Africa Thermosetting and Thermoplastics Market - Segmented by Thermoplastic Resin, Thermosetting Resin, End-User Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Africa thermosetting and thermoplastics market is expected to witness a CAGR of ~5.5% during the forecast period, 2018 - 2023. By resin type, thermoplastic resins dominated the market with a share of around 90% in 2017.
Increasing Ship Building Activities in South Africa to Drive the Market
Thermoplastics play a vital role in the ship building activities and the demand for these products is significantly increasing owing to their better characteristics, such as lightweight and durability. Thermoplastics, including polyethylene terephthalate, are used at various stages of shipbuilding from the external body of the ship to the interior components. These plastics are resistant to the damage caused by many chemicals and water, which make them attractive to the ship and ship component manufacturers. Owing to these properties, thermoplastics in the form of sheets are being preferred by many producers, for flooring in ships, instead of wood. South Africa is not only a major economically developed country in the continent, but also a significant consumer of plastics for various applications. Being a major coastal country, the ship building activities in South Africa are high compared to other countries. Western Cape is a major hub for the manufacture of yachts in South Africa and the boat-building sector here is highly competitive. Additionally, the South African Navy is into replacing old hydrographic vessels for newer ones. This scenario is also likely to propel the thermoplastics demand in the near future.
Packaging – The Dominating End-User Industry Segment
Thermoplastics are used in the packaging sector for packaging of bottled water, flexible packaging, such as sausage skins, flexible foils, such as shopping bags. Polyethylene Terephthalate (PET) is one of the majorly used plastics for packaging purposes, mostly in the food & beverage industry. Portability, design flexibility, ease of cleaning, lightweight, protection against moisture are few properties of PET that make them suitable for packaging purposes. The packaging industry is rising rapidly with a significant demand from the food & beverage industry. The consumption of bottled water has been witnessing a continuous growth and is expected to rise further. The packaging industry in various countries of Africa is growing at a steady rate owing to the growing market for consumer products driven primarily by the young population growth, growing domestic economies, and rising disposable income. In 2017, packaging segment dominated the Africa thermosetting and thermoplastics market by end-user industry with a market share of around 78%.
South Africa – the Largest Market amongst Countries
Increasing focus of the South African government on infrastructure, strong shipbuilding activities in the country, significant development in the electrical & electronics and the automotive industries are fuelling the demand for thermosetting and thermoplastic resins in the country. Furthermore, the country has the resources to fulfil upto 90% of its domestic demand of thermoset resins with its local refineries, which are the most efficient in Africa with an average capacity utilization rate of more than 80%.
Major players: SABIC, DuPont, Scott Bader Company Ltd., ADD Resins and Chemicals (Pty) Ltd., and Arkema SA, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand which resin type and end-user industry is dominating the market
Information about the countries, which are expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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