Thermoplastic Composites Market Overview
A prominent trend observed in the global thermoplastic composites market is the designing of lightweight automobiles and aircraft, by replacing metal with composites. With the rising concerns related to carbon emissions, recyclability, and toughness, along with lightweight components, the automotive and aerospace industries have shifted from metal-based automobiles and aircraft to composite-based. This is likely to pave the way for the adoption of thermoplastic composites in the respective industries, across the globe.
The thermoplastic composites market is categorized into polypropylene, polyamide, polyetheretherketone, and others, based on resin type. Among these, the polypropylene category is expected to hold significant share in the market in coming years. This can be attributed to the high adoption of polypropylene in injection molding products for applications in domestic appliances, automobiles, crates & boxes, housewares, furniture, and medical and industrial products.
The thermoplastic composites market is classified into glass, carbon, mineral, and others, on the basis of fiber type. Among these, the glass category is expected to hold significant share in the market in coming years. This can be ascribed to the ability of glass fiber to associate with polypropylene and other resins, in order to reduce the cost of production and increase the production of automotive components such as bumpers, front, back, and side protections, and spoilers manufacturing. Moreover, owing to the increase in durability through the formation of internal skeletal, the demand for thermoplastic composites is rising.
The thermoplastic composites market is categorized into short-fiber thermoplastic, long-fiber thermoplastic, continuous-fiber thermoplastic, and glass mat thermoplastic, based on product type. Among these, the long-fiber thermoplastic category is expected to witness the fastest growth during the forecast period (2021–2030). This can be majorly attributed to the high usage of long-fiber thermoplastic composites in automotive applications, owing to their low cost and superior mechanical properties. The properties, such as excellent processability, low density, recyclability, excellent corrosion resistance, good vibration damping, and infinite shelf life, make the long-fiber thermoplastic composites a strong thermoplastic matrix, which may create a traction in the market in the upcoming years.
The thermoplastic composites market is categorized into aerospace & defense, electrical & electronics, transportation, construction, medical, and others. Among these, the transportation industry is expected to dominate the market in forecast years. This can be mainly attributed to the surging demand for lighter, faster, and stronger vehicles, as compared to metallic vehicles that are heavy in weight. Excellent formability, corrosion resistance, and high strength of thermoplastic composites allow designers to create lighter aircraft and high-speed cars.
Globally, the Asia-Pacific (APAC) thermoplastic composites market is expected to witness the fastest growth during the forecast period. This can be ascribed to the high domestic demand for thermoplastic composites in transportation, aerospace & defense, and consumer goods, and electronics applications.
Thermoplastic Composites Market Dynamics
Drivers
Increasing demand for lightweight products in the aerospace industry is majorly responsible for driving the demand for thermoplastic composites. These composites reduce weight of an aircraft by 1.1 tons and save 6,000 tons of aviation fuel over its lifetime. In addition, the rising demand for these composites for interior application in aircraft, owing to their lightweight; improved fuel efficiency; fire, smoke, and toxicity (FST) properties; corrosion resistance; and ability to mold into different and complex shapes, is expected to drive the thermoplastic composites market growth in coming years.
Restraints
High cost of raw materials, which are required for the production of thermoplastic composites, is majorly responsible for hindering the growth of the thermoplastic composites market. In addition, these materials constitute high processing and manufacturing costs, when compared with composites that cannot be remolded. In order to provide high flexibility, additives are added that tend to rise the production cost, which is likely to impact overall market growth.
Thermoplastic Composites Market Competitive Landscape
Some of the major companies operating in the global thermoplastic composites market include BASF SE, Arkema S.A., Solvay S.A., Toray Industries Inc., and Lanxess AG.
The study provides the historical as well the forecast size for the thermoplastic composites market.
Thermoplastic Composites Market Size Breakdown by Segments
The global thermoplastic composites market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Resin Type
- Polypropylene
- Polyamide
- Polyetheretherketone
Based on Fiber Type
Based on Product Type
- Short-Fiber Thermoplastic
- Long-Fiber Thermoplastic
- Continuous-Fiber Thermoplastic
- Glass Mat Thermoplastic
Based on End-Use Industry
- Aerospace & Defense
- Electrical & Electronics
- Transportation
- Construction
- Medical
Geographical Analysis
- North America
- Europe
- U.K.
- France
- Germany
- Russia
- Italy
- Spain
- Asia-Pacific (APAC)
- Japan
- China
- India
- South Korea
- Latin America (LATAM)
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- U.A.E.
