Thermoplastic Composites Market
Thermoplastic Composites Market Forecasts to 2028 – Global Analysis By Fiber Type (Carbon Fiber, Mineral), Product Type (Glass Mat Thermoplastic (GMT), Long-Fiber Thermoplastic (LFT)), End User (Aerospace, Automotive) and By Geography
Years Covered |
2020-2028 |
Estimated Year Value (2021) |
US $14.74 BN |
Projected Year Value (2028) |
US $23.99 BN |
CAGR (2021 - 2028) |
7.2% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
North America |
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Thermoplastic Composites Market is accounted for $14.74 billion in 2021 and is expected to reach $23.99 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Thermoplastic composites (TMCs) are lightweight, advanced materials made using a hot-melt impregnation process. They have several unique properties, including high thermal and oxidative stability, toughness, solvent resistance, low dielectric constant, and an increased impact resistance compared to thermoset composites. They also provide greater component robustness, excellent formability, corrosion resistance, high strength, and extended shelf life. As they can be re-melted and re-processed, TMCs are utilized for recycling or combining with other recycled materiscrals to make new products.
Market Dynamics:
Driver:
Increasing demand for thermoplastic composites in the transportation industry
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.
Restraint:
Lack of standardization
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.
Opportunity:
Growing market for electric vehicles
Electric vehicles (EV) are environment-friendly and are contributing to the reduction of carbon emission in the transportation industry. The demand for hybrid vehicles and electric vehicles is expected to see high growth in the coming years. Thermoplastic composites offer excellent strength and play a significant role in the weight reduction of vehicles. This makes them highly useful in the production of electric vehicle components. Hence, the increased demand for electric vehicles is augmenting the consumption of thermoplastic composites. Various companies are now engaged in the development of components made using thermoplastic composites. For instance, UNITI SWEDEN AB (Sweden) and KW Special Projects will exploit digital twin technology along with carbon fiber-reinforced thermoplastic composites to redefine automotive designs and production.
Threat:
High cost of raw materials
Thermoplastic resins used in the production of thermoplastic composites are higher priced compared to thermoset resins. Raw materials constitute a large portion of the total cost of these composites. The raw material, processing, and manufacturing cost of thermoplastic composites is a costly affair, which results in high end-product price. This high cost is a major restraint for the OEMs in the supply chain to use thermoplastic composites.
The glass fiber segment is expected to be the largest during the forecast period
The glass fiber segment is expected to be the largest share in the market. Glass fibers have the ability to be processed with any resin, which is one of the huge factors driving the glass segment in the thermoplastic composites market. Glass fibers are used in various key-use industries such as consumer goods, electronics, wind-energy, construction and transportation.
Region with highest share:
North America is projected to hold the largest share in the market due 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.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR in the market. The high domestic demand for thermoplastic composites in transportation, aerospace & defence, and consumer goods & electronics applications drives the APAC region to occupy the top position in the thermoplastic composites market.
Key players in the market:
Some of the key players profiled in the Thermoplastic Composites Market include BASF SE, Arkema, Avient Corporation, Celanese Corporation, Daicel Corporation, DSM, DuPont, Hanwha, Hexcel Corporation, Lanxness, Mitsubishi Chemical Advanced Materials, PPG Industries, SABIC, Solvay S.A., Toray Industries, Inc, and Teijin Limited.
Key developments:
In November 2018: DuPont announced plans to introduce two new grades, carbon fiber-reinforced polyamide and glass fiber-reinforced polyamide. These new grades are suitable to be used as a 3D-printing filament and cater to the demand from the high growing 3D printing market.
In April 2018: BASEF SE inaugurated a new production facility in Yeosu, Korea. This production line will increase the production capacity of polyarylsulfone thermoplastic Ultrason to 24,000 tons per year.
In March 2018: Lanxess AG announced a new thermoplastic specialty compounds facility in Krefeld-Uerdingen, Germany. This will increase the capacity of the facility by 10,000 metric tons per year. It will help the company to cater to the demand for polyamide-based compounds.
