The thermoplastic composites market is projected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, at a CAGR of 7.5%.
Composites offer exceptional properties, such as stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance.
Owing to these outstanding properties offered by the composites, they are preferred over conventional materials such as aluminum steel in high-performance applications in several end-use industries.
However, global pandemic disease COVID-19 has forced the automotive, wind blade, and aircraft manufacturers to shut down their operations, which is expected to decrease the demand for composites in 2020.
Carbon fiber thermoplastic composites are the fastest-growing fiber type of thermoplastic composites market in terms of value
Carbon fiber thermoplastic composites are projected to register the highest CAGR in terms of value between 2020 and 2025.
Carbon fiber is twice as strong, and 30% lighter compared to glass and natural fiber and has been used in high-end applications to offer FST properties, lightweight, corrosion resistance, and high strength.
However, due to COVID-19, carbon fiber thermoplastic composites production and demand have reduced.
It is expected that advancement in carbon fiber manufacturing and a decrease in crude oil prices would result in a reduction of carbon fiber thermoplastic composites prices.
This, in turn, would bolster the growth and penetration of carbon fiber thermoplastic composites in various end-use industries.
PEEK is the fastest-growing resin type of thermoplastic composites, in terms of value
PEEK based thermoplastic composites have high demand in the aerospace & defense, automotive, and medical industries.
PEEK resin offers extreme toughness and high environmental and fire resistance properties.
PEEK resin-based thermoplastic composites offer improved thermal stability in high-temperature applications and are resistant to chemicals and fatigue environments.
Their carbon fiber reinforcement grade offers a high level of rigidity and creeps strength. However, due to COVID-19 and prices increase, the demand for PEEK is expected to fall in 2020 and would recover after the stabilization in the global economy.
Long fiber thermoplastic (LFT) is expected to witness the highest CAGR in the thermoplastic composites market in terms of value
LFT is expected to register the highest growth during the forecast period owing to moderate cost and comparable superior with CFT.
LFT bridges the cost gap and performance properties between SFT and CFT. LFT majorly employs glass and carbon fibers that are compatible with a wide range of thermoplastic composites.
Thus there is a high demand for LFT from various end-use industries in the thermoplastic composites market.
Due to COVID-19, there is a decreased demand for LFT in wind energy, consumer goods & electronics, construction, transportation, and aerospace & defense industries.
The recovery in these industries post COVID-19 pandemic would restore the demand for LFT.
Aerospace & Defense is the fastest-growing end-use industry of composites, in terms of value
The aerospace & defense industry would register the highest CAGR in terms of value during the forecast period due to the increasing demand for interior applications in the aircraft.
The thermoplastic composites offer properties such as lightweight, increased fuel efficiency, FST properties, corrosion resistance, and ability to mold into different and complex shapes.
Thus, the growth of thermoplastic composites is the highest in the aerospace & defense industry.
Due to COVID-19, there is a fall in demand for thermoplastic composites from commercial aircraft manufacturers. However, the demand would gain pace with the stimulus packages announced by the government for recovery in the aerospace industry.
APAC is the fastest-growing composites market
APAC is projected to register the highest CAGR in terms of value in the global thermoplastic composites market during the forecast period.
The growth of the thermoplastic composites industry in this region is supported by the low-cost labor, the advancement of thermoplastic composite technology solutions, and the penetration of thermoplastic composites in various end-use industries.
Due to COVID-19, numerous wind blade manufacturers and automotive companies have halted their production sites across various countries that has led to reduced demand for thermoplastic composites in Asian countries.
The recovery in the end-use industries with restoration in the supply chain would drive the thermoplastic composites demand during the forecast period.
- Mitusbishi Chemical Advanced Materials
- Polyone Corporation
- RTP company
- SGL Group
- SUPREM SA
- TechnoCompound GmbH
- Toray Industries, Inc.
- Victrex plc
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