The latest report by IMARC Group, titled “Thermoplastic Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global thermoplastic composites market reached a value of US$ 16.1 Billion in 2021. Thermoplastic composites (TMC) are advanced materials that have evolved from structural polymer composites. They are formed by combining a resin matrix, armature and operational additives in a hot-melt impregnation process. They are also thermoformable, heat-weldable, and recyclable in nature. TMCs exhibit high thermal and oxidative stability, enhanced toughness, solvent resistance, low dielectric constant, and increased impact resistance. In recent years, they have gained prominence as they provide greater component robustness, excellent formability, corrosion resistance, high strength, and extended shelf life compared to thermostat composites.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Thermoplastic Composites Market Trends:
The market is primarily driven by the significant growth of the automotive industry. This can be accredited to the growing demand for lightweight materials that reduce the overall weight and enhance fuel efficiency in vehicles. Apart from this, TMC is utilized to minimize the total weight and corrosion in the aircraft structure in the aerospace industry. In addition, the rising concerns regarding environmental pollution and carbon dioxide (CO2) emissions have resulted in the adoption of TMCs to develop electric vehicles (EVs). Furthermore, various research and development (R&D) activities have led to the introduction of cost-effective and innovative solutions, thereby creating opportunities for the leading key players. Looking forward, the market value is expected to grow at US$ 23.3 Billion by 2027, exhibiting at a CAGR of 6.25% during the forecast period (2022-2027).
- Based on the fiber type, the market has been segmented into glass, carbon, and other fibers.
- On the basis of the product, the market has been classified into glass mat thermoplastics (GMT) and advanced thermoplastic composites (ATC).
- The market has been categorized based on the resin type into polypropylene (PP), polyamide (PA), polyether ether ketone (PEEK), and others.
- On the basis of the end user industry, the market has been segregated into automotive, aerospace and defense, oil and gas, construction, medical, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Arkema S.A., 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.) and Solvay S.A.
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