New York, United States, March 06, 2024 (GLOBE NEWSWIRE) -- Thermoplastic composites are built up from structural polymer composites and formational polymer composites. These composites do not encounter chemical volatility since they use a thermoplastic matrix. After heating, these composites become softer and become deformable. And after getting cold, it takes its shape and can be shaped accordingly. Thermoplastic composites are low in density. It also has better insulation, better mechanical properties, and environmental resistance. Thermoplastic composites are recyclable since they enclose physicochemical materials. These composites are extensively used in crucial sectors like aerospace & defense, construction, automotive, healthcare, and others, leading to the global thermoplastic composites market growth. The escalating changeover of long-established internal combustion engine vehicles (ICs) with electric vehicles (EVs) and hybrid electric vehicles (HEVs) is likely to advance the global thermoplastic composites market.
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Demand from the Transportation Sector and Growing Use of Fiber Composites to Drive the Global Thermoplastic Composite Market
According to Straits Research, “The global thermoplastic composites market size was valued at USD 16.02 billion in 2021. It is expected to reach USD 27.55 billion by 2030, growing at a CAGR of 6.21% during the forecast period (2022-2030).” Thermoplastic composites construct heavy vehicles, rail buses, and automobile components. These materials are lightweight and aid in reducing the weight of cars, which reduces CO2 emissions and improves fuel efficiency, allowing automakers to meet CAFÉ emission standards and other fuel standards demanded by environmental groups. Increasing the use of thermoplastic composites in racing and high-performance vehicle components such as instrument panels, front-end modules, door modules, roof components, appearance grade components, and under-hood components is one of the factors driving the thermoplastic composites market in the transportation industry. Demand for thermoplastic composites is increasing in all sectors, including rail. To reduce the weight of rail carriers, high-speed rail uses these materials for interior and exterior applications.
In addition, ongoing research and development in various industrial sectors, including electrical & electronics, aerospace, automotive, and wind turbines, enabled the development of high-quality and specialized fiber reinforcement materials such as carbon fiber, glass fiber, aramid fiber, and comparable ones. These fibers eliminated the need for heavy-weight metal composites due to their lightweight and other efficiencies. The initial application of carbon fiber was in the aerospace industry, which eventually led to its use in sporting goods, automobiles, and other commercial applications. Similar to how automotive applications propelled glass fiber into the marketplace, it now serves a vast array of industries. Consequently, the increase in composite applications drives the demand for reinforcement materials.
The Increased Demand for the Electric Vehicles to Create Global Thermoplastic Composites Market Opportunities
Currently, people are becoming increasingly concerned about the environment. Electric vehicles (EVs) aid in the reduction of carbon emissions and are environmentally friendly. As a result, the demand for electric cars is growing to reduce carbon emissions. In the coming years, hybrid and electric vehicle sales are anticipated to surge. Thermoplastic composites are highly durable and reduce vehicle weight significantly. Therefore, they are handy for the manufacture of electric vehicle components.
Several companies are currently engaged in the production of thermoplastic composite parts. For instance, UNITI SWEDEN AB (Sweden) and KW Special Projects will use digital twin technology and thermoplastic composites reinforced with carbon fiber to reimagine automotive designs and production. Consequently, the demand for thermoplastic composites is directly proportional to the need for electric vehicles. As the market for electric cars advances, so does the market for thermoplastics.
Regional Insights
Europe is expected to command the regional market while growing at a CAGR of 6.36% by 2030. Europe dominates the global market for thermoplastic composites, with Germany, Spain, and France as the top three countries in the region. Components of automobiles and aircraft rely heavily on thermoplastic composites. As concerns over fuel consumption and CO2 emissions increase, manufacturers are increasingly substituting composite carbon fiber for metallic components. The automotive industry's market for thermoplastic composites is anticipated to expand due to technological advancements that reduce production cycle times.
Due to the region's well-established automotive, aerospace & defense, construction, and electrical & electronics industries, Western European nations account for most of the demand for thermoplastic composites, and it is anticipated that this demand will continue to grow. It is expected that the entrance of new aircraft manufacturers, such as Commercial Aircraft Corporation of China, Ltd., onto the European market will increase aircraft production and competition among regional aircraft manufacturers.
The Asia-Pacific will hold the second largest market share by 2030 at a CAGR of 5.77%. This region exhibited the highest thermoplastic composite capability. Due to the substantial domestic demand for thermoplastic composites in the transportation, aerospace & defense, and consumer goods & electronics industries, the Asia-Pacific region holds a considerable market share. China, India, and Japan are the region's leading producers and consumers of thermoplastic composites. China is the largest producer of electronics worldwide.
Smartphones, OLED televisions, laptops, wires, cords, and earphones were the fastest-growing segments of the electronic products market. Emerging economies in the Asia-Pacific region are anticipated to industrialize rapidly, driving up demand for wind energy. Asia-Pacific is one of the most lucrative markets for manufacturers of automobiles, manufacturing, aerospace, and electrical & electronics due to significant economies in the region.
Key Highlights
- Based on the fiber type, the glass fiber section is estimated to grow at a CAGR of 6.22% by 2030 and hold the largest market share.
- Based on the product type, the glass mat thermoplastic composites are projected to grow at a CAGR of 6.12% by 2030 and hold the largest market share.
- Based on the resin type, the PEEK section is projected to grow at a CAGR of 6.12% by 2030 and hold the largest market share.
- Based on the application, the aerospace & defense section will hold the largest market share, projected to grow at a CAGR of 6.36% by 2030.
- Based on regional analysis, Europe is expected to command the regional market while growing at a CAGR of 6.36% by 2030.
Competitive Landscape
- BASF SE
- Celanese Corporation
- DSM
- Dupont
- Hanwha
- Lanxess
- Mitsubishi Chemical Advanced Materials
- PPG Industries
- SABIC
- Solvay SA.
Market News
- In 2022, Kapton® polyimide film and Pyralux® were developed by DuPont to convene the requirements of the automotive and defense industry.
- In 2022, DSM initiated a large-scale on-farm pilot to lessen greenhouse gas emissions.
- In 2022, Ultramid A3U44G6 DC OR, a color-stable polyamide for electro-mobility, was launched by BASF SE.
Global Thermoplastic Market Segmentation
By Fiber Type
- Glass
- Carbon
- Mineral,
- Others
By Product Type
- Glass Mat Thermoplastics Composites
- Advanced Thermoplastic Composites
By Resin Type
- Polyamides
- Polypropylene
- Polyether ether ketone
- Hybrid
- Others
By Application Type
- Oil & Gas
- Aerospace & Defense
- Marine
- Construction
- Military
- Others
By Region
- Europe
- Asia Pacific
- North America
- LAMEA
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