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2021

Thermoplastic Composites Market

Thermoplastic Composites Market Size, Share, Competitive Landscape and Trend Analysis Report by Fiber Type, Resin Type, Product Type and Applications : Global Opportunity Analysis and Industry Forecast, 2020-2027

MC : Composites

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Author's: Rutuja Danekar | Eswara Prasad
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Thermoplastic Composites Market Outlook - 2020–2027

The global thermoplastic composites market size was valued at $15.2 billion in 2019, and is projected to reach $22.8 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

Composite materials are formed by combining a resin matrix, armature and operational additives. There are two types of composites – thermoset and thermoplastic composites. Thermoplastic composites developed from structural polymer composites. They are solidified through a reversible thermal curing process. In term of physical properties, thermoplastic composites include low density, better insulation, environmental resistance, better mechanical properties, and they can be chemically unstable. Further, they are thermoformable, heat-weldable and recyclable. 

Thermoplastic-Composites-Market

The global thermoplastic Composites market is presently driven by the automotive, construction and aerospace industries. In the aerospace & defense industry, the use of thermoplastic composites is primarily intended to minimize the total weight and corrosion in the aircraft structure. In addition, maintenance costs for aircraft produced using composites have significantly decreased compared with maintenance costs for aircraft produced using conventional materials. Thermoplastic composites having various properties including insubstantial weight, superior strength, weather-resistant finish, and various surface textures. Which in turn, the demand for thermoplastic composites in aerospace industry is expected to grow with significant CAGR.

By 2020, the carbon emissions cap for new cars in the European Union will drop from 130 grams to 95 grams per kilometer. To achieve this target, carmakers are designing lighter vehicles by replacing metal with composites. Increase in demand in the automotive sector for high-quality composite materials is expected to direct investments in developing new manufacturing technologies. Companies such as Toray, Teijin Limited, Hexcel Corporation, and SGL Group use their proprietary composite manufacturing technologies. SGL Group cooperated with numerous research centers and academic institutions in the production and testing of thermoplastic composites.

Rise in fuel prices have prompted the need for vehicles that are fuel efficient. Thermoplastic composites are most commonly used as replacements for aluminum, wood, and steel due to their higher strength-to-weight ratio. The introduction of stringent environmental legislation in Europe compelled auto makers to use composites in the production of cars. Regulations are forcing OEMs globally, particularly in Europe, to drastically reduce the carbon dioxide (CO2) emissions from vehicles. The proposed regulations are also required in countries to increase the market for the products from this sector. 

The global thermoplastic composites market is segmented into product type, fiber type, resin type, applications, and region. On the basis of fiber type, the thermoplastic composites market is divided into carbon, glass, minerals, and others. Based on product type, the market is bifurcated into glass mat thermoplastics (GMT) and advanced thermoplastic composites (ATC). By resin type, the thermoplastic composites market is divided into PA, PP, PEEK, Hybrid, and others. Based on application, the market is fragmented into oil and gas, aerospace & defense, marine, construction, military, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific. 

The global Thermoplastic Composites market is moderately consolidated, with players such as BASF SE, Celanese Corporation, DSM, DuPont, Hanwha, laxness, Mitsubishi Chemical Advanced Materials, PPG Industries, SABIC, and Solvay S.A. The global Thermoplastic Composites market report provides in-depth competitive analysis as well as profiles of these major players.

Thermoplastic Composites Market
By Region
2027
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.

Asia-Pacific accounted for the largest revenue share in 2019, owing to the presence of well-established automotive, construction, and aerospace industries in countries such as the China, India and japan.

Thermoplastic Composites Market
By Product Type
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Glass Mat Thermoplastics (GMT) is projected as the most lucrative segment.

The glass mat thermoplastics held the largest revenue share in the global thermoplastic composites market in 2019. GMTs are thermoplastic composites that are superior mechanically to injection-molded reinforced thermoplastics. They are used extensively in aerospace & defense, automotive, sporting goods, and wind turbine blades.

Thermoplastic Composites Market
By Fiber Type
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Glass is projected as the most lucrative segment.

The glass segment held the largest revenue share in the global thermoplastic composites market in 2019. Glass fiber-based thermoplastic composites are used extensively in aerospace & defense, automotive, sporting goods, and wind turbine blades.

Thermoplastic Composites Market
By Resin Type
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PEEK is projected as the most lucrative segment.

Based on resin type, the PEEK segment expected to grow with healthy CAGR during forecast period. PEEK resin based composites are increasingly being used in the civilian and military aerospace industries. Compared to other resin types, PEEK offers excellent thermal stability; hence- they are used for high temperature applications. 

Thermoplastic Composites Market
By Applications
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Aerospace & Defense is projected as the most lucrative segment.

The aerospace and defense segment held the largest revenue share in the global thermoplastic composites market. When thermoplastic composites mixed, the materials create a hybrid material with better structural properties, which can be used for the production of components in aerospace industry.