Fiber Types Covered:
• Glass Fiber
• Carbon Fiber
• Mineral
• Other Fiber Types (Polymer)
Resin Types Covered:
• Polyetheretherketone (PEEK)
• Polypropylene (PP)
• Polyamide (PA)
• Hybrid
• Polyethylene
• Polyvinyl Chloride (PVC)
• Polyethylene Terephthalate (PET)
• Other Resin Types
Product Types Covered:
• Continuous-Fiber Thermoplastic (CFT)
• Glass Mat Thermoplastic (GMT)
• Long-Fiber Thermoplastic (LFT)
• Short-Fiber Thermoplastic (SFT)
• Advanced Thermoplastic Composites (ATC)
End Users Covered:
• Aerospace and Defense
• Automotive
• Construction
• Consumer
• Electrical and Electronics
• Marine
• Medical
• Military
• Oil and Gas
• Sports & Leisure
• Transportation
• Wind Energy
• Building and Construction
• Healthcare Industry
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Thermoplastic Composites Market, By Fiber Type
5.1 Introduction
5.2 Glass Fiber
5.3 Carbon Fiber
5.4 Mineral
5.5 Other Fiber Types (Polymer)
6 Global Thermoplastic Composites Market, By Resin Type
6.1 Introduction
6.2 Polyetheretherketone (PEEK)
6.3 Polypropylene (PP)
6.4 Polyamide (PA)
6.5 Hybrid
6.6 Polyethylene
6.7 Polyvinyl Chloride (PVC)
6.8 Polyethylene Terephthalate (PET)
6.9 Other Resin Types
6.9.1 Polybutylene Succinate (PBS)
6.9.2 Polybutadiene Adipate Terephalate (PBAT)
7 Global Thermoplastic Composites Market, By Product Type
7.1 Introduction
7.2 Continuous-Fiber Thermoplastic (CFT)
7.3 Glass Mat Thermoplastic (GMT)
7.4 Long-Fiber Thermoplastic (LFT)
7.5 Short-Fiber Thermoplastic (SFT)
7.6 Advanced Thermoplastic Composites (ATC)
8 Global Thermoplastic Composites Market, By End User
8.1 Introduction
8.2 Aerospace and Defense
8.3 Automotive
8.4 Construction
8.5 Consumer
8.6 Electrical and Electronics
8.7 Marine
8.8 Medical
8.9 Military
8.10 Oil and Gas
8.11 Sports & Leisure
8.12 Transportation
8.13 Wind Energy
8.14 Building and Construction
8.14.1 Industrial Construction
8.14.2 Residential Construction
8.14.2.1 Independent Homes
8.14.2.2 Row Homes
8.14.2.3 Large Apartment Buildings
8.14.3 Commercial Construction
8.14.3.1 Airports
8.14.3.2 Banks and Financial Institutions
8.14.3.3 Educational Institutes
8.14.3.4 Hospitals and Healthcare Infrastructure
8.14.3.5 Hotels and Restaurants
8.14.3.6 Hyper and Super Market
8.14.3.7 Shopping Malls
8.15 Healthcare Industry
8.16 Other End Users
9 Global Thermoplastic Composites Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 BASF SE
11.2 Arkema
11.3 Avient Corporation
11.4 Celanese Corporation
11.5 Daicel Corporation
11.6 DSM
11.7 DuPont
11.8 Hanwha
11.9 Hexcel Corporation
11.10 Lanxness
11.11 Mitsubishi Chemical Advanced Materials
11.12 PPG Industries
11.13 SABIC
11.14 Solvay S.A.
11.15 Toray Industries, Inc
11.16 Teijin Limited
List of Tables
1 Global Thermoplastic Composites Market Outlook, By Region (2020-2028) ($MN)
2 Global Thermoplastic Composites Market Outlook, By Fiber Type (2020-2028) ($MN)
3 Global Thermoplastic Composites Market Outlook, By Glass Fiber (2020-2028) ($MN)
4 Global Thermoplastic Composites Market Outlook, By Carbon Fiber (2020-2028) ($MN)
5 Global Thermoplastic Composites Market Outlook, By Mineral (2020-2028) ($MN)
6 Global Thermoplastic Composites Market Outlook, By Other Fiber Types (Polymer) (2020-2028) ($MN)
7 Global Thermoplastic Composites Market Outlook, By Resin Type (2020-2028) ($MN)
