The global short fiber thermoplastic composites market is estimated to be valued at USD 2,574. 14 million in 2022 and is expected to registering a CAGR of 4. 44% during the period of 2022-2027 (forecast period).
New York, April 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Short Fiber Thermoplastic Composites Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271874/?utm_source=GNW
Ease of recycling and processing and increasing application base in aerospace and defense are likely to drive the growth of the short fiber thermoplastic composites market.
On the flipside, advantages of long fiber thermoplastic composites are expected to hinder the growth of the market.
Innovation led by technological advancements is expected to unveil new opportunities for the market studied.
Key Market Trends
Transportation Application to Dominate the Market
The short thermoplastic composites are used in transportation applications as they can reduce the overall weight of the vehicle without compromising structural strength. In addition, they have enhanced physical properties, such as stiffness. Due to such properties, short thermoplastic composites are gaining demand.
Other than this, changes in regulations and the increasing demand for lightweight vehicles are also significant reasons for increasing the demand for such lightweight materials. Owing to the change in environmental condition, there are several makeovers that can be seen among government regulations and OEMs around the major markets. ? ?
Moreover, advanced lightweight materials are essential for increasing automotive fuel efficiency while maintaining the same performance and safety for the consumers. The energy required to accelerate a heavy-weight vehicle is higher when compared to the energy needed to accelerate a lightweight vehicle. It is estimated that a 10% reduction in the weight of vehicles would result in a 6-8% improvement in fuel economy.
In electric vehicles, a lower-weight vehicle body allows for downsizing batteries while maintaining the range of the vehicle. Reducing vehicle body and battery pack weight lead to a compounding effect on weight reduction of the overall vehicle. Hence, this enables the downsizing of other parts, such as brake systems and drivetrain parts.
In China, a growth of 106% in battery-plugged-in electric vehicles was witnessed in November 2021 in comparison to the same period in 2020.In addition, the market share also increased to 19%, including 15% of all-electric and 4% of plug-in hybrid cars.
Hence, owing to such factors application in transportation is expected to dominate the market studied during the forecast period.
Europe to Dominate the Market
Europe is expected to dominate the global short fiber thermoplastic composites market with a major share in the coming years, with most of the demand coming from Germany, France, Italy, and the United Kingdom.
The German aerospace industry includes more than 2,300 firms located across the country, with northern Germany recording the highest concentration of firms. The country hosts many production bases for aircraft interior components and materials, largely in Bavaria, Bremen, Baden-Württemberg, and Mecklenburg-Vorpommern. Over 30 to 35 thousand new aircraft have been estimated to be operational by the next 20 years to meet the rising aviation demand.
The French automobile industry has fared much better when compared to other major economies in Europe in the past few years with continued growth till 2018 and a minor decline of 2.9% in 2019. In 2020, the country produced 1,316,371 cars and light commercial vehicles compared to 2,175,350 vehicles produced during 2019, which declined by 39.5%.However, in 2021, the country produced 13,51,308 vehicles, which increased by 3%, compared to 13,16,371 vehicles produced in 2020, thereby, increased the demand for studied market.
In Italy, the revenue of computer, electronic, and optical products declined to EUR 12,033.28 million in 2020, as compared to EUR 13,061.63 million in 2019. In contrast, the revenue from electrical equipment and non-electric domestic appliances increased to EUR 26,869.17 million in 2020, as compared to EUR 24,969.54 million in 2019.
The aerospace MRO industry in the United Kingdom accounts for about 17% of the global MRO industry. Hence, many MRO activities for aircraft in the United Kingdom, as well as the manufacturing activities of certain components, are expected to provide a potential market for short fiber thermoplastic composites over the forecast period.
Hence, owing to the above-mentioned reasons, Europe is likely to dominate the market studied during the forecast period.
The short fiber thermoplastic composites market is moderately fragmented as the market share is divided between many players. Key players in the market include (not in any particular order) BASF SE, LANXESS, Solvay, Toray Industries Inc and Avient, among others.
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