microwave absorbing composite materials for military, aerospace, and industrial applications. The acquisition strengthened the company’s existing advanced materials portfolio in structural composites and thermoplastics.
US Thermoplastics Market by Type
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinylchloride (PVC)
- Polyethylene Terephthalate (PET)
US Thermoplastics Market by Application
- Building & Construction
- Electrical & Electronics
- Household, Leisure & Sports
- Arkema group in Thermoplastics Landscape
- Recent Developments
- Airex Industries Inc.
- BASF SE
- BioLogiQ Inc.
- Celanese Corp.
- Chevron Corp.
- Cope Plastics Inc.
- DuPont de Nemours, Inc.
- Eastman Chemical Co.
- Exxon Mobil Corp.
- Hexcel Corp.
- MBA Polymers, Inc.
- NOVA Chemicals Corp.
- Petoskey Plastics, Inc.
- Rogers Corp.
- The Dow Chemical Co.
- The Plastics Group of America (TPG)
- VIP Rubber Co., Inc.
- Wellman Advanced Materials, LLC
- Westlake Chemical Corp.
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