December 09, 2020
According to the research report titled ‘Global Thermoplastic Composites Market Size study, by Resin Type (Polypropylene, Polyamide, Polyetheretherketone, Hybrid), Fiber Type (Glass, Carbon, Mineral), Product Type (Short-fiber Thermoplastic, Long-fiber Thermoplastic, Continuous-fiber Thermoplastic, and Glass Mat Thermoplastic), End-Use Industry (Transportation, Consumer goods & electronics, Wind Energy, Sports & Leisure, Construction, Aersopace & Defense, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global thermoplastic composites market was valued at USD 21.5 billion in 2019 and is anticipated to experience a CAGR of 7.5% during 2020-2027.
Global thermoplastic composites market is expected to witness significant growth owing to several benefits of the product such as stability, endurance of high temperatures, fast processing, and recyclability that makes them a preferred choice in an array of end-use industries.
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Increasing demand for production of light weight automobiles and focus on diminishing CO2 emissions are boosting the demand for thermoplastic composites. Moreover, growing application scope of these materials in consumer goods, aerospace & defense, electrical & electronics verticals is poised to positively impact the global thermoplastic composites industry growth.
However, high cost of raw materials is a major factor likely to restraint the growth of global thermoplastic composites market during 2020-2027. Despite that, lower cost for consumers and innovations in the product to improve its performance are creating opportunities for the market partakers.
Speaking of end-use industry, global thermoplastic composites industry is divided into wind energy, transportation, aerospace & defense, construction, sports & leisure, consumer goods & electronics, and others. With respect to product type, the industry is bifurcated into long-fiber, short-fiber, glass mat, and continuous-fiber. Considering the fiber type, the industry is segmented into glass, mineral, and carbon. With regards to resin type, the industry is classified into polypropylene, hybrid, polyetheretherketone, and polyamide.
From a regional frame of reference, global thermoplastic composites market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. Asia Pacific market has been the leading revenue generator in recent times and is predicted to register highest growth rate over 2020-2027, mainly due to increasing production of light weight vehicles, supportive government laws, and surging manufacturing facilities in the region.
Major players operating in global thermoplastic composites market include Solvay S.A., SABIC Industries Corporation, SGL Carbon SE, Toray Industries Inc., Mitsubishi Chemical Advanced Materials, Celanese Corporation, DuPont de Nemours Inc., BASF SE, Avient Corporation (formerly PolyOne Corporation), and Lanxess AG.