Thermoplastic Composites Market to Advance at CAGR of 6% during Forecast Period; Massive Use in Automotive Components to Drive Revenue Gains, Finds TMR Study

ALBANY, N.Y., Jan. 24, 2022 /PRNewswire/ -- Transparency Market Research: Companies in the thermoplastic composites market are reaping profits by steady demand for these composites in range of components in various end-use industries. The abundant demand for thermoplastic composites in the automobiles, transportation, construction, aerospace, defense, and electronics industries has propelled revenue gains. The valuation of the global thermoplastic composites market is estimated to reach US$ 27 Bn by the end of the forecast period of 2021 to 2031.

End-use industries are benefitting from the recyclable properties of polymer composites, observe the authors of an in-depth TMR study on the thermoplastic composites market. Technological advancements in composites manufacturing have enabled companies in the market to unveil products with better characteristics notably formability, corrosion resistance, and light-weightiness. As a result, revenue potential in the thermoplastic composites market has been growing from their incorporation in growing architectural applications in wind energy and building & construction industries.

Manufacturers of high-performance thermoplastic composites are reaping into new revenue streams from the growing production of electric vehicles (EVs). A case in point is manufacturers of innovative fiber composites such as fiber type thermoplastics witnessing a vast avenue during the forecast period, finds the analysts in the market study on thermoplastic composites.

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Key Findings of Thermoplastic Composites Market

• Incorporation of Lightweight Components for Automobiles to Propel Sales: Recurrent focus on increasing the fuel efficiency of vehicles has impelled the incorporation of lighter materials in the automotive components. The trend has bolstered product advancements in the thermoplastic composites market. Vehicle manufacturers worldwide are increasingly adopting these in a bid to meet the latest fuel emission standards, assert the analysts in the TMR study.
• Expanding Electric Vehicle Production Spurring Demand: The growing popularity of electrification of the transportation and urban mobility has spurred the sales of commercial and passenger electric vehicles. The rise in production of electric vehicles over the past few years is expected to extend the commercialization avenue for producers of thermoplastic composites.
• Substantial Application of Carbon Fiber Offers Abundant Avenues: Of the various product types, carbon fiber held a leading share of the global thermoplastic composites in 2020. A wide range of applications of carbon-reinforced thermoplastic composites in automobile and aerospace industries is generating lucrative opportunities. Rise in R&D on natural fiber-reinforced thermoplastic composites is likely to pave the way for new avenues in the thermoplastic composites market in next few years.

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Thermoplastic Composites Market: Key Drivers

• The demand for lighter and faster automobiles is a key driver of the thermoplastic composites market. These composites are increasingly supplanting steel and aluminum in the automotive industry.
• Growing array of composite materials and advancements in polymer reinforcements methods have expanded the avenue for players in the thermoplastic composites market

Thermoplastic Composites Market: Regional Growth Dynamics

• Asia Pacific held a leading share of the global thermoplastic composites market. Widespread production of lightweight vehicles has bolstered the sales. Moreover, an attractive pace of commercialization of electric vehicles in the near future will pave way to vast lucrative opportunities to manufacturers and suppliers, especially in India and China.
• Europe is another lucrative market. The growth is underpinned by a rapidly expanding automotive industry in several European nations.

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Thermoplastic Composites Market: Key Players

Some of the prominent companies in the thermoplastic composites market are The Dow Chemical Company, Toray Industries Inc., Teijin Limited, AVANCO GmbH, Lanxess AG, SGL Carbon, Avient Corporation, DSM, SABIC, BASF SE, and Solvay.

Global Thermoplastic Composites Market: Segmentation

Thermoplastic Composites Market, by Resin Type

• PA
• PP
• PEEK
• Hybrid
• Others (PBS and PBT)

Thermoplastic Composites Market, by Fiber Type

• Carbon
• Glass
• Mineral
• Others (Polymer)

Thermoplastic Composites Market, by Product Type

• Short Fiber Thermoplastics
• Glass Mat Thermoplastics
• Long Fiber Thermoplastics
• Continuous Fiber Thermoplastics

Thermoplastic Composites Market, by Application

• Automotive & Transportation
• Oil & Gas
• Aerospace
• Agriculture
• Marine
• Construction
• Electrical & Electronics
• Others (Defense)

Thermoplastic Composites Market, by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Russia & CIS
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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