Thermoplastic Composites Market To Reach USD 22.8 Billion By 2027 at a CAGR of 6.1% - Valuates Reports

BANGALORE, India, May 3, 2021 /PRNewswire/ -- The global Thermoplastic Composites Market  by Fiber Type (Carbon, Glass, Mineral, and Others), Resin Type (PA, PP, PEEK, Hybrid, Others), Product Type (Glass Mat Thermoplastics (GMT), advanced thermoplastic composites (ATC)), and Applications (Oil & Gas, Aerospace, Marine, Construction, Military, and Others). This report covers Global Opportunity Analysis and Industry Forecast from 2021 to 2026. This report is published on Valuates Reports in the Plastics & Polymers Category.

The global Thermoplastic Composites Market was valued at USD 15.2 Billion in 2019 and is projected to reach USD 22.8 Billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

Major factors driving the growth of the thermoplastic composite market are: 

• Increased adoption of thermoplastics composites in the automotive, construction, and aerospace industries due to processing and maintenance cost saving, code and compliance for medical applications and being environmentally friendly during manufacturing
• Furthermore, properties such as recyclability, fast processing, durability , chemical resistance, and the ability to mold and remold, withstand high temperatures, and reduce the overall weight of the product is driving the thermoplastic composite market

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TRENDS INFLUENCING THE GROWTH OF THERMOPLASTICS MARKET SIZE

The rise in the use of thermoplastic composites in the aerospace and defense industry is expected to increase the thermoplastics market size. Thermoplastics mainly intended to reduce total weight and corrosion in aircraft structures. In addition, maintenance costs for aircraft made of composites have reduced substantially as compared to those for aircraft made of traditional materials. Thermoplastic composites have a number of characteristics, including low weight, high strength, a weather-resistant finish, and a variety of surface textures. As a result, demand for thermoplastic composites in the aerospace industry is expected to increase at a rapid rate.

The increasing use of thermoplastics in the automotive sector is expected to drive the thermoplastics market size. Automotive parts are increasingly being made of thermoplastic composites. These materials are lightweight and aid in the reduction of vehicle weight, resulting in lower CO2 emissions and improved vehicle fuel economy. The use of thermoplastics in automotive helps automotive manufacturers in meeting emission requirements and other fuel norms required by environmental agencies.

Furthermore, the increase in the adoption of EV is also expected to propel the growth of thermoplastics market size. Electric vehicles (EVs) are environmentally friendly and are gaining a lot of traction in recent years. Thermoplastic composites have high strength and contribute significantly to vehicle weight reduction, and are extremely useful in the manufacture of electric vehicle parts. Hence, as the market for electric vehicles grows, so makes the demand for thermoplastic composites.

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THERMOPLASTICS MARKET SHARE ANALYSIS

Based on product type, the glass mat thermoplastics held the largest revenue share in 2019. GMTs are thermoplastic composites that outperform injection-molded reinforced thermoplastics mechanically. Aerospace and security, automobile, sporting goods, and wind turbine blades all use GMT.

The PEEK segment is expected to rise at the highest CAGR over the forecast period. The civilian and military aerospace industries are gradually using PEEK resin-based composites. PEEK has superior thermal stability as compared to other resin forms, making it ideal for high-temperature applications.

Based on fiber type, the glass segment dominated the global thermoplastic composites market in terms of sales. Aerospace and security, automotive, sporting goods, and wind turbine blades all use glass fiber-based thermoplastic composites.

Based on region, Asia-Pacific held the dominant position in 2019 and would continue to maintain the lead over the forecast period.

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KEY MARKET SEGMENTS

Thermoplastic Composites market By Fiber Type

• Glass
• Carbon
• Mineral
• Others

Thermoplastic Composites market By Product Type

• Glass Mat Thermoplastics (GMT)
• Advanced Thermoplastic Composites (ATC)

Thermoplastic Composites market By Resin Type

• PA
• PP
• PEEK
• Hybrid
• Others
• By Applications
• Oil and gas
• Aerospace & Defense
• Marine
• Construction
• Military
• Others

Thermoplastic Composites Market By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• France
• Germany
• UK
• Spain
• Italy
• Rest of Europe
• Asia-Pacific
• India
• China
• Japan
• Korea
• Rest of Asia-Pacific
• LAMEA
• Brazil
• Saudi Arabia
• South Africa
• Rest of LAMEA

Key players in the global Thermoplastic Composites market are:

• BASF SE
• Celanese Corporation
• DSM
• DuPont
• Hanwha
• Lanxness
• Mitsubishi Chemical Advanced Materials
• PPG Industries
• SABIC
• Solvay S.A.

