The North American thermoplastics market is projected to exhibit a considerable CAGR during the forecast period. The key factors that are contributing towards the growth of the thermoplastics market in the region, include rising demand for efficiently moldable packaging across the food & beverages, cosmetic and personal care industry in the region, cohesive government regulations, and increased per capita consumption in the US. The resin, synthetic rubber, and artificial & synthetic fibers & filament (NAICS 3252), which includes the plastic materials and resins industry in the US, was the 18th ranked manufacturing industry in 2018. In addition, the demand for plastics from the continuously growing end-use markets will boost the growth of the thermoplastics industry in the US.

The North American 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. 

Geographically, the North American thermoplastics market is segmented into the US and Canada. The US accounted for a major share in the market in 2019 due to the high consumption rate of thermoplastics across the end-use market in the US. The high usage of thermoplastics in the packaging of personal care and cosmetics, pharmaceutical, food & beverages, among other industries, is driving the thermoplastics market in the US. Further, the continuous rise in end-use markets of thermoplastics will offer growth to the thermoplastics industry in Canada.

Furthermore, some of the key players in the market include Exxon Mobil Corp., Saudi Basic Industries Corp. (SABIC), The Dow Chemical Co., Celanese Corp., Formosa Plastics Corp., BASF SE, Chevron 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 October 2020, Chevron Phillips Chemical declared success in its first commercial-scale production of polyethylene using advanced recycling technology. The successful demonstration paves the new way for the new product range, Marlex Anew Circular Polyethylene.

Research Methodology

The market study of the North American thermoplastics market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.
• Authentic public databases 
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for plastic manufacturers, raw material suppliers, resellers, traders, and distributors, construction industry, packaging industry, food & beverage industry, electrical & electronics industry, other end-users, government organizations, regulatory bodies, research institutes, and other market participants for overall market analysis and competitive analysis. The report is intended for manufacturers of personal care products and ingredients for overall market analysis and competitive analysis. The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models. 

Market Segmentation:

1. North American Thermoplastics Market Research and Analysis by Type
2. North American Thermoplastics Market Research and Analysis by Application

The Report covers:

• Comprehensive research methodology of the North American thermoplastics market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• Exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the North American thermoplastics market.
• Insights about market determinants which are stimulating the North American thermoplastics market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.