PUBLISHER: Stratview Research | PRODUCT CODE: 1122082
PUBLISHER: Stratview Research | PRODUCT CODE: 1122082
The growth trajectory of thermoplastic composites has been impressive over the years with adoption in almost all applications. For several applications, thermoplastic composites have become a standard material and are likely to remain the most preferred material type in the years to come. The success of thermoplastic compounds in composite applications is mainly envisaged because of tireless efforts made by the composites fraternity. The huge adoption of thermoplastic composites over thermoset composites is mainly due to their ability to be remolded multiple times. Thermoplastic composites can be heated, remolded, and then cured without degradation in their properties. This heating-cooling cycle can be repeated multiple times, giving the product almost indefinite shelf life. Almost all thermoplastic composites are used in the form of compounds "Thermoplastic compounds" that can be categorized as GMTs, LFTs, SFTs, and CFTs.
The global thermoplastic compounds market suffered a significant decline in 2020 due to the global economic recession led by the COVID-19 pandemic. Huge reduction in the production of automobiles, electrical & electronic products, and consumer durables in the wake of reduced demand, supply chain disruption, cash flow constraints, and temporary shutdown in production facilities, impacted the demand for thermoplastic compounds negatively. However, the market participants started recording some positive signs of recovery from 2021 onwards. Overall, the thermoplastic compounds market is expected to grow at a promising CAGR of 5.5% (value basis) during the forecast period to reach US$ 20.4 billion by 2027.
Based on the material type, the market is segmented as GMT (Glass Mat Thermoplastic), LFT (Long Fiber Thermoplastic), SFT (Short Fiber Thermoplastic), and CFT (Continuous Fiber Thermoplastic). SFT is estimated to maintain its irrefutable lead in the market during the forecast period, in terms of both, value as well as volume. Several factors behind the dominance of SFT over other thermoplastic compounds are its lower cost, additional strength, wide application usage, and moldability. On the other hand, CFT is projected to record the fastest long-term growth during the forecast period due to increasing demand for high-performance CFTs, especially in the aerospace & defense industry.
Based on the end-use industry type, the market is classified into aerospace & defense, transportation, consumer goods, electrical & electronics, construction, and others. Transportation is expected to remain the biggest demand generator for thermoplastic compounds in terms of both value and volume in the foreseen future. Thermoplastic composites are becoming a popular choice for automotive applications, propelled by the increasing incorporation of lightweight materials in vehicles with a sole aim to reduce the vehicle weight to achieve greater fuel efficiency. Aerospace & defense is expected to record the highest CAGR (value & volume) during the forecast period. All the leading aircraft manufacturers are turning to thermoplastic compounds for their significant weight reductions, cost savings, and other advantages.
Based on the resin type, the market is segmented as PP (polypropylene), PA (Polyamide), PBT (polybutylene terephthalate), PPS (Polyphenylene sulfide), PC (Polycarbonate), and others. Polyamide (PA) is expected to remain the most preferred resin type in the thermoplastic compounds market during the forecast period. PA resin offers high temperature and electrical resistance and is widely used in transportation, consumer goods, and electrical and electronics applications among others. Some commonly used polyamides are PA11, PA12, PA46, PA6, and PA66.
In terms of region, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for thermoplastic compounds over the forecast period. China, Japan, South Korea, and India are the major markets for thermoplastic compounds in the region and are anticipated to maintain their dominance in the region's market in the years to come. The introduction of stringent regulations are leaving no options before automakers except to incorporate lightweight materials in their vehicles. Thermoplastic compounds remain the priority of all the leading automakers. North America and Europe are also likely to create significant demand during the forecast period. The USA and Mexico are the major markets in North America, whereas Germany, France, the UK, and Russia are the major markets in Europe.
Thermoplastic compounds are the most dominant product category in the composites industry. The biggest composite markets, such as automotive, consumer goods, and electrical & electronics, excessively rely on thermoplastic compounds. Almost, all the companies serving the thermoplastic business are today have a focus on thermoplastic compounds targeting the composites industry. The following are some of the key players in the thermoplastic compounds market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's thermoplastic compounds market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The Thermoplastic Compounds market is segmented into the following categories: