CHICAGO, Aug. 13, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Thermoplastic Composites Market size is estimated to grow from USD 28.0 billion in 2019 to USD 36.0 billion by 2024, at a CAGR of 5.2% during the forecast period. The thermoplastic composites market is witnessing significant growth because of the growing demand from applications such as transportation, consumer goods & electronics, sports & leisure, and aerospace & defense.
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The aerospace & defense end-use industry is estimated to account for the largest share of the thermoplastic composites market in 2019
Aerospace & defense is the major end-use industry in the thermoplastic composites market. North America and Europe are the key markets due to the presence of a robust aerospace & defense industry. The automotive industry is expected to grow at the fastest rate due to the increasing adoption of 3D printing in the manufacturing of automotive components.
Polyamide is the largest application of thermoplastic composites.
Polyamide is the most commonly used resin and captures the largest share in the thermoplastic composites market. This growing consumption of thermoplastic composites made using polyamide is driven mainly by the automotive and aerospace & defense industries. Owing to its excellent wear resistance, high mechanical strength with good dielectric properties that enables automotive OEMs to reduce weight without compromising on vehicle performance.
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APAC is expected to be the largest market for thermoplastic composites during the forecast period.
APAC is expected to dominate the Thermoplastic Composites Market during the forecast period due to the substantial adoption of thermoplastic composites in the transportation, and consumer goods & electronics applications. The growth of end-use industries such as automotive, electrical & electronics, and consumer goods in the key countries of APAC such as China, India, and Japan is expected to drive the demand for thermoplastic composites in the next five years.
Major thermoplastic composites manufacturers are Celanese Corporation (US), DowDuPont Inc. (US), Koninklijke DSM N.V. (Netherlands), Solvay S.A. (Belgium), Toray Industries, Inc. (US), Lanxess AG (Germany), and SABIC (Saudi Arabia).
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