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SIMILAR REPORTS :

-  Continuous Fiber Reinforced Thermoplastic Composites manufacturing primarily concentrates in Europe and USA as the advanced technology is mastered by companies from the two regions. In 2015, Europe and the USA produced about 31536 MT and 27516 MT respectively and held a total market share of 62.30%. China has the highest production growth rate of 11.42% from 2011 to 2015.

-  The Glass Mat Thermoplastics (GMT) market was valued at USD 826.4 Million in 2020 and is projected to reach USD 975.7 Million by 2027, at a CAGR of 2.4% during the 2021-2027. In the glass mat thermoplastics (GMT) market, total global consumption was 200666 MT in 2018. Because of the higher demand for downstream applications, Asia-Pacific was the largest consumption area. It accounted for 40.30 percent of global consumption volume in 2018. With 29.27 percent of global demand rate, Europe comes in second. On the other hand, based on application,  the automotive segment is expected to hold the largest Glass mat thermoplastics (GMT) market share. It accounted for 92.28 percent of global consumption in 2018.

-  The global wood plastic composites market was valued at USD 2,551 Million in 2016, and is expected to reach at USD 6,584 Million by 2023, registering a CAGR of 12.6% from 2017 to 2023.  The global wood plastic composites market is fueled by the abundance of non-utilized plastic and wood waste, increased demand from building and construction applications, and strict regulations on the use of chemicals in building materials. However, the market's growth is hampered by rising raw material costs and issues with mechanical strength.

-  Thermoplastic Composites Materials Market by Product-Type: Continuous Fiber Thermoplastic (CFT), Glass Mat Thermoplastic (GMT), Long Fiber Thermoplastic (LFT), Short Fiber Thermoplastic (SFT), Application: Aerospace/Aviation, Transportation, Electrical & Electronics, Sports, Medical, Automotive, Others, by key players, by Regions: North America, Europe, China and Japan, etc.

-  Short Fiber Reinforced Thermoplastic Composites Market by Product-Type: Polyamide (PA), Polypropylene (PP), Polybutylene Terephthalate (PBT), Others, Application: Transportation, Consumer Goods, Electrical and Electronics, Others, by key players, by Regions: North America, Europe, China and Japan, etc.

-  Aerospace & Defense Thermoplastic Composites Market by Product-Type: Carbon Fiber Composites, Glass Fiber Composites, Application: Exteriors, Interiors, Assembly Components, Others, by key players, by Regions: North America, Europe, China and Japan, etc.

-  Automotive Carbon Thermoplastics Market by Product-Type: Polyamide (PA), Polypropylene (PP), Polyphenylene Sulfide (PPS), Polyetherimide (PEI), Polyether Ether Ketone (PEEK), Polycarbonate (PC), Application: Exterior, Interior, Chassis, Powertrain & UTH, by key players, by Regions: North America, Europe, China and Japan, etc.

-  High Temperature Thermoplastics (HTTs) Market by Product-Type: High Temperature Fluoropolymers, High-Performance Polyamide (HPPA), Polyphenylene Sulfide (PPS), Sulfone Polymers (SP), Liquid Crystal Polymers (LCP), Aromatic Ketone Polymers (AKP), Poly-imide (PI), Application: Transportation, Electrical & Electronics, Industrial, Medical & Region

-  Biodegradable Recycled Thermoplastics Market  by Product-Type: Flakes, Pellets, Granulates, Application: Packaging, Automotive and Transportation, Building and Construction, Electrical and Electronics, Agriculture and Horticulture, Furniture and Housewares, Others, by key players, by Regions: North America, Europe, China and Japan, etc.

-  Thermosetting and Thermoplastics Market by Product-Type: Thermoplastic Resin, Thermosetting Resin, Application: Construction Industry, Automotive, Packaging, Marine, Electronics, Other & Region.

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