Thermoplastic Composite Market is predicted to 13,297.8 Thousand Tons by 2030 at a CAGR of ~6.26%

Market Research Future (MRFR) has published a cooked research report on the “global Thermoplastic Composite Market” that contains the information from 2022 to 2030.

Global Thermoplastic Composite Market

Thermoplastic Composite Market Size based on consumption was at 6,841.5 Thousand Tons in 2021. The Thermoplastic Composite market industry is projected to grow from 7,318.9 Thousand Tons in 2022 to 13,297.8 Thousand Tons by 2030, exhibiting a compound annual growth rate (CAGR) of 6.26% during the forecast period (2022 - 2030). 

Thermoplastic composites refer to composite materials made of thermoplastic resin reinforced with long fiber, short fiber, and continuous fiber. A thermoplastic plastic is a polymer that becomes pliable or moldable above a specific temperature and solidifies upon cooling. The fibers are usually glass, carbon, and aramid. The thermoplastic resin is usually PA, PP, PBT, PPEK, PEKK, PPA, PPS, PSU, etc.

Market Synopsis

The thermoplastic composites industry is growing due to its properties such as recyclability, fast processing, ability to mold and remold, and survival at higher temperatures. The surging demand for thermoplastic composites in various end-use industries is primarily driving the global thermoplastic composite market.

However, the volatility in raw material prices is expected to hamper the market growth over the forecast period.

COVID-19 Impact on the Global Thermoplastic Composite Market

The COVID-19 outbreak has had a negative impact on the global thermoplastic composite market and exposed various challenges for various end-use industries such as aerospace & defense, transportation, wind energy, construction, consumer & electronics goods, and others.

The global pandemic COVID-19 has affected a major chunk of the population. During the lockdown situation, disruption in the supply chain resulting in delays or non-arrival of raw materials disrupted financial flows, and growing absenteeism among production line workers have compelled OEMs to operate at zero or partial capacities, leading to reduced demand for thermoplastic composites.

The supply side has faced several issues owing to the limitations on travel and the lockdown across regions. In conclusion, every end-use industry is facing a challenge for smooth operations during this period. However, the pandemic is expected to have a short-time impact across the global markets. On the other hand, the long-term impact is expected to have a moderate effect, and the operations across this market would bounce back to normal gradually.

Market Opportunities & Challenges

• Widening Scope of Application in the Healthcare Sector

The increasing investment made by various individuals and governments for the healthcare industry creates various growth opportunities in the thermoplastic composites market during the review period. Moreover, the increasing need for these polymers results in more investment done by major key players to cater to the increasing diversity among various end-use industries. The ongoing extensive widening scope of application in healthcare sector research in this sector provides various growth opportunities in the global market during the review period.

• Challenges/Trends

There are a number of applications of thermoplastic composites. However, the use of these composites in many of the applications is not commercially feasible because of the high cost. The production of low-cost thermoplastic composites can increase their consumption in different end-use applications. The 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 are made using recycled PA66 compounds. This product range offers economical solutions to the automotive, consumer goods, and construction industries.

Competitive Landscape

The global Thermoplastic Composite market is fragmented and consists of many organized and unorganized industry players. Manufacturers focus mainly on the expansion of production capacities, continuous product launches, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include BASF, DowDuPont, Lanxess, SABIC, DSM, Celanese, PolyOne, Solvay, Toray, Teijin Limited, Mitsubishi Chemical, Arkema, SGL Carbon, Hexcel, and RTP Company.

Read more About this Article-Thermoplastic Composite Market