Thermoplastic Composites Market by Resin Type, Fiber Type, Product Type, Application, and Region - Worldwide Forecast to 2024
DUBLIN, Aug. 21, 2019 /PRNewswire/ -- The "Thermoplastic Composites Market by Resin Type (Polypropylene, Polyamide, Polyetheretherketone, Hybrid), Fiber Type (Glass, Carbon, Mineral), Product Type (SFT, LFT, CFT, GMT), Application, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The thermoplastic composites market is projected to register a CAGR of 5.2%, in terms of value, between 2019 and 2024.
The thermoplastic composites market size is estimated to grow from USD 28 billion in 2019 to USD 36 billion by 2024, at a CAGR of 5.2% between 2019 and 2024. Thermoplastic composites are used in a wide array of applications, such as transportation, consumer goods & electronics, aerospace & defense, sports & leisure, and construction, among others.
Long fiber-reinforced thermoplastic composites to register a higher CAGR, in terms of value and volume, between 2019 and 2024.
LFT composites to register the highest CAGR owing to high demand from the automotive and aerospace & defense industries. LFT composites offer various characteristics, including high-temperature performance, corrosion resistance, weight reduction, flammability, and thermal resistance.
A wide variety of thermoplastic resins are available for LFT composites production, including PP, PA, and PC. LFT composites are broadly used to manufacture automotive components, such as engine parts, under the hood applications, sunroof frames, seat and backrest constructions, door modules and shifter bases, luggage compartments, and other car body components. Moreover, they are gaining acceptance in the sports & leisure industry as well.
The market in the aerospace & defense application is expected to register the highest CAGR between 2019 and 2024.
Aerospace & defense is the fastest-growing application in the thermoplastic composites market. The benefits of using thermoplastic composites for aerospace applications include cost performance, dimensional stability, and corrosion resistance. Thermoplastic composites provide lightweight property in the aerospace industry and hence facilitates more efficient designs - structurally, and aerodynamically. The interior components produced from thermoplastic materials include floor panels, luggage bins, seats, trolleys, separation panels, keel beams, seals, fuel pipes, and bulkheads.
Carbon fiber reinforced thermoplastic to register the highest CAGR between 2019 and 2024.
The ability of carbon fiber to reduce weight, lower energy consumption, and enhance the performance of finished products has increased the demand for carbon fiber-reinforced thermoplastic composites, especially in the aerospace & defense and transportation applications. Carbon fiber-reinforcement can be manufactured using a wide range of base resins, such as PP, PA, PEEK, PPS, and PC. Carbon-reinforced PEEK resins are highly preferred in the aircraft applications. Carbon-reinforced acetal polyoxymethylene (POM) compound is one of the key products in this segment that can be used in a variety of components, such as cams, gears, bearings, snap fittings, and jug kettles.
The thermoplastic composites market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2019 and 2024.
APAC is the fastest-growing market and the major consumer of thermoplastic composites, globally, owing to the industrial development and improving economic conditions. This region constitutes approximately 60% of the world's population, resulting in the rapid growth of the various industries, such as automotive, consumer goods, electrical & electronics, and construction. China, Japan, South Korea, and India are the major countries involved in major consumption of thermoplastic composites in APAC. Moreover, growing wind installation in the region is also augmenting the demand for thermoplastic composites.