Key Benefits For Stakeholders

  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current thermoplastic composites market trends and future estimations from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Impact of COVID-19 on the global thermoplastic composites market

Some of the major economies suffering the COVID-19 crises include Germany, France, Italy, Spain, the UK, Norway, and others. The virus outbreak has made many industries to shut down due to lack of raw material availability and disruptions in the supply chain. The worldwide lockdown has suspended the activities of construction and many other industries which results in declining the demand for thermoplastic composite.

For many countries the economy has dropped due to the halt of several industries, especially transport and supply chain. The product’s upcoming demand is hindered, as there is no development. The demand-supply gap, disruptions in raw material procurement, price volatility, and many other factors are expected to hamper the growth of the chemical industry during the COVID-19 pandemic. 

Gaps in demand-supply, price volatility, and changing government policy will affect the growth of the various end-use industries. In terms of its immediate and long-term effect on industry and consumers, the COVID-19 pandemic has outpaced any headwind ever encountered. The world economy of thermoplastic composite industries has been experiencing a rapid slowdown due to the constraints of the COVID-19 pandemic on economic activity.

Advanced materials such as carbon fiber composites and glass fiber composites are used in the production of medical devices and other equipment. Thermoplastic composite are primarily used in manufacturing, aerospace & defense, automotive, and wind energy; and as a reaction to the national lockdown, these sectors were experiencing a sudden decline in growth rates. The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.

Key Market Segments

By Fiber Type

  • Glass
  • Carbon
  • Mineral
  • Others 

By Product Type

  • Glass Mat Thermoplastics (GMT) 
  • Advanced Thermoplastic Composites (ATC)

By Resin Type

  • PA
  • PP
  • PEEK
  • Hybrid
  • Others 

By Applications

  • Oil and gas
  • Aerospace & Defense
  • Marine
  • Construction
  • Military
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • UK
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA

Key players in the global Thermoplastic Composites market are:

  • BASF SE 
  • Celanese Corporation
  • DSM 
  • DuPont
  • Hanwha 
  • Lanxness 
  • Mitsubishi Chemical Advanced Materials 
  • PPG Industries
  • SABIC 
  • Solvay S.A.

Thermoplastic Composites Market Report Highlights

Aspects Details
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By FIBER TYPE
  • Glass
  • Carbon
  • Mineral
  • Others
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By PRODUCT TYPE
  • Glass mat thermoplastics (GMT)
  • Advanced thermoplastic composites (ATC)
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By RESIN TYPE
  • PA
  • PP
  • PEEK
  • Hybrid
  • Others
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By APPLICATIONS
  • Oil and gas
  • Aerospace and defense
  • Marine
  • Construction
  • Military
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

DSM, SABIC, PPG INDUSTRIES, INC., BASF SE, Hanwha, MITSUBISHI CHEMICAL HOLDINGS, SOLVAY S.A., CELANESE CORPORATION, LANXESS AG, DUPONT DE NEMOURS, INC.

Analyst Review

As per the CXO of the leading companies, the global thermoplastic composite market is moving toward growth stabilization phase in its industry life cycle. Growth in demand from automotive, aerospace & defense, and wind energy sectors and low investment cost of glass fiber among other composites are the factors that drive the global thermoplastic composites market. Thermoplastic composites are rapidly used in applications such as water, oil & gas, pipe & tank, electrical & electronics, and the marine industries, among others. In addition, automotive is the largest revenue-generating segment for thermoplastic composite and is expected to maintain its dominance during the forecast period. Furthermore, Asia-Pacific is one of the major contributors to the global thermoplastic composites market. Rapidly flourishing urbanization and modern infrastructure coupled with increasing investments in high-end products for the defense sector in emerging economies such as India and China boost the growth of thermoplastic composite in the region. 

However, the COVID-19 pandemic has negatively affected the key sectors such as automotive, aerospace, construction, and wind energy. This is expected to hamper the growth of the global thermoplastic composites market. 


 

Author Name(s) : Rutuja Danekar | Eswara Prasad
Frequently Asked Questions?

The global thermoplastic composites market was valued at $ 15.2 Billion in 2019

BASF SE, laxness, Mitsubishi Chemical Advanced Materials, PPG Industries, SABIC, and Solvay S.A. are the top players in thermoplastic composites market.

Oil & gas, construction and aerospace & defense are the major areas of development for thermoplastic composites market.

Transportation and aerospace & defense industry is projected to increase the demand for thermoplastic composites Market

The growing demand for producing light-weight and less CO2 emission vehicles are driving the demand for thermoplastic composites

Based on fiber type glass segment is the most influencing segment in the global thermoplastic composites market

Product Type segment is expected to lead the global thermoplastic composites market during the forecast period

Aerospace & defense applications are expected to drive the adoption of thermoplastic composites

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Thermoplastic Composites Market

Global Opportunity Analysis and Industry Forecast, 2020-2027