Browse 205 market data Tables and 48 Figures spread through 247 Pages and in-depth TOC on "Thermoplastic Composites Market"Thermoplastic Composites Market by Resin Type (Polypropylene, Polyamide, Polyetheretherketone, Hybrid), Fiber Type (Glass, Carbon, Mineral), Product Type (SFT, LFT, CFT, GMT), End-Use Industry, and Region
The global thermoplastic composites market size is projected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, at a CAGR of 7.5%. The thermoplastic composites industry is growing due to its properties such as recyclability, fast processing, ability to mould and remould, survival at higher temperatures. However, the demand for thermoplastic composites is expected to decline in 2020 due to COVID-19. The removal of restriction on cross country travel and recovery in the end-use industries will stimulate the demand for thermoplastic composites during the forecast period.
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There are a number of applications of thermoplastic composites. However, the use of these composites in many of the applications are not commercially feasible because of the high cost. The production of low-cost thermoplastic composites can increase its consumption in different end-use applications. Development of low-cost technologies is the need of the hour for all research organizations and thermoplastic manufacturers. However, investment in R&D for the development of new technology for producing thermoplastic composites is a major challenge for the market players. Nonetheless, companies are heavily investing in R&D to reduce the overall cost of thermoplastic composites and the end-product manufactured. Some companies are offering thermoplastic composites which are made using recycled thermoplastics. For instance, Celanese Corporation (US) is offering ECOMID POLYAMIDE COMPOUNDS, which is made using recycled PA66 compounds. This product range offers economical solutions to the automotive, consumer goods, and construction industries.
The transportation end-use industry accounts for the largest market share in the global thermoplastic composites market
The demand for lightweight thermoplastic composites is driven by the increasing emphasis on enhancing fuel-efficiency in the automobile industry. Thermoplastic composites are widely used in interior automotive parts, which include brake pedals, airbag modules, engine noise shielding, instrument panel carrier, trunk liners, and air intake manifolds, among others. The demand for thermoplastic composites in automotive and penetration in electric vehicles has been severely impacted by the COVID-19. However, the demand for the thermoplastic composites would surge with recovery of the global automotive and electric vehicle sectors post 2020.
APAC is expected to account for the largest market share in the thermoplastic composites market
APAC accounts for the biggest share of the global thermoplastic composites market. The electrical & electronics, automotive, and consumer goods sectors are the major consumers of thermoplastic composites in the region. North America is the second major consumer of thermoplastic composites. Aerospace & defense and automotive are the major industries fueling the growth of the thermoplastic composites market in this region. Moreover, the US is a manufacturing hub of various commercial, military, and private aircraft. However, the COVID-19 outbreak has affected the demand for thermoplastic composites in the region. On the positive side, the pandemic COVID-19 has instigated nations such as India to reduce dependency on imported goods and manufacture parts/components locally. Such initiatives coupled with recovery in the thermoplastic composites end-use industries will increase the demand for thermoplastic composites in APAC.
The key players in the thermoplastic composites market include BASF SE (Germany), Celanese Corporation (US), SABIC (Saudi Arabia), DowDuPont Inc. (US), Koninklijke DSM N.V. (Netherlands), Toray Industries, Inc. (Japan), and Lanxess AG (Germany). Among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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