Aerospace Industry Substantiates Thermoplastic Composites Market Growth
Global Thermoplastic Composites Market - Overview
The emergence of thermoplastic composites as a strongly viable alternative to metal is boosting the market development consistently. Market reports associated with the chemicals and materials industry have been made available by Market Research Future who publishes reports on other sectors that have been presently published along with a report on this industry. The Thermoplastic Composites Market was marked at a value of USD 22.2 billion in 2020 and it is further expected to grow at a higher CAGR of 7.5% during the forecasted period to account for a higher market value of approximately USD 31.8 billion by the end of the forecasted period.
Its benefits in terms of low processing and manufacturing cost and good insulation properties are prompting the considerable market expansion favorably. The requirement for stronger, lightweight materials in the aerospace, defense and wind energy sectors is increasing the level of demand that the market is experiencing. Also, the investments by Major players manufacturing the thermoplastic composites market products to meet increasing demand from diverse end-use industries will create an optimistic growth outlook for the market in the forecast period.
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Global Thermoplastic Composites Market – Prominent Players
BASF SE (Germany),LANXESS (Germany),TEIJIN LIMITED (Japan),SABIC (Saudi Arabia),Koninklijke Ten Cate B.V. (the Netherlands),DSM N.V. (the Netherlands),Celanese Corporation (US),SGL Carbon SE (Germany),Arkema Group (France),DuPont (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Thermoplastic Composites Market.
Market Dynamics -
The growth of the global thermoplastic composites market is sustained by the aerospace and defense industry where the product is gaining increased acceptance as a key material for the production of primary as well as secondary aerospace structures. Thermoplastic composites can be tailored to meet the exacting needs of aerospace manufacturers. These materials serve the need for durable, lightweight, heat & weather resistant materials for aircraft engine and other aerospace components. Higher strength-to-weight ratio of thermoplastic composites makes them ideally suited for ideally suited for application across the wind & energy sector where they are used in the production of wind turbine, and pipes & tanks.
The automotive industry is also a key end user of the global thermoplastic composites market. There is intense pressure on automotive OEMs to reduce vehicle mass to enhance fuel economy and comply with carbon emission standards. They are progressively incorporating thermoplastic composites in automotive components which augur the growth of the global thermoplastic composites market.
Other factors fostering the growth of the market include towering demand from end-user industries, growth within the global thermoplastic market.
In contrast, problems associated with cost, unfamiliar processing, design issues, and competition from alternatives are likely to undermine the growth of the market. Meanwhile, rigorous R&D activities aimed at overcoming the shortcomings of thermoplastic composites is expected to yield positive results which would further enhance the growth of the global thermoplastic composites market.
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Thermoplastic Composites Market - Segments:
The global Thermoplastic Composites Market Growth has been segmented based on product type, fiber type, and end-use industry.
By product type, the global thermoplastic composites market has been segmented into short fiber reinforced thermoplastic (SFRT), long fiber reinforced thermoplastic (LFRT), continuous fiber reinforced thermoplastic (CFRT), and glass mat thermoplastics (GMT).
By fiber type, the global thermoplastic composites market has been segmented into fiberglass and carbon fiber. The fiberglass segment accounts for the largest share of the market.
By end-use industry, the global thermoplastic composites market has been segmented into aerospace & defense, wind energy, automotive, building & construction, sports, and others. The aerospace & defense segment is the leading segment. High usage of thermoplastic composites within the industry can be credited for the growth of the segment.
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