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″, 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 penetration of thermoplastic composites is increasing due to the growing demand for materials which offers properties, such as light-weight, high strength, and longer shelf life. 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% between 2019 and 2024. The increasing use of thermoplastic composites in aerospace & defense, consumer goods & electronics, and transportation application is bolstering the market.
The thermoplastic composites market, by application, is segmented into transportation, aerospace & defense, consumer goods & electronics, construction, sports & leisure, wind energy, and others including medical, oil & gas, and marine. The market in the aerospace & defense application is projected to register the highest CAGR, in terms of value and volume, during the forecast period. Transportation is the largest application segment of the thermoplastic composites market, followed by consumer goods & electronics.
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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% between 2019 and 2024. Thermoplastic composites are used in a wide range of applications, namely automotive, aerospace & defense, consumer goods & electronics, and others. The use of thermoplastic composites has increased compared to metals and other conventional materials due to multiple advantages, such as higher specific strength, longer shelf life, low requirements of refrigeration for storage, faster production rate, and excellent corrosion, impact, & creep resistance.
The 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), SABIC (Saudi Arabia), BASF SE (Germany), PolyOne Corporation (US), and Mitsubishi Chemical Advanced Materials (Japan). These players have adopted various growth strategies such as acquisition, investment & expansion, and new product development to expand their presence in the global market. New product development and investment & expansion were the dominant strategies adopted by the major players, between 2015 and 2019, which helped them to offer innovative products and broaden their customer base.
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Celanese Corporation has a prominent presence in the thermoplastic composites market. The company has a strong brand image, and it caters to the growing demand for thermoplastic composites, in major applications. It adopted inorganic and organic growth strategies to strengthen its position in the global thermoplastic composites market. For instance, in February 2018, the company acquired US-based Omni Plastics L.L.C., that helped the company to expand its product portfolio of thermoplastic composites and gain a strong foothold in the North American market.
Koninklijke DSM N.V. has secured a leading position in the European market. It is also establishing its presence in Latin America and MEA and is now focusing on APAC. It has a strong focus on R&D and continuously introducing new products in eth market to meet the dynamic needs of the end-users. For instance, in November 2018, the company launched four new 3D printing grades into its product portfolio that also includes carbon fiber-reinforced polyamide thermoplastic composite, which is ideal for applications that require high mechanical performance at high temperatures.
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