In today’s world, industries are continuously searching for a suitable material that can meet the dual requirements of lightweight and environmental sustainability. One solution to this is the use of thermoplastic composites, which are gaining popularity in various sectors. According to a report by ResearchAndMarkets.com, the global thermoplastic composites market is expected to reach an estimated value of $33.0 billion by 2028 with a compound annual growth rate (CAGR) of 5.1% from 2022 to 2028. In this article, we will explore the market segmentation, major players, and growth drivers in the thermoplastic composites market.
Market Segmentation
The thermoplastic composites market can be segmented in various ways. The end-use sector is expected to include transportation, consumer goods, industrial, and construction sectors. Among them, transportation is expected to remain the largest end-use segment, driven by the demand for lightweight materials. In terms of material type, SFT thermoplastic composites are projected to be the largest material segment, primarily used in injection molding part fabrication. The key reinforcement types driving the market are glass fiber and carbon fiber. Different resin types, such as Polypropylene (PP), Polyamide (PA), Polybutylene terephthalate (PBT), and others, contribute to market growth. Finally, in terms of region, Asia Pacific is expected to witness the highest growth, driven by increasing demand for environmentally sustainable composite materials.
Major Players
Several players have a significant presence in the thermoplastic composites market. Tencate Advanced Composites, Cytec Solvay Group, Celanese, SABIC, BASF SE, DSM, DuPont, LANXESS/Bond Laminates, Hanwha Corporation, and RTP Company are a few major players. These players are indulging in mergers, acquisitions, product launches, partnerships, and collaborations to maintain their market positions. For example, in 2020, RTP Company announced the availability of customizable thermoplastic compounds to replace metal in components of portable electronics.
Growth Drivers
The growth of the thermoplastic composites market is driven by several factors, including the rising demand for lightweight and environmentally sustainable materials, along with the replacement of metals by composites across various industries. In addition, the advantages of thermoplastic composites, such as excellent strength-to-weight ratio, high impact resistance, and corrosion and chemical resistance, make them ideal for many applications. As a result, the market is witnessing a significant demand for these materials.
Key Takeaways
The future of the global thermoplastic composites market appears promising, driven by opportunities in the transportation, consumer goods, industrial, and construction sectors. The market segmentation, major players, and growth drivers make it clear that the demand for these materials will only increase in the foreseeable future. Manufacturers need to focus on research and development to create new products with improved properties, lower costs, and environmental sustainability. Overall, the thermoplastic composites market is poised to create numerous opportunities for businesses in the coming years.
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