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

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

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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances