[158 Pages Report] The Thermoplastic Composites Market is projected 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 market is growing due to the high demand for the product from the consumer goods, electronics, transportation, and aerospace & defense sectors.
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Glass fiber is expected to be the majorly used type in the thermoplastic composites market in the next five years.
Glass fiber-reinforced thermoplastic composites accounted for the largest share in the global market, due to its growing consumption in the consumer goods & electronics, aerospace & defense, and automotive applications. In terms of value, the carbon fiber-reinforced thermoplastic composites market accounted for the second-largest position in the market in 2018.
Aerospace & defense application is projected to register a higher CAGR during the forecast period.
The thermoplastic composites used in the aerospace & defense application is witnessing a high growth across the globe. Thermoplastic composites provide lightweight property in the aerospace industry and hence facilitate more efficient designs suitable for various purposes. The interior components produced from thermoplastic materials include floor panels, luggage bins, seats, trolleys, separation panels, keel beams, seals, fuel pipes, and bulkheads. An increasing number of aircraft deliveries is expected to drive the growth of the market in the near future.
Polyamide resin holds the major share in the thermoplastic composites market.
The demand for thermoplastic composites made using polyamide resin is driven mainly by the considerable requirement from the automotive, consumer goods, and electrical & electronics industries. Polyamide-based compounds offer excellent wear resistance and high ductility, which makes them highly suitable for automotive applications. Also, polyamide is easy to process, has high resistance to heat & chemical attack, excellent mechanical strength, and stiffness with good dielectric properties that enables automotive OEMs to reduce weight without compromising on vehicle performance.
APAC is expected to dominate the thermoplastic composites market owing to high demand from transportation and consumer goods & electronics applications.
APAC holds the major share in the thermoplastic composites market, and the trend is expected to remain the same during the forecast period. High demand for the thermoplastic composites from the aerospace & defense, automotive, and electrical & electronics industries is playing a pivotal role in the higher consumption of thermoplastic composites. Moreover, increasing wind turbine installations in the region is also supporting the growth of thermoplastic composites in the region.
Major 3D printing material 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).
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