Global Thermoplastic Composite Market 2017-2021
About Thermoplastic Composite
Thermoplastic composites are made from fibers and thermoplastic materials that melt when processed with heat. They are recyclable, and their shape is reversible. These types of composites are recyclable in nature. Thermoplastic composites are used to provide toughness and damage-resistant properties to the product. They are used in the transportation and aerospace and defense industries. They are extensively used in the electrical and electronics and consumable goods sectors.
Technavio’s analysts forecast the global thermoplastic composite market to grow at a CAGR of 6.75% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global thermoplastic composite market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Thermoplastic Composite Market 2017-2021
Technavio recognizes the following companies as the key players in the global thermoplastic composite market: BASF, Celanese Corporation, DuPont, LANXESS, and SABIC.
Other Prominent Vendors in the market are: Arkema, Hanwha Azdel, PlastiComp, Polymer, RTP, SGL Group, Solvay, and Quadrant.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing application in automotive industry. Thermoplastic composites are extensively used in the automotive sector, especially with advanced automotive manufacturing techniques. As the demand for lightweight vehicles is increasing, the consumption for thermoplastic composites is also expected to grow. Along with this, continuous demand for cost reduction by the consumers in this sector is propelling the manufacturers to use thermoplastic composites. This growth is witnessed mainly in EMEA and the Americas.”
According to the report, one driver in the market is better performance than thermoset composites. The demand for thermoplastic composites is increasing as they deliver better performance than thermoset composites. Their performance depends on their superior mechanical and physical properties. They are used as a better alternative to die castings, metal assemblies, and traditional plastic materials that are used in various industries such as automotive and consumer goods. Substituting the use of these products has increased their demand in these industries.
Further, the report states that one challenge in the market is expensive nature of thermoplastic composites. Globally, the demand for lightweight vehicles is increasing rapidly. This has given rise to the use of lightweight materials, especially in automotive, aerospace, and windmill applications. But the expensive nature of thermoplastic composites is limiting their use in many applications. Despite its recyclable capabilities, many end-user industries are refraining from using thermoplastic composite products. Such scarce use increases the overall price of the product by 3-4 times. Reducing the price of thermoplastic composites is a big challenge for the manufacturers. This has negatively impacted the global market.
BASF, Celanese Corporation, DuPont, LANXESS, SABIC, Arkema, Hanwha Azdel, PlastiComp, Polymer, RTP, SGL Group, Solvay, and Quadrant.
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