Competitive Landscape
The thermoplastic composites market comprises major manufacturers such as Celanese Corporation (US), SABIC (Saudi Arabia), Koninklijke DSM N.V. (Netherlands), DowDuPont Inc. (US), Toray Industries, Inc. (Japan), PolyOne Corporation (US), Lanxess AG (Germany), Solvay S.A. (Belgium), BASF SE (Germany), and Mitsubishi Chemical Advanced Materials (Japan). The study includes an in-depth competitive analysis of these key players in the thermoplastic composites market, with their company profiles, recent developments, and key market strategies.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Thermoplastic Composites Market
4.2 Thermoplastic Composites Market, By Application and Region
4.3 Thermoplastic Composites Market, By Product Type
4.4 Thermoplastic Composites Market, By Resin Type
4.5 Thermoplastic Composites Market, By Fiber Type
4.6 Thermoplastic Composites Market, By Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Thermoplastic Composites in Transportation and Aerospace & Defense Applications
5.2.1.2 Growth of Consumer Goods and Electronics Industries
5.2.2 Restraints
5.2.2.1 High Cost of Raw Materials
5.2.2.2 Difficulty in Fiber-Reinforcement
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Thermoplastic Composites From Emerging Countries
5.2.3.2 Growing Market for Electric Vehicles
5.2.4 Challenges
5.2.4.1 Development of Low-Cost Production Technology
6 Industry Trends
6.1 Porter's Five Forces Analysis
6.1.1 Threat From New Entrants
6.1.2 Threat of Substitutes
6.1.3 Bargaining Power of Suppliers
6.1.4 Bargaining Power of Buyers
6.1.5 Intensity of Competitive Rivalry
7 Macroeconomic Overview and Key Trends
7.1 Introduction
7.2 Trends and Forecast of GDP
7.3 Trends in the Aerospace Industry
7.4 Trends in the Automotive Industry
8 Thermoplastic Composites Market, By Resin Type
8.1 Introduction
8.2 Polyamide (PA)
8.2.1 Resistance to Wear, Heat, and Chemicals, and Good Friction, Among Other Superior Properties, are Supporting the Growth of the Polyamide Segment of the Market
8.3 Polypropylene (PP)
8.3.1 Polypropylene-Based Thermoplastic Composites Have A Huge Demand in Automotive Applications
8.4 Polyetheretherketone (PEEK)
8.4.1 as A High-Temperature Thermoplastic Material, Peek Finds Extensive Use in Aerospace & Defense Applications
8.5 Hybrid
8.5.1 The Production of Hybrid (Blend of Two Resins) Thermoplastic Composites is Increasing, With A Few Major Market Players Offering Such Composites
8.6 Others
9 Thermoplastic Composites Market, By Product Type
9.1 Introduction
9.2 Short Fiber Thermoplastic
9.2.1 Short Fiber Thermoplastic has Major Share in the Thermoplastic Composites Market
9.3 Long Fiber Thermoplastic
9.3.1 Long Fiber Thermoplastic has Good Mechanical Properties and Toughness and is Extensively Used in the Automotive Industry
9.4 Continuous Fiber Thermoplastic
9.4.1 North America Accounts for Major Share in the Continuous Fiber Thermoplastic Composites Market
9.5 Glass Mat Thermoplastic
9.5.1 Glass Mat Thermoplastic is an Established Technology With Applications in Automotive Industry
10 Thermoplastic Composites Market, By Fiber Type
10.1 Introduction
10.2 Glass
10.2.1 Glass Fibers are the Most-Commonly Used Reinforcement Element in the Thermoplastic Composites Market
10.3 Carbon
10.3.1 Carbon Fiber-Reinforced Thermoplastic Composites Provide Maximum Strength and Performance With Minimum Weight
10.4 Mineral
10.4.1 Mineral-Reinforced Thermoplastic Composites are Widely Used in Automotive Parts
10.5 Others
11 Thermoplastic Composites Market, By Application
11.1 Introduction
11.2 Transportation
11.2.1 Demand for Thermoplastic Composites in Transportation is Projected to Rise, Exponentially
11.3 Consumer Goods & Electronics
11.3.1 High Demand From APAC is Driving the Growth of the Market in Consumer Goods & Electronics
