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Thermoplastic Composite Global Market Report 2023
Major players in the thermoplastic composite market are BASF SE, Celanese Corporation, SABIC, Solvay, Lanxess AG, Mitsubishi Chemical Advanced Materials, Koninklijke DSM N.V., Toray Industries, Inc., SGL Carbon, AVANCO GmbH, Teijin Limited, PPG Industries Inc.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermoplastic Composite Global Market Report 2023" - https://www.reportlinker.com/p06284374/?utm_source=GNW
, Covestro AG, The Ensinger Group, and Avient Corporation.
The global thermoplastic composite market grew from $18.01 billion in 2022 to $19.22 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The thermoplastic composite market is expected to grow to $24.29 billion in 2027 at a CAGR of 6.0%.
The thermoplastic composite market consists of sales of thermoplastic composite components including resin matric, operational derivatives and armature.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The thermoplastic composite refer to material that consists of a thermoplastic matrix combined with reinforcing material such as short, long, or continuous glass or carbon fibers.They are manufactured through injection molding, compression molding, tape placement, winding, and thermoforming techniques.
The advantages of thermoplastic composites include short cycle times, flexibility in the production process, recycling opportunities, and others.
Asia-Pacific was the largest region in the thermoplastic composite market in 2022, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic composite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of thermoplastic composites are short fiber thermoplastics, glass mat thermoplastics, long fiber thermoplastics, and continuous fiber thermoplastics.The short fiber thermoplastics market consists of the sale of short fiber thermoplastics by entities (organizations, sole traders, and partnerships) that refer to thermoplastic composites that contain fibers that are less than 1 mm long.
These composites are suitable for injection molding in traditional molding machines. The fiber types of thermoplastic composites include glass fiber, carbon fiber, other fiber types with resin types such as polypropylene (PP), polyamide (PA), polyetheretherketone (PEEK), and other resin types used across various industries such as transportation, consumer goods & electronics, wind energy, sports & leisure, construction, aerospace & defense, and other end users.
The growing demand for electric vehicles is expected to boost the demand for thermoplastic composites during the forecast period.The demand for electric vehicles is expected to increase in the next few years as they are environment-friendly and contribute towards fewer carbon emissions in the transportation industry.
Thermoplastic composites provide excellent strength and play a significant role in the reduction of the overall weight of vehicles, which makes them useful in the production of vehicle components.According to the article published by RBSA Advisors in December 2021, the Indian electric vehicle market is estimated to grow at a CAGR of 90% this decade, touching $150 billion by 2030.
Moreover, according to the China Association of Automobile Manufacturers (CAAM), new energy vehicle (NEV) sales in China are likely to rise to 3 million in 2021 from 1.4 million in 2020. Hence, the growing market for electric vehicles will accelerate the production of electric vehicle components and contribute to growth in demand for thermoplastic components during the forecast period.
The development of low-cost production technology is the new trend in the thermoplastic composites market.The companies operating in thermoplastic composites are increasingly investing in R&D for the development of new products with advanced technologies to meet technical demands from specific end customers across the globe.
For instance, in February 2022, SABIC, a global leader in the chemical industry, announced a partnership with Dongfeng Motors, a China-based truck manufacturer, for the development of a novel plastic composite hybrid solution to produce a strong, lightweight truck-mounted toolbox. Furthermore, in April 2019, Saudi Arabia-based firm SABIC announced the development of the most advanced and versatile thermoplastic materials to meet the modern-day demand of the aerospace industry.
In February 2022, Ensinger Group, a Germany-based manufacturer of semi-finished products and composites, acquired StyLight thermoplastic composite materials from INEOS Styrolution, a Germany-based provider of thermoplastic composites, for an undisclosed amount. The acquisition by Ensinger Group is focused on expanding its existing product portfolio and fostering its business presence in the thermoplastic composites market across the globe.
The countries covered in the thermoplastic composite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The thermoplastic composite market research report is one of a series of new reports that provides thermoplastic composite market statistics, including thermoplastic composite industry global market size, regional shares, competitors with a thermoplastic composite market share, detailed thermoplastic composite market segments, market trends and opportunities, and any further data you may need to thrive in the thermoplastic composite industry. This thermoplastic composite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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