Thermoplastic Composites Market Analysis and Industry Share 2022-2027

IMARC Group’s latest report, titled “Thermoplastic Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global thermoplastic composites market size reached a value of US$ 16.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2027, exhibiting at a CAGR of 6.25% during 2022-2027. 

Thermoplastic composites (TMCs) represent advanced lightweight materials that are produced by using a hot-melt impregnation process. They exhibit various unique properties, such as high thermal and oxidative stability, enhanced toughness, optimal solvent resistance, low dielectric constant, increased impact resistance, etc., as compared to thermoset composites. In line with this, TMCs provide excellent formability, improved strength, extended shelf life, etc. They can be re-melted and re-processed. Consequently, thermoplastic composites are extensively utilized for recycling or combining with other recycled materials to manufacture new products. Presently, some of the widely available types of their variants include advanced thermoplastic composites (ATCs) and glass mat thermoplastics (GMTs). 

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Thermoplastic Composites Market Trends:

 The widespread adoption of TMCs in the automotive industry across countries, on account of the escalating demand for lightweight materials to reduce the overall weight of vehicles and enhance fuel efficiency, is primarily driving the thermoplastic composites market. Additionally, the growing utilization of electric vehicles (EVs), owing to the increasing consumer environmental concerns and the inflating need for curbing carbon dioxide (CO2) emissions, is further catalyzing the market growth. Besides this, the rising popularity of thermoplastic composites in the manufacturing of next-generation electronics, as they are thin and strong, is acting as another significant growth-inducing factor. Moreover, key market players are engaging in extensive R&D activities to introduce cost-effective and innovative solutions, which is positively influencing the global market. Apart from this, the elevating usage of electronic products, including OLED TVs, tablets, smartphones, wires, cables, earphones, etc., is anticipated to fuel the thermoplastic composites market over the forecasted period. 

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

• Arkema
• Avient Corporation
• BASF SE
• Celanese Corporation
• DuPont de Nemours Inc
• Hexcel Corporation,
• Koninklijke DSM N.V
• Lanxess AG
• Mitsubishi Chemical Advanced Materials (Mitsubishi Chemical Holdings Corporation)
• PPG Industries Inc.,
• SABIC (Saudi Arabian Oil Co.) 
• Solvay

Key Market Segmentation:

Breakup by Fiber Type:

• Glass Fiber
• Carbon Fiber
• Others
   

Breakup by Product:

• Glass Mat Thermoplastics (GMT) 
• Advanced Thermoplastic Composites (ATC)
   

Breakup by Resin Type:

• Polypropylene (PP)
• Polyamide (PA)
• Polyether ether ketone (PEEK)
• Others
   

Breakup by End User Industry:

• Automotive
• Aerospace and Defense
• Oil and Gas
• Construction
• Medical
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

 Key Highlights of the Report: 

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape