The Thermoplastic Composites Market was valued at USD 22.2 billion in 2020 and is expected to grow at a 7.5% CAGR for a market value of approximately USD 31.8 billion by the end of the forecasted period.
The growing popularity of thermoplastic composites for manufacturing lightweight vehicle components propels the global market. The global penetration of electric vehicles, increasing applications of thermoplastic composites in various end-use industries and rising disposable income are key factors driving the global market growth. The use of thermoplastic composites in automobiles, transportation, construction, aerospace & defense, electronics, and other industries is increasing. Because of their excellent recyclable properties, thermoplastic composites are gaining popularity. Companies in the global thermoplastic composites market should accelerate product development and capitalize on revenue opportunities to gain a competitive advantage. Furthermore, market participants are broadening their service offerings to gain a competitive advantage.
On a global scale, the COVID-19 pandemic has forced wind turbine manufacturers, automakers, and aircraft manufacturers to close their doors, reducing demand for composites in 2020. The pandemic impacted almost every aspect of the composites industry, from product demand to workforce development to the acceleration or deceleration of trends already in place when the pandemic struck. Customers and their temporary production halt all had a significant impact on production processes. However, by properly strategizing according to market needs, the Thermoplastic Composites Market is expected to recover from this global pandemic by the end of the third quarter of the following year.
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The global Thermoplastic Composites Market is segmented based on Product Type, Fiber Type and End-User Type.
According to the product type:
According to the fiber type:
According to the end-user type:
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The Global Thermoplastic Composites Market is divided into North America, Asia-Pacific, Europe, and the Rest of the World.
The Asia-Pacific accounts for a sizable portion of the global thermoplastic composites market, owing to rising demand for thermoplastic compounds from various end-use industries such as electrical & electronics, construction, automotive, and aerospace. The major countries driving thermoplastic composites demand are China and India. Rapid urbanization, the popularity of electric vehicles, increased production of lightweight vehicles, and the growing presence of key Asia-Pacific manufacturers are all driving market growth. As China is one of the largest producers of electric vehicles, the country accounts for a significant share of the Asia-Pacific thermoplastic composites market. Due to rising demand from various end users, key market players in the thermoplastic composites market are investing in and expanding their production capacity.
DuPont (U.S.), Arkema Group (France), SGL Carbon SE (Germany), Celanese Corporation (U.S.), DSM N.V. (Netherlands), Koninklijke Ten Cate bv. (Netherlands), SABIC (Saudi Aarbia), TEIJIN LIMITED (Japan), LANXESS (Germany), BASF SE (Germany)
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