Chicago, July 27, 2023 (GLOBE NEWSWIRE) -- The global Thermoplastic Tapes Market is estimated at USD 2.7 billion in 2023 and is projected to reach USD 4.4 billion by 2028, at a CAGR of 10.5% from 2023 to 2028, as per the recent study by MarketsandMarkets™. Factors such as the superior properties of thermoplastic tapes like corrosion resistance, lightweight and high strength, durability, and improved performance are positively driving the growth of the thermoplastic tapes Market. Thermoplastic composite materials are 50-70% lighter than steel and 25-30% lighter than aluminum. Increment in consumption of thermoplastic tapes is expected to increase owing to changing consumption patterns i.e., from heavy to lightweight composite, fuel efficiency, and cost-effectiveness. Further, the continuous innovation, new product development, and processing applications to create more promising opportunities in aerospace & defense, automotive & transportation, and other industries will bolster demand for the thermoplastic tapes market.
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Browse In-Depth TOC On "Thermoplastic Tapes Market”
168 - Market Data Tables
52 - Figures
192 - Pages
List of Key Players in Thermoplastic Tapes Market:
- Toray Industries, Inc. (Japan)
- SABIC (Saudi Arabia)
- Mitsui Chemicals, Inc. (Japan)
- Evonik Industries AG (Germany)
- Hexcel Corporation (US)
- Teijin Limited (Japan)
- Arkema (Netherlands)
- Solvay (Belgium)
- BASF SE (US)
- SGL Carbon (Germany)
Drivers, Restraints, Opportunities and Challenges in Thermoplastic Tapes Market:
- Drivers: Increasing demand for fuel-efficient vehicle.
- Restraints: High manufacturing costs.
- Opportunity: Reduced carbon fiber cost.
- Challenges: Limited use of carbon fiber tapes in high-temperature applications and challenges in the development of low-cost technologies.
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Key Findings of the Study:
- Glass fiber held the second largest market for thermoplastic tapes.
- PA segment holds the second-highest market in 2022.
- Middle East & Africa is expected to grow with a significant CAGR during the forecast period.
Glass fiber are used in various applications due to their low cost compared to traditional materials such as steel and aluminum. Glass fiber-based thermoplastic tapes are preferable over carbon fiber as they provide a quick and affordable way to build parts & molds and make repairs. Glass fibers are easy to process and less expensive but have low tensile strength and performance than carbon fiber. The glass fiber segment of the thermoplastic tapes market is expected to grow significantly in the coming years, driven by the low cost and easy processing of fiberglass that can be used in various applications.
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Based on fiber type, carbon fibers are commonly used as reinforcement in thermoplastic tapes. Carbon fiber thermoplastic tapes are composite material that combines carbon fiber with thermoplastic. Carbon fiber-based thermoplastic tape offers various advantages, such as excellent strength-to-weight ratio, high stiffness, high toughness, corrosion resistance, and fatigue resistance. Carbon fibers are used in aerospace & defense, sporting goods, and automotive parts such as vehicle (motorcycle) rims and integral structural components. They reduce part weight by 40–50% over their conventional aluminum counterparts. It enables the production of lightweight bikes without decreasing their strength, reduces fatigue, and lowers the moment of inertia.
Based on resin type, the PAEK segment is expected to have the largest share of the thermoplastic tapes market in 2022 by value and volume. PAEK (Polyaryletherketone) based thermoplastic tapes are composite materials made from continuous fibers impregnated with a PAEK thermoplastic matrix. PAEK polymers, offer high-performance properties such as higher temperature resistance, it can withstand continuous use at elevated temperatures (up to 482°F) without significant degradation, which makes it suitable for applications that require excellent thermal stability and performance at elevated temperatures. For example, aerospace structural components, automotive components, oil and gas applications and more.
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