11.4 Aerospace & Defense
11.4.1 Europe Accounts for Major Share in the Aerospace & Defense Application
11.5 Sports & Leisure
11.5.1 Superior Properties of Thermoplastic Composites are Driving the Growth in the Sports & Leisure Application
11.6 Construction
11.6.1 APAC is the Fastest-Growing Market of Thermoplastic Composites in Construction Application
11.7 Wind Energy
11.7.1 Demand for Renewable Energy is Responsible for the Growing Consumption in the Wind Energy Application
11.8 Others
12 Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America, By Application
12.2.1.1 Transportation to Lead the North American Thermoplastic Composites Market
12.2.2 North America, By Country
12.2.2.1 US
12.2.2.1.1 High Demand From Aerospace & Defense Application is Driving the Market in North America
12.2.2.2 Canada
12.2.2.2.1 Transportation Application to Drive the Market in Canada
12.3 Europe
12.3.1 Europe, By Application
12.3.1.1 Commercialization of Thermoplastic Composites in the Aerospace & Defense Application to Drive Its Use in the Region
12.3.2 Europe, By Country
12.3.2.1 Germany
12.3.2.1.1 Germany is the Biggest Consumer of Thermoplastic Composites in the European Region
12.3.2.2 France
12.3.2.2.1 The Aerospace & Defense Application to Drive the Market in the Country
12.3.2.3 UK
12.3.2.3.1 The UK is the Third-Largest Market for Thermoplastic Composites in Europe
12.3.2.4 Italy
12.3.2.4.1 Presence of Major Automotive Manufacturers to Drive the Market in the Country
12.4 APAC
12.4.1 APAC, By Application
12.4.1.1 Transportation Application to Drive the Market
12.4.2 APAC, By Country
12.4.2.1 China
12.4.2.1.1 Sustainable Economic Growth and Technological Advancements in Electronics to Drive the Market
12.4.2.2 South Korea
12.4.2.2.1 Growing Use of Glass Fiber in Thermoplastic Composites to Drive the Market
12.4.2.3 Japan
12.4.2.3.1 Japan is the Second-Largest Market in APAC
12.4.2.4 India
12.4.2.4.1 Increased Demand for Vehicles in the Country to Drive the Market Growth
12.5 Latin America
12.5.1 Latin America, By Application
12.5.1.1 Consumer Goods & Electronics and Transportation are the Leading Applications
12.5.2 Latin America, By Country
12.5.2.1 Brazil
12.5.2.1.1 Growing Investment in the Transportation Industry to Drive the Market
12.5.2.2 Mexico
12.5.2.2.1 Mexico is the Largest Consumer of Thermoplastic Composites in Latin America
12.6 MEA
12.6.1 MEA, By Application
12.6.1.1.1 Growing Use of Thermoplastic Composites in the Electrical & Electronics Industry to Drive the Market
12.6.2 MEA, By Country
12.6.2.1 UAE
12.6.2.1.1 Increasing Consumption of Thermoplastic Composites in the Transportation and Electrical & Electronics Industries
12.6.2.2 Saudi Arabia
12.6.2.2.1 Saudi Arabia is the Largest Market in the Region
13 Competitive Landscape
13.1 Introduction
13.2 Competitive Leadership Mapping (Overall Market)
13.2.1 Dynamic Differentiators
13.2.2 Innovators
13.2.3 Visionary Leaders
13.2.4 Emerging Companies
13.3 Competitive Benchmarking
13.3.1 Strength of Product Portfolio
13.3.2 Business Strategy Excellence
13.4 Market Ranking of Key Players, 2018
13.5 Competitive Scenario
13.5.1 New Product Development
13.5.2 Investment & Expansion
13.5.3 Merger & Acquisition
13.5.4 Joint Venture & Partnership
14 Company Profiles
14.1 Celanese Corporation
14.2 DowDuPont Inc.
14.3 Koninklijke DSM N.V.
14.4 Toray Industries Inc.
14.5 SABIC
14.6 Lanxess AG
14.7 Solvay S.A.
14.8 BASF SE
14.9 Polyone Corporation
14.10 Mitsubishi Chemical Advanced Materials
14.11 Other Companies
14.11.1 Covestro AG
14.11.2 Victrex PLC
14.11.3 SGL Group
14.11.4 Technocompound GmbH
14.11.5 Suprem S.A.
14.11.6 Kingfa Sci. & Tech. Co. Ltd.
14.11.7 Sbhpp
14.11.8 Daicel Polymer Ltd.
14.11.9 RTP Company
14.11.10 Ascend Performance Materials LLC
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