The global thermoplastic composites market size is projected to grow from USD 20.7 billion in 2020 to USD 33.4 billion by 2027, at a CAGR of 7.1 %. The thermoplastic composites industry is growing due to its properties such as recyclability, fast processing, ability to mould and remould, survival at higher temperatures. However, the demand for thermoplastic composites is expected to decline in 2020 due to COVID-19. The removal of restriction on cross country travel and recovery in the end-use industries will stimulate the demand for thermoplastic composites during the forecast period. Thermoplastic composites can be categorized as discontinuous and continuous composites.
Long fibre thermoplastics and short fibre thermoplastics are the two extensively used fibre types of thermoplastic composites. Thermoplastic composites have achieved rapid acceptance as a suitable alternative to metal assemblies, die castings, and traditional plastic materials in the market. Factors such as high impact strength, high rigidity, and better surface quality coupled with less product rejection, high resistance to extreme temperatures, and creep resistance in constant load and severe environments have led to the thermoplastic composites market being more attractive than metals and thermoset. The resin types of thermoplastic composites have witnessed significant growth in the aerospace and defence industries, consumer goods, electrical and electronics, and automobile in emerging economies due to rapid urbanization. Constantly rising fuel costs have compelled the aerospace industry to look for lightweight and more fuel-efficient designs for its existing models. These factors are expected to drive the market for lightweight composites to achieve sustainable development. The extensive usage of thermoplastic composites in various other segments such as consumer goods and electronics is expected to further augment the thermoplastic composites market.
Growing usage of thermoplastic composite materials in vehicle components such as chassis, wheels, hoods, and roofs in racing and high-performance vehicles is being considered to be a critical driving factor for the growing penetration of thermoplastic composites in the automobile industry. Lower cost for consumers and improvement in product performance through innovation is expected to further augment the market growth. The relatively higher cost of raw materials poses the biggest challenge to the industry and acts as a restraint to an otherwise booming industry. Consumer goods, and electrical and electronics are the other major resin type segments of thermoplastic composites.
Thermoplastic composites are used to manufacture various automotive components, rail coaches, and heavy vehicles. These materials are lightweight and help reduce the weight of cars, which leads to reduced CO2 emissions better fuel efficiency of vehicles and helps the automotive manufacturers to meet the CAFÉ emission standards (54.5 mpg by 2027) and other fuel norms mandated by environmental agencies. Increase in the use of thermoplastic composites materials in racing and high-performance vehicle components, such as instrumental panel, front end module, door modules, roof components, appearance grade components, and under-hood components, is one of the driving factors driving the thermoplastic composites market in the transportation industry. The demand for thermoplastic composites is also growing in the rail sector. High-speed rail uses these materials for interior and exterior resin types of rail carriers to reduce weight.
The prominent players in the global thermoplastic composite market are DuPont (U.S.), Arkema Group (France), SGL Carbon SE (Germany), Celanese Corporation (U.S.), DSM N.V. (Netherlands), Koninklijke Ten Cate bv. (Netherlands), SABIC (Saudi Aarbia), TEIJIN LIMITED (Japan), LANXESS (Germany), BASF SE (Germany), and others
APAC is the biggest thermoplastic composites market globally and is projected to witness the highest CAGR between 2020 and 2027. The high domestic demand for thermoplastic composites in transportation, aerospace & defence, and consumer goods & electronics resin types drives the APAC region to occupy the top position in the thermoplastic composites market. Due to COVID-19, major thermoplastic composite manufactures such as Toray Industries, Inc. (Japan) are operating in adverse situations with all the stipulated COVID-19 regulations. Furthermore, with the recovery of all industries and high-performance properties of thermoplastic composites, the demand for thermoplastic composites will rise in the region after 2020.
Report : Thermoplastic Composites Market - By Fibre Type (Glass, Carbon, Mineral, Others), By Resin Fibre Type (PA, PP, PEEK, Hybrid, Others), By End-Use Industry (Aerospace & Defence, Wind Energy, Automotive, Building & Construction, Sports, And Others), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027