Global Composite Thermoplastic market was accounted for USD 27.0 billion in year 2019. It is projected to register growth at a CAGR 4.1% over the period of 2020-2026.
However, COVID19 has impacted the market in a negative manner. Due to norms of social distancing and lockdown the industries were shut for some months globally. The supply of raw material has been affected adversely. Vendors are not able to transport the raw material which has delayed the overall production of thermoplastic composites.
For more details, visit: Global Composite Thermoplastic Market By Product Type (SFRT, LFRT, others), By Fiber (Glass Carbon, Others), By End-User (Aerospace and Defense, Electrical and Electronics, others), By Region–Forecast & Opportunities to 2026
The awareness about environment has been increasing. People are raising concerns towards effect on environment and looking for alternative which does not harm environment thus the use of thermoplastic has been increasing. This drives the market of thermoplastic composites towards growth.
Based on product type, the thermoplastic composites are segmented in SFRT, LFRT, CFRT and GMT. Out of these segments the SFRT Composites are expected to witness growth at Highest CAGR over the forecast period. This composite is widely in sectors such as transportation, electronics and consumer goods. LFRT & CFRT are majorly consumed by aerospace & defense industries.
The glass fiber market is expected to account for major shares over the forecast period by volume and value. Glass fiber material market is projected to grow at a Highest CAGR during the forecast period. Glass fiber is a low cost fiber and it has ability to process with different resins which make it more useful. Glass fibers are majorly used in transportation, construction, wind energy and electronics etc.
Thermoplastic composites are segmented based on end-user into automotive, transportation, building & construction, electronics, Sports, wind energy, aerospace & defense. In 2019, aerospace & defense accounted for XX% market share.
Asia-Pacific is the region which is expected to account for maximum market share over the forecast period. It is projected to grow at a highest CAGR for the forecast period. Along with growing population urbanization is also increasing in the countries like china, Japan and India. Many industries such as automotive, aerospace, electric & electronics and consumer goods are establishing in this region leading to growth of this sector.
The key players in this sector are Arkema Group, SGL Carbon SE, Celanese Corporation, DSM N.V., Koninklijke Ten Cate bv., SABIC, TEIJIN Ltd., Lanxess, BASF SE, Mitsubishi chemical advanced materials, Polyone Corporation, Solvay S.A., Toray Industries, Cytec Industries.
- What are the expected industry trends over the next three to five years?
- Which of the composite thermoplastic product type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?