Thermoplastic Composites Market Demand Economic Impact, Dynamics and SWOT Analysis Till 2027
Thermoplastic Composites Market Overview
The Thermoplastic Composites Market was marked at a value of USD 22.2 billion in 2020 and it is further expected to grow at a higher CAGR of 7.5% during the forecasted period to account for a higher market value of approximately USD 31.8 billion by the end of the forecasted period.
Thermoplastic composites are polymers that can be molded at specific high temperature and hardens upon cooling. They are lightweight, abrasion resistant, and can withstand extreme temperature up to 600 F. Owing to their desirable properties such as good insulation properties and low processing and manufacturing cost, they are highly preferred over metals in possible applications. MRFR has deemed the growth of the thermoplastic composites market demand to be healthy and attain a substantial market valuation over the forecast period of 2021-2027
The growth of the global thermoplastic composites market is sustained by the aerospace and defense industry where the product is gaining increased acceptance as a key material for the production of primary as well as secondary aerospace structures. Thermoplastic composites can be tailored to meet the exacting needs of aerospace manufacturers. These materials serve the need for durable, lightweight, heat & weather resistant materials for aircraft engine and other aerospace components. Higher strength-to-weight ratio of thermoplastic composites makes them ideally suited for ideally suited for application across the wind & energy sector where they are used in the production of wind turbine, and pipes & tanks.
The automotive industry is also a key end user of the global thermoplastic composites market. There is intense pressure on automotive OEMs to reduce vehicle mass to enhance fuel economy and comply with carbon emission standards. They are progressively incorporating thermoplastic composites in automotive components which augur the growth of the global thermoplastic composites market.
In contrast, problems associated with cost, unfamiliar processing, design issues, and competition from alternatives are likely to undermine the growth of the market. Meanwhile, rigorous R&D activities aimed at overcoming the shortcomings of thermoplastic composites is expected to yield positive results which would further enhance the growth of the global thermoplastic composites market.
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Segmentation
The global thermoplastic composites market has been segmented based on product type, fiber type, and end-use industry.
By end-use industry, the global thermoplastic composites market has been segmented into aerospace & defense, wind energy, automotive, building & construction, sports, and others. The aerospace & defense segment is the leading segment. High usage of thermoplastic composites within the industry can be credited for the growth of the segment.
By product type, the global thermoplastic composites market has been segmented into short fiber reinforced thermoplastic (SFRT), long fiber reinforced thermoplastic (LFRT), continuous fiber reinforced thermoplastic (CFRT), and glass mat thermoplastics (GMT).
By fiber type, the global thermoplastic composites market has been segmented into fiberglass and carbon fiber. The fiberglass segment accounts for the largest share of the market.
Regional Analysis
By region, the global thermoplastic composites market has been segmented into Asia Pacific (APAC), North America, Latin America, Europe, and the Middle East & Africa (MEA).
Rapid expansion of the aerospace & defense industry in APAC positions it as the leading market for thermoplastic composites. Increased defense spending in developing countries such as China and India is reflecting positively on the growth of the APAC market. These emerging economies are increasingly procuring warfare grade military vessels, fighter jets, and other defense equipment which are among major end-use application of thermoplastic composites. The expanding wind & energy sector along with other key end-use industries such as automotive and building & construction also acts a plus for the APAC thermoplastic market.
North America accounts for the second most significant share of the global thermoplastic composites market. Burgeoning aerospace and defense industry stimulate the growth of the North America market. Defense spending makes up for a significant sum of the US budget which generates high demand for thermoplastic composites.
The automotive industry in Europe is growing at a torrid pace which is driving the thermoplastic composites market in Europe. The UK, Germany, France, and Italy are the country-specific markets in Europe.
The Latin America market is poised to showcase substantial growth over the forecast period. Large-scale industrialization and pacifying economic and political and economic scenario would assist the growth of the Latin America market.
The MEA market is expected to exhibit limited growth over the forecast even though the untapped markets store considerable growth opportunities.
Competitive Landscape
Celanese Corporation (U.S.), TEIJIN LIMITED (Japan), SABIC (Saudi Arabia), BASF SE (Germany),
DuPont (U.S.), DSM N.V. (Netherlands), Arkema Group (France), Koninklijke Ten Cate bv. (Netherlands), SGL Carbon SE (Germany), and LANXESS (Germany) are the eminent players in the global thermoplastic composites market.
Industry Updates
January 2019- General Atomics Aeronautical Systems Inc. (GA-ASI, San Diego, CA, US), an aerospace manufacturer is aiming to develop a novel technique for the alleviation of traditional molds or tooling through a novel thermoplastic composite structure fabrication process. The new process would find potential application in the marine, space, aerospace, and wind & energy sector. NASA has demonstrated a substantial interest in the process stating that it could be effectively deployed in the fabrication of aircraft fuselage and wind structures, as well as naval vessels, and wind turbine blades.
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