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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

4.3 (40 reviews)
Published: May 2022 ID: SMRC21399
4.3 (40 reviews)
Published: May 2022 ID: SMRC21399

This report covers the impact of COVID-19 on this global market

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

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.         

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