Global Thermoplastic Composites Market: Overview
"The Thermoplastic Composites Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Thermoplastic composites are made from a combination of two or more materials that have different properties in order to form a plastic material. Thermoplastic Composites are used as an alternative to thermoset composites and metals such as steel and aluminum with outstanding characteristics.
These composites can be transformed and recycled by heating or melting it. Thermoplastic composites are used in the automotive, aerospace, and construction industries because of their flexibility and lightweight with high impact strength, low density, ability to reform, corrosion-resistant, and others.
Global Thermoplastic Composites Market: Dynamics
Growing demand for thermoplastic composites in the automotive industry, owing to its use in the manufacturing of bumper beams, spare wheel well, seating structures, and others, is a major factor estimated to drive the growth of the global thermoplastic composites market. In addition, rising demand for thermoplastic composites in aerospace & defense owing to their excellent characteristics such as lightweight, high impact strength, corrosion resistance, durability, and others is anticipated to support the growth of the target market.
Furthermore, increasing demand for thermoplastic composites in various end-use industries such as construction, electronics & electrical, and consumer goods, owing to its flexibility, insulation, fatigue resistance, and other properties, is expected to fuel the growth of the potential market over the long run.
However, high product cost is anticipated to hamper the growth of the target market over the forecast period. In addition, reprocessing of these composites is a factor expected to challenge the growth of the target market in the next coming years.
Global Thermoplastic Composites Market: Segment Insights
Among product types, the short fiber segment is estimated to account for a significant revenue share in the target market. Among fiber types, the glass fiber segment is expected to register a major revenue share whereas the carbon fiber segment is expected to witness the fastest growth rate in the potential market over the long run.
Among resin types, the polypropylene resin segment is expected to hold the highest revenue share in the target market in the next coming years. Among applications, the electrical & electronics segment is anticipated to witness a major revenue share contribution in the target market.
Global Thermoplastic Composites Market: Region Insights
Asia Pacific market is expected to hold a significant revenue share contribution and is projected to grow at a rapid rate in the target market. This is attributed to the growing demand for these composites in automotive, consumer goods, electronics, and other applications in countries in the region. The thermoplastic composites market in North America is estimated to witness moderate revenue growth over the forecast period. Increasing government investments in automotive and aerospace & defense sectors in the region is another factor expected to support revenue growth in the North American market.
Global Thermoplastic Composites Market Segmentation:
Segmentation on the basis of Product Type:
- Short Fiber Thermoplastic Composites
- Long Fiber Thermoplastic Composites
- Continuous Fiber Thermoplastic Composites
- Glass Mat Thermoplastic Composites
Segmentation on the Basis of Fiber Type:
- Glass Fiber
- Carbon Fiber
- Others (Aramid Fiber and Boron Fiber)
Segmentation on the Basis of Resin Type:
- Polypropylene Resin
- Polyamide Resin
- Polyether ether ketone (PEEK) Resin
- Others (Epoxy Resin, Polyurethane Resin, Polystyrene Resin, and Unsaturated Polyester Resin)
Segmentation on the basis of Application:
- Aerospace & Defense
- Electrical & Electronics
- Others (Consumer Goods and Construction)
Segmentation on the Basis of Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope Revenue in US$ Mn
- Koninklijke DSM N.V.
- Celanese Corporation
- Saudi Basic Industries Corporation
- Koninklijke Ten Cate NV
- DowDuPont Inc.
- Lanxess AG
- Solvay SA
- BASF SE
- Arkema S.A.
- PolyOne Corporation
- Quadrant AG (A Subsidiary of Mitsubishi Chemical Corporation)
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