Thermoplastic Composites are advanced materials made from structural Polymer composites. These advanced materials have an additional benefit of chemical stability owing to their thermoplastic matrix. These materials can be molded as per requirement using thermal energy as when heated, thermoplastics soften and their shape can be changed and when cooled they solidify into the finished shape without any degradation. Hence the advantageous properties of thermoplastics, namely, fast processing, the endurance of high temperatures and recyclability have made these materials a preferred choice in numerous end-use industries driving the market growth. As the Transportation sector is a major end-user of thermoplastic composites. With the swelling demand for the production of lightweight automobiles and reduction in emission of CO2 OEMs are using thermoplastic Composites for lightweight vehicle manufacture driving the market towards growth. For instance: the carbon emission limits for new cars in the EU are proposed to drop from 130 grams to 95 grams per kilometer by the end of 2020. To achieve these targets manufacturers replace metal components of the vehicles with thermoplastic composites. Moreover, expanding use of these materials in Aerospace and Defense, consumer goods, electrical and electronics industries project lucrative market growth opportunities. However, the relatively higher cost of raw materials impedes the growth of the market over the forecast period of 2020-2027. Although, Lower cost for consumers and improvement in product performance through innovation is expected to further augment the market growth during the forecast period.
Global Thermoplastic Composites Market is valued approximately at USD 21.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2020-2027 and is estimated to reach USD 38.34 billion by 2027.
The regional analysis of the global Thermoplastic Composites market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the growing production of lightweight vehicles and implementation of government laws in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising number of manufacturing facilities would create lucrative growth prospects for the Thermoplastic Composites market across the Asia-Pacific region.
Major market players included in this report are SABIC, Celenase Corporation, BASF SE, Lanxess AG, Solvay S.A., Mitsubishi Chemical Advanced Materials, SGL Group, DoW, DuPont, Toray Industries, Inc., and Polyone Corporation
The detailed segments and sub-segment of the market are explained below:
By Resin Type: Polypropylene, Polyamide, Polyetheretherketone, Hybrid
By Fiber Type: Glass, Carbon, Mineral
By Product Type: Short-fiber Thermoplastic, Long-fiber Thermoplastic, Continuous-fiber Thermoplastic, Glass Mat Thermoplastic
By End-Use Industry: Transportation, Consumer goods & electronics, Wind Energy, Construction, Aerospace & Defense, Others
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