8 Global Thermoplastic Composites Market Outlook, By Polyetheretherketone (PEEK) (2020-2028) ($MN)
9 Global Thermoplastic Composites Market Outlook, By Polypropylene (PP) (2020-2028) ($MN)
10 Global Thermoplastic Composites Market Outlook, By Polyamide (PA) (2020-2028) ($MN)
11 Global Thermoplastic Composites Market Outlook, By Hybrid (2020-2028) ($MN)
12 Global Thermoplastic Composites Market Outlook, By Polyethylene (2020-2028) ($MN)
13 Global Thermoplastic Composites Market Outlook, By Polyvinyl Chloride (PVC) (2020-2028) ($MN)
14 Global Thermoplastic Composites Market Outlook, By Polyethylene Terephthalate (PET) (2020-2028) ($MN)
15 Global Thermoplastic Composites Market Outlook, By Other Resin Types (2020-2028) ($MN)
16 Global Thermoplastic Composites Market Outlook, By Polybutylene Succinate (PBS) (2020-2028) ($MN)
17 Global Thermoplastic Composites Market Outlook, By Polybutadiene Adipate Terephalate (PBAT) (2020-2028) ($MN)
18 Global Thermoplastic Composites Market Outlook, By Product Type (2020-2028) ($MN)
19 Global Thermoplastic Composites Market Outlook, By Continuous-Fiber Thermoplastic (CFT) (2020-2028) ($MN)
20 Global Thermoplastic Composites Market Outlook, By Glass Mat Thermoplastic (GMT) (2020-2028) ($MN)
21 Global Thermoplastic Composites Market Outlook, By Long-Fiber Thermoplastic (LFT) (2020-2028) ($MN)
22 Global Thermoplastic Composites Market Outlook, By Short-Fiber Thermoplastic (SFT) (2020-2028) ($MN)
23 Global Thermoplastic Composites Market Outlook, By Advanced Thermoplastic Composites (ATC) (2020-2028) ($MN)
24 Global Thermoplastic Composites Market Outlook, By End User (2020-2028) ($MN)
25 Global Thermoplastic Composites Market Outlook, By Aerospace and Defense (2020-2028) ($MN)
26 Global Thermoplastic Composites Market Outlook, By Automotive (2020-2028) ($MN)
27 Global Thermoplastic Composites Market Outlook, By Construction (2020-2028) ($MN)
28 Global Thermoplastic Composites Market Outlook, By Consumer (2020-2028) ($MN)
29 Global Thermoplastic Composites Market Outlook, By Electrical and Electronics (2020-2028) ($MN)
30 Global Thermoplastic Composites Market Outlook, By Marine (2020-2028) ($MN)
31 Global Thermoplastic Composites Market Outlook, By Medical (2020-2028) ($MN)
32 Global Thermoplastic Composites Market Outlook, By Military (2020-2028) ($MN)
33 Global Thermoplastic Composites Market Outlook, By Oil and Gas (2020-2028) ($MN)
34 Global Thermoplastic Composites Market Outlook, By Sports & Leisure (2020-2028) ($MN)
35 Global Thermoplastic Composites Market Outlook, By Transportation (2020-2028) ($MN)
36 Global Thermoplastic Composites Market Outlook, By Wind Energy (2020-2028) ($MN)
37 Global Thermoplastic Composites Market Outlook, By Building and Construction (2020-2028) ($MN)
38 Global Thermoplastic Composites Market Outlook, By Industrial Construction (2020-2028) ($MN)
39 Global Thermoplastic Composites Market Outlook, By Residential Construction (2020-2028) ($MN)
40 Global Thermoplastic Composites Market Outlook, By Commercial Construction (2020-2028) ($MN)
41 Global Thermoplastic Composites Market Outlook, By Healthcare Industry (2020-2028) ($MN)
42 Global Thermoplastic Composites Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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