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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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 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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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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