Thermoplastic Composites Market by Product Type (Short Fiber Reinforced Thermoplastic (SFRT), Long Fiber Reinforced Thermoplastic (LFRT), Continuous Fiber Reinforced Thermoplastic (CFRT), and Glass Mat Thermoplastics (GMT)), by Fiber Type (Fiberglass and Carbon Fiber), End Use Industries (Aerospace & Defense, Wind Energy, Automotive, Building & Construction, Sports, Electrical & Electronics and others), and by Region- Forecast till 2030

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 35.1 billion by the end of the forecasted period.

The polymer that becomes pliable and moldable when heated at a specific temperature and upon cooling it solidifies is called thermoplastic. It is also known by the other name called thermo-softening plastic. These polymers have qualities of both aluminum as well as rubber. It can be as hard as aluminum and at the same time soft like rubber. Moreover, these polymers are abrasion-resistant, lightweight, and can stand up to a temperature of 600° F. These polymers are manufactured with the combination of two or more two materials possessing different chemical and physical properties. This enables the polymers to have different characteristics.

COVID 19 Analysis

The global pandemic of COVID-19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is worried about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted which resulted in demand shrink for the Thermoplastic composites market which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.

However, the Thermoplastic Composites Market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.

Market Dynamics

Drivers

Numerous factors drive the market demand in the global market. Increasing demand for Thermoplastic Composites in the transportation industry drives the market demand all across the globe during the forecasted period. As it results in lower emission of CO2 and ensures the efficiency of vehicles. It also increases the shelf life of the vehicles. Increasing use of these composites in high-performance vehicles components like under-hood components, appearance grade components, roof components, door modules, front and end modules, and instrumental panels drive the market demand in the Thermoplastic Composites Market.

Opportunities

The rise in the demand for the thermoplastic composites market all across the globe. The increasing investment made by various individuals and governments for the construction of commercial buildings 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. Ongoing extensive research in this sector provides various growth opportunities in the global market during the review period.

Restraints

Although the Thermoplastic Composites Market is increasing tremendously in the global market some factors restrict the market growth rate. Lack of standardization among different manufacturing technology is one of the major restraining factors that hamper the market growth rate. The high cost of raw materials results in a high price for thermoplastic composites and hence it can’t be afforded by all which hinders the market demand.

Value Chain Analysis

The Thermoplastic Composites Market is increasing incredibly at the global level owing to various benefits associated with it. It has various properties like low manufacturing cost, low processing, and good insulation properties that make it better than metals. Along with this, it is weather and heat resistant, lightweight, and stronger due to which is used in several end-user industries.

Thermoplastic Composite Market Share, by End Use Industry 2016 (%)

Market Segmentation

The Thermoplastic Composites Market has been divided all across the globe based on Fiber Type, Product Type, End-User Type, and Region.

Based on the Fiber Type

The Thermoplastic Composites Market has been divided all across the globe based on the Fiber Type into carbon fiber and fiberglass. The largest market share is held by the glass fiber or fiberglass-based thermoplastic composite material and hence it dominates in the global market.

Based on the Product Type

The Thermoplastic Composites Market has been divided all across the globe based on the Product Type into glass mat thermoplastic (GMT), continuous fiber-reinforced thermoplastic (CFRT), long fiber reinforced thermoplastic (LFRT), and short fiber reinforced thermoplastic (SFRT).

Based on the End-User Industry

The Thermoplastic Composites Market has been divided all across the globe based on the End-User Industry like sports industry, building, and construction industry, automotive industry, wind energy sector, aerospace and defense sector, and many others. The largest market share is held by the aerospace and defense industry and hence it dominates in the global market.

Based on the Region

The Thermoplastic Composites Market has been divided in the global market based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.

Regional Analysis

The Thermoplastic Composites Market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-growing region, the largest market share in the global market is held by the Asia-Pacific region owing to increasing development in the wind industry, and aerospace and defense industry. Moreover, the presence of countries like Japan, India, and China is yet another contributing factor that drives the market demand in this region.

The second-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico as they have a well-established advanced infrastructure for the sports industry, aerospace and defense industry, and many other end-user industries. Increasing military activities and power in the US is also a contributing factor.

The third-largest market share in the global market is held by the European region owing to the presence of countries like Italy, Germany, France, and the UK. The increasing use of thermoplastic composites in the automotive and aerospace industries drives the market demand in this region.

Competitive Landscape

The Most Prominent Major Key Players in the Thermoplastic Composites Market all across the globe are mentioned below:

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  BASF SE (Germany)

  
  


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  LANXESS (Germany)

  
  


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  TEIJIN LIMITED (Japan)

  
  


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  SABIC (Saudi Arabia)

  
  


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  Koninklijke Ten Cate B.V. (the Netherlands)

  
  


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  DSM N.V. (the Netherlands)

  
  


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  Celanese Corporation (US)

  
  


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  SGL Carbon SE (Germany)

  
  


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  Arkema Group (France)

  
  


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  DuPont (US)

  
  

These major key players use various strategies to sustain their market position in the Thermoplastic Composites Market in the global market by going for mergers, and acquisitions, by collaborating, setting up a joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the Thermoplastic composites all across the globe.

Recent Developments

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  In April 2018, a new production facility in Yeosu, Korea has been inaugurated by BASF SE. This will help the company in increasing production up to 24,000 tons per year in the polyarylsulfone thermoplastic Ultrason.

  
  


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  In November 2018, two new grades called glass-fiber-reinforced polyamide and carbon fiber-reinforced polyamide has been introduced by DowDuPont. This will help in implementing 3D printing filament as the demand for 3D printing is growing rapidly in the global market.

  
  


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  In June 2019, for enhancing technological advancements, Advanced Polymer Technologies (US) has been acquired by Mitsubishi Advanced Chemical Materials in the engineering plastics business. It will help the company in providing better solutions for the electrical and electronics industries, medical sector, aerospace, and defense sector.

  
  


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  TEIJIN LIMITED (Japan) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales revenue.

  
  

Report Overview

This Thermoplastic Composites Market Research Report consists of the following elements mentioned below:

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  Market Overview

  
  


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  COVID 19 Analysis

  
  


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  Market Dynamics

  
  


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  Value Chain Analysis

  
  


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  Market Segmentation

  
  


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  Regional Analysis

  
  


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  Competitive Landscape

  
  


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  Recent Developments

  
  

This market research report contains factors that drive the growth of the Thermoplastic Composites market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the market during the forecasted period are mentioned. The impact of COVID 19 on the market all across the globe is mentioned. The future growth rate in the Thermoplastic Composites market during the forecasted period is estimated and mentioned.

Intended Audience

Nationalized laboratory, raw material suppliers, potential investors, research and development institutes, traders and distributors of thermoplastic composites, thermoplastic composites manufacturers, and many others.