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The thermoplastic composites market share is expected to increase by $ 6.94 bn from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.64%.
This thermoplastic composites market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermoplastic composites market segmentations by fiber type (glass fiber, carbon fiber, mineral fiber, and others), end-user (aerospace and defense, consumer goods and electronics, automotive, construction, wind energy, and others), product (short fiber thermoplastics, long fiber thermoplastics, continuous fiber thermoplastics, and glass mat thermoplastics), resin type (polyamide, polypropelene, polytheretherketone, hybrid, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The thermoplastic composites market report also offers information on several market vendors, including Arkema S.A., BASF SE, Avient Corp., Celanese Corp., Covestro AG, Daicel Corp., DuPont de Nemours Inc., Greene Tweed and Co., Hanwha Azdel Inc., Kingfa Science and Technology Ltd., Koninklijke DSM NV, LANXESS AG, Mitsubishi Chemical Holdings Corp., RTP Co., SABIC, SGL Carbon SE, Solvay SA, Suprem SA, Toray TCAC Holding B.V., and Victrex Plc among others.
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The increasing demand for thermoplastic composites in automotive industry is notably driving the thermoplastic composites market growth, although factors such as challenges associated with fiber-reinforcement polymer composites may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermoplastic composites industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermoplastic Composites Market Driver
The increasing demand for thermoplastic composites in the automotive industry is a major factor driving the global thermoplastic composites market share growth. Rising environmental concerns related to pollution from vehicles have led to a rise in the adoption of thermoplastic composites. Factors such as light weight, high temperature resistance, high impact resistance, and high shelf life have predominantly led to an increase in the demand for thermoplastic composites in the automotive industry. Thermoplastic composites such as PE, PP, PBT, PA, PPS, PEI, PEEK, and PEKK are used in large quantities to improve the smoothness of automotive bodies. Moreover, major automotive manufacturing countries, such as China, Germany, India, France, Italy, South Korea, Japan, and the US, use thermoplastic composites for protective coatings and as a lubricant in automobiles. These countries manufacture large internal body parts of vehicles. Therefore, the increasing production of vehicles will drive the demand for thermoplastic composites during the forecast period. Vendors operating in the market in focus use composites based on carbon fibers by combining them with conventional materials such as aluminum or steel. Thus, the development of hybrid thermoplastic composite, augmented with the growing demand for thermoplastic composite, will drive the growth of the market in focus during the forecast period.
Key Thermoplastic Composites Market Trend
The expansion of manufacturing capability by the vendors is another factor supporting the global thermoplastic composites market share growth. Numerous types of thermoplastic composites are used in various industries, such as automotive, aerospace, and consumer goods. Apart from the automotive and electrical and electronics industries, a few of the largest applications of thermoplastic composites are in consumer products, such as toys, furniture, components of high-heat applications, and gears for mechanism transmissions. Thus, vendors are expanding their manufacturing capabilities owing to the increasing demand for thermoplastic composites. Thus, the expansion of manufacturing capability by the vendors operating in the market will drive the market in focus during the forecast period.
Key Thermoplastic Composites Market Challenge
The challenges associated with fiber-reinforcement polymer composites will be a major obstacle for the global thermoplastic composites market share growth during the forecast period. One of the major challenges associated with fiber-reinforcement polymer composites is the difficulty in the uniform dispersion of fibers. High-quality thermoplastic composites are obtained by adding admixing fibers, such as flax, jute, hemp, and sisal, with ingenious fibers, such as wood chips or wood particles. This mixture is further mixed with thermoplastic resins, such as PP and PE. The mixture requires a lot of time and a highly experienced workforce. During this process, fibers are uniformly dispersed, forming a mass of particulate agglomerate. This is used for various processes, such as sheeting and transfer molding. The high cost of manufacturing, the lack of plastic behavior, and the very low shear strength in the transverse direction are the other challenges associated with fiber-reinforced polymer composites. These challenges are expected to limit the growth of the global thermoplastic composites market during the forecast period.
This thermoplastic composites market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The global thermoplastic composites market is part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermoplastic composites market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the thermoplastic composites market encompasses successful business strategies deployed by the key vendors. The thermoplastic composites market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermoplastic composites market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermoplastic composites market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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51% of the market’s growth will originate from APAC during the forecast period. China, Japan and India are the key markets for thermoplastic composites market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing use of thermoplastic composites in manufacturing automotive body parts and rising automotive production will facilitate the thermoplastic composites market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In early 2020, the outbreak of COVID-19 hindered the demand for thermoplastic composites from end-user industries such as automotive, consumer, and manufacturing industries. Several countries, including China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines, were under a partial or complete lockdown due to the pandemic. In March 2020, India imposed a complete lockdown to prevent the community spread of the disease. All manufacturing industries were affected, as their production units were shut down or operations were halted temporarily. Lockdowns were lifted following the decline in the number of COVID-19 cases in the first half of 2021.
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The thermoplastic composites market share growth in the glass fiber segment will be significant during the forecast period. Glass fiber is used as a composite in various end-user industries, such as automotive, aerospace and defense, construction, marine, sports and leisure, and electrical and electronics. It is used by end-user industries owing to properties such as high mechanical strength, electrical insulation, dimensional stability, low thermal conductivity, and high dielectric permeability. The rising demand for glass fiber will increase the demand for thermoplastic composites during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermoplastic composites market size and actionable market insights on the post-COVID-19 impact on each segment.
Thermoplastic Composites Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.64% |
Market growth 2022-2026 |
$ 6.94 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.22 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key consumer countries |
US, China, Japan, India, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Arkema S.A., BASF SE, Avient Corp., Celanese Corp., Covestro AG, Daicel Corp., DuPont de Nemours Inc., Greene Tweed and Co., Hanwha Azdel Inc., Kingfa Science and Technology Ltd., Koninklijke DSM NV, LANXESS AG, Mitsubishi Chemical Holdings Corp., RTP Co., SABIC, SGL Carbon SE, Solvay SA, Suprem SA, Toray TCAC Holding B.V., and Victrex Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Fiber Type
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Market Segmentation by Resin Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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