Thermoplastic Composites Market

Thermoplastic Composites Market Size (2023-2028)

The Thermoplastic Composites Market is anticipated to value at about $18.3 billion by 2028 with an annual growth rate of 7.2% from 2023-2028

The major factors driving the market are the increasing demand from the transportation sector and increasing investments in aerospace and defense applications Asia-Pacific region is supposed to create immense opportunities for market growth in the future.

Market Growth Rate in the Thermoplastic Composites Market:

• Thermoplastic is an important end-user industry of thermoplastic composites. They are growing with the demand for producing lightweight and less carbon dioxide emissions from vehicles in the transportation industry.

• By 2020, the carbon emissions cap for new cars in the European Union will drop from one hundred thirty grams to ninety-five grams per kilometer. The car manufacturers are designing lighter vehicles replaced by metal with composites to make them light, tough, and recyclable to achieve the target.

• In 2019, automotive production became smaller owing to the trade war between the US-China and other political reasons. This is estimated to continue in the first half of 2020, owing to the weak sales in the second half of 2019. Therefore, automotive is likely to return to a normal state by the end of 2020.

• The development of electric vehicles may continue to gain momentum in the upcoming years, especially in Europe, China, and the US, as many government programs are supporting or actively encouraging a move away from fossil fuels owing to the many environmental concerns.

Drivers in the Thermoplastic Composites Market:

Thermoplastic composites are used to manufacture many automotive components. These materials are lightweight and help to reduce the weight of cars, which leads to reduced carbon dioxide emissions and better fuel efficiency of vehicles. Thermoplastic composites are lighter than steel, aluminum, and other metals. Therefore, by using these thermoplastic materials, the weight of the car reduces significantly. The reduced weight helps the cars to meet the CAFÉ emission standard and other fuel norms mandated by environmental agencies. Increasing the use of thermoplastic composites materials in racing and high-performance vehicle components, like instrumental panels, front-end modules, door modules, roof components, appearance grade components, and under-hood components, are the driving factors for the global thermoplastic composites market in the transportation industry.

Electric vehicles are environment-friendly and are contributing to the reduction of carbon emissions in the transportation industry. The demand for hybrid vehicles and electric vehicles is expected during the forecast period to see high growth in the coming years. Thermoplastic composites give excellent make stronger and play a sufficiently great significant role in the weight reduction of vehicles. In electric vehicle components, it makes them highly useful in production. Therefore, the increased demand for electric vehicles is to make greater the consumption of thermoplastic composites.

Restraints in the Thermoplastic Composites Market:

Thermoplastic resins used in the production of these composites are highly-priced compared to thermoset resins. For instance, the expenses related to the raw material, processing, and manufacturing result in an increased end-product price. This high cost is a major restraint in the supply chain to use thermoplastic composites. Afterward, the machinery and tools needed for the production of thermoplastic composites are capital-intensive. There are many applications in various sectors for thermoplastic composites. However, they are not commercially feasible currently. The thermoplastic composites' use in many applications is expected of predicted to be possible easily if the cost of thermoplastic resins and reduced by the cost of production.

The use of these composites in many of the applications is not commercially feasible because of the high cost. In the end-use application, the production of low-cost thermoplastic composites can be raising its consumption. The development of low-cost technologies is the requirement of the hour for all research organizations and thermoplastic manufacturers. Moreover, investment in Research & Development for the development of new technology for the production of thermoplastic composites is a major challenge for the market players. The companies are heavier investing in research and development to reduce the cost of thermoplastic composites and the end products. Several companies are implementing recyclable thermoplastics to develop thermoplastic composites. For instance, Celanese Corporation developed a novel product using recycled PA66 compounds, which can assist in sectors like automotive, consumer goods, and construction.

THERMOPLASTIC COMPOSITES MARKET REPORT COVERAGE:

Thermoplastic Composites Market - Segmentation & Insights as per the research report until 2028.

Thermoplastic Composites Market - By Resin Type:

• Polyamide
• Polypropylene
• Polyetheretherketone
• Hybrid
• Others (PC, ABS, PE), etc

By Resin Type, Polyamide resin is the major shareholder in the worldwide market. Polyamide resin is driven by the considerable requirement from the automotive, consumer goods, and electrical & electronics industries, increasing the demand for the global thermoplastic composites market.

Thermoplastic Composites Market - By Product Type:

• SFT

• LFT

• CFT

• GMT

By product type, SFT will hold the largest portion because of its widest usage in injection molding part fabrication. CFT is supposed to witness the fastest-growing growth during the outlook period due to augmenting the need for high-performance thermoplastic composites with continuous fiber.

Thermoplastic Composites Market - By Application:

• Transportation

• Aerospace & Defense

• Wind Energy

• Consumer Goods & Electronics

• Construction

• Sports & Leisure

• Others (Medical, Oil & Gas, Marine, etc.)

Aerospace & defense application is projected during the foreseen period to register a higher compound annual growth rate across the world.

Thermoplastic Composites Market - By Fiber:

• Glass

• Carbon

• Mineral

• Others (Natural, Basalt, Aramid)

By fiber type, the Glass segment recorded a substantial portion in the global thermoplastic composites market, owing to the rising consumption in consumer goods & electronics, aerospace & defense, and automotive applications.

Thermoplastic Composites Market - By Region:

• North America

• Europe

• Asia Pacific (APAC)

• Middle East & Africa (MEA)

• Latin America

Asia Pacific market is estimated to hold significant revenue share contributions and is estimated to grow at a rapid rate in the target market in the coming years. This is contributing to the growing demand for these composites in automotive, consumer goods, electronics, and other applications in countries in the above regions. The thermoplastic composites market in North America is predicted to witness moderate revenue growth. Increasing government investments in the automotive and aerospace & defense sectors in the region is another factor that is likely to support revenue growth in the North American market.

Thermoplastic Composites Market - Key Players:

1. Celanese Corporation

2. DowDuPont Inc.

3. Koninklijke DSM N.V.

4. Solvay S.A.

5. Toray Industries, Inc.

6. Lanxess AG

7. SABIC

8. BASF SE

9. PolyOne Corporation

10. Arkema