Thermoplastic Composites Market worth $31.8 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 3, 2020 /PRNewswire/ -- According to the new market research report "Thermoplastic Composites Market by Resin Type (Polypropylene, Polyamide, Polyetheretherketone, Hybrid), Fiber Type (Glass, Carbon, Mineral), Product Type (SFT, LFT, CFT, GMT), End-Use Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Thermoplastic Composites Market size is expected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, at a CAGR of 7.5% during the forecast period. The thermoplastic composites industry is growing due to the increase in the demand for high performance materials with properties such as ability to reform, recyclability, FST properties, high strength to weight ratio, good tensile strength, electrical conductivity, among others.
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Glass fiber composites comprise a major share of the composites market in terms of value and volume.
The glass fiber thermoplastic composites are cheaper as compared to carbon, basalt, and aramid fibers composites. Low cost, ability to blend with all the thermoplastic resins, ease of manufacturing, and comparable properties to other fiber thermoplastic composites are driving the growth of glass fiber thermoplastic composites in various end-use industries such as construction, wind energy, transportation, and consumer goods & electronics.
There is a high demand for glass fiber composites from the transportation, consumer goods & electronics, and wind energy industries. However, the demand for glass fiber thermoplastic composites is expected to decline in 2020 due to COVID-19 that has enforced lockdown across national and international borders. This has resulted in reduced automotive and consumer goods & electronics products sales. The recovery in the end-use industries would restore the demand for glass fiber thermoplastic composites during the forecast period.
PA resins accounts for the largest market share in the global thermoplastic composites market in terms of value and volume.
The high demand is mainly driven by the growing consumption of short glass fiber reinforced polyamide in transportation, sports & leisure, consumer goods, industrial, marine, energy, oil & gas, and construction & building applications. But, because of the lockdown situation occurred due to COVID-19, many floor workers are unable to work in manufacturing facilities, which has resulted in the reduction in output of resins and price fluctuations. Thus, the demand for PA thermoplastic resins is expected to decline in 2020. With the recovery of aforementioned industries, demand for PA based thermoplastic composites would rise gradually during the forecast period.
SFT holds a significant revenue share in the global thermoplastic composites market in terms of value and volume
High demand for SFT in transportation, consumer goods & electronics is driving the growth of the SFT thermoplastic composites market. China is the major market for SFT due to wel established automotive and electronics industries. However, the country being majorly affeceted by the pandemic, the demand for SFT in the automotive and electronis indutreis has reduced. The demand is expected to stabilize in 2021 and would increase with recovery of the industries.
The transportation end-use industry accounts for the largest market share in the global thermoplastic composites market during the forecast period in terms of value and volume.
The demand for lightweight thermoplastic composites is driven by the increasing emphasis on enhancing fuel-efficiency in the automobile industry. Thermoplastic composites are widely used in interior automotive parts, which include brake pedals, airbag modules, engine noise shielding, instrument panel carrier, trunk liners, and air intake manifolds, among others. The demand for thermoplastic composites in automotive and penetration in electric vehicles has been severely impacted by the COVID-19. However, the demand for the thermoplastic composites would surge with recovery of the global automotive and electric vehicle sectors post 2020.
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APAC is expected to account for the largest market share in the thermoplastic composites market during the forecast period.
APAC accounts for the biggest share of the global thermoplastic composites market. The electrical & electronics, automotive, and consumer goods sectors are the major consumers of thermoplastic composites in the region. North America is the second major consumer of thermoplastic composites. Aerospace & defense and automotive are the major industries fueling the growth of the thermoplastic composites market in this region. Moreover, the US is a manufacturing hub of various commercial, military, and private aircraft. However, the COVID-19 outbreak has affected the demand for thermoplastic composites in the region. On the positive side, the pandemic COVID-19 has instigated nations such as India to reduce dependency on imported goods and manufacture parts/components locally. Such initiatives coupled with recovery in the thermoplastic composites end-use industries will increase the demand for thermoplastic composites in APAC.
The key players in the thermoplastic composites market include BASF SE (Germany), Celanese Corporation (US), SABIC (Saudi Arabia), DowDuPont Inc. (US), Koninklijke DSM N.V. (Netherlands), Toray Industries, Inc. (Japan), and Lanxess AG (Germany). Among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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