Thermoplastic Composites Market:
Growth opportunities in the thermoplastic composites market look promising over the next six years. This is mainly due to the rapid expansion of the end-use industries like aerospace & defense and electronics and the accelerating demand for the transportation industry.
Thermoplastic Composites Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The prominent factor responsible for the growth of the thermoplastic composites market is the augmenting demand from the transportation sector. This is led by the increase in the implementation of material to build low-weight and environment-friendly vehicles to raise their fuel efficiency. Also, these materials are applied in high-speed rails for internal and external applications of rail carriers to decrease the weight. The swift enlargement of end-use industries like aerospace & defense and electronics has strengthened the market size. Major market players in China incorporate vessels and tanks for the oil and gas industry, new rural areas, and delicate building materials. The instantaneous escalation of downstream market segments, including solar panels, frames, and windmills, rail transit, animal husbandry & modern farming, 5 G communication, automotive, housing, and intelligent logistics, have prompted the market growth. Moreover, the widespread outbreak of the coronavirus pandemic has accelerated the demand for these materials among numerous industries such as construction, wind energy, consumer & electronic goods, and transportation. However, as per the thermoplastic composites market analysis, the interruption in the supply chain resulting in delays or non-arrival of raw materials disturbed the financial flows across production line workers, thereby reducing market demand. Additionally, the excessive price of raw materials is hindering the thermoplastic composites market size.
Application Segment Drivers
Based on the application, transportation is expected to expand at a faster CAGR over the forecast period. The vehicle producers and automakers are ascertaining the employment of these materials in different transportation appliances owing to their ease-of-reforming and reshaping properties and lightweight. In addition, the composites permit the automotive companies to satisfy the strict environmental regulations, resulting in market growth.
Regional Drivers
Based on the regional coverage, Asia-pacific is projected to witness a higher CAGR in the market over the forecast period. This is primarily attributed to the prevalence of many manufacturing units in India involved in the manufacturing of composites. Also, major players such as BASF SE, DoWDuPont, and Mitsubishi Chemical Advanced Materials are propelling the market growth.
Thermoplastic Composites Market’s leading Manufacturers:
- Covestro AG
- Polyone Corporation
- Toray Industries, Inc.
- Dowdupont Inc.
- Hexcel Corporation
- Mitsubishi Chemical Advanced Materials
- SABIC
- Solvay
- Celenase Corporation
- Tencate
Thermoplastic Composites Market Segmentation:
Segmentation by Fiber Type
- Carbon Glass
- Glass Fiber
- Others
Segmentation by Resin Type
- Polyamide
- Polyetheretherketone
- Polypropylene
- Others
Segmentation by Application
- Transportation
- Aerospace & Defense
- Electrical & Electronics
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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