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), End-Use Industry, and Region – Global Forecast to 2025“, The global composites market size is expected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, at a CAGR of 7.5% during the forecast period. The thermoplastic composites industry is growing due to the increase in the demand for high performance materials with properties such as ability to reform, recyclability, FST propertie, high strength to weight ratio, good tensile strength, electrical conductivity, among others.
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The glass fiber thermoplastic composites are cheaper as compared to carbon, basalt, and aramid fibers composites. Low cost, ability to blend with all the thermoplastic resins, ease of manufacturing, and comparable properties to other fiber thermoplastic composites are driving the growth of glass fiber thermoplastic composites in various end-use industries such as construction, wind energy, transportation, and consumer goods & electronics.
The high demand is mainly driven by the growing consumption of short glass fiber reinforced polyamide in transportation, sports & leisure, consumer goods, industrial, marine, energy, oil & gas, and construction & building applications. But, because of the lockdown situation occurred due to COVID-19, many floor workers are unable to work in manufacturing facilities, which has resulted in the reduction in output of resins and price fluctuations. Thus, the demand for PA thermoplastic resins is expected to decline in 2020. With the recovery of aforementioned industries, demand for PA based thermoplastic composites would rise gradually during the forecast period.
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205 – Tables
48 – Figures
247 – Pages
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Thermoplastic composites are used in a variety of end-use industries, including aerospace & defense, transportation, wind energy, construction , consumer goods & electronics, sports & leisure, and others. Owing to its recyclability, fast processing, and ability to remold into different shapes quickly, the demand for thermoplastic composites is expected to grow during the forecast period. However, amidst the global COVID-19 pandemic, the demand for thermoplastic composites from the industries mentioned above is expected to show a sharp decline in 2020 and would recover post 2020. The global thermoplastic composites market size is expected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, projecting a CAGR of 7.5% during the forecast period between 2020 and 2025.
Companies operating in the thermoplastic composites market have strengthened their position in the global thermoplastic composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, owing to lockdown announced by several countries in 2020, the demand for thermoplastic composites from wind turbine installations, consumer & electronics goods automotive and aircraft manufacturers, and construction sectors has declined sharply. For instance, the demand for composites from two major commercial aircraft manufacturers, Boeing and Airbus, has decreased drastically due to zero orders for new aircraft in January and February, respectively. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing thermoplastic composites demand.
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The major manufacturers profiled in this report include BASF SE (Germany), Celanese Corporation (US), SABIC (Saudi Arabia), DowDuPont Inc. (US), Koninklijke DSM N.V. (Netherlands), Toray Industries, Inc. (Japan), and Lanxess AG (Germany). Mitsubishi Chemical Advanced Materials (Japan), SGL Group, and Solvay (Belgium), among others. The thermoplastic composites business of these companies is severely affected due to the outbreak of COVID – 19 pandemic resulting in reduced demand for thermoplastic composites from several OEMs and disruption in the supply chain. However, several thermoplastic composite manufacturers have focused their concentration on offering support medical and healthcare device manufacturers. For instance, in lieu of COVID-19, Celenase Corporation has assured assistance to medical equipment manufcatures to provide their medical grade products such as long fiber reinforced thermoplastics and continuous fiber reinforced thermoplastics for making ventilators, respirators, and other medical and healthcare devices.
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