Thermoplastic Composites Market- Industry Trends, Market Size, Share And Outlook Forecast To 2028
Increasing demand for thermoplastic composites across various industrial sectors & rising R&D investments are expected to drive global market growth
PUNE, MAHARASHTRA, INDIA, January 23, 2023 /EINPresswire.com/ -- The global thermoplastic composites market size is expected to reach USD 16837.77 Million in 2028 and register a steady revenue CAGR of 3.30% during the forecast period. Key factors such as rapid urbanization, rising demand for various electronic products such as smartphones, TVs, wires, OLED TVs, and earphones, and increasing investments in research and development activities are expected to drive global market growth during the forecast period.
Thermoplastic composites (TMCs) are lightweight, advanced materials that are made using a hot-melt impregnation process. TMCs have evolved from structural polymer composites and are widely used in consumer goods and electronics, automobiles, aerospace and defense, wind energy, sports and leisure, and construction due to its properties such as excellent formability, high strength, enhanced shelf life, and corrosion resistance. These composites also provide high thermal and oxidative stability, solvent resistance, toughness, and low dielectric constant.
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However, high cost of raw materials, lack of standardization in manufacturing technologies, and dearth of skilled laborer are some key factors that can hamper overall market growth to a certain extent during the forecast period.
Glass Fiber Segment To Register Robust Revenue CAGR:
The glass fiber segment revenue is expected to expand at a robust revenue CAGR over the forecast period. This can be due to increasing applications of glass fiber-based TMCs in aerospace & defense, wind turbines, automobiles, and wind turbine blades due to its properties such as good thermal conductivity, chemical resistance and strength, and rising availability of glass fibers in various forms such as mat fiber, chopped fiber, and woven mat fiber.
Automotive Segment to Account for Largest Revenue Share:
The automotive segment is expected to account for largest revenue share between 2022 and 2028. Factors such as rising sales of motorcycles, automobiles, trucks, buses, and subways due to rapid urbanization and industrialization, and high adoption of thermoplastic composites in the automotive industry due to its low weight and high toughness are expected to drive revenue growth of the segment.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period. This can be attributed to rapid advancements in thermoplastic composites, high demand for thermoplastic composites across various end-use industries such as transportation, wind energy, aerospace & defense, and construction, growing demand for various electronic products and electric vehicles, and rising investments in research and development activities.
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Thermoplastic Composites Market By Company:
Kingfa Science and Technology
Thermoplastic Composites Market Recent Developments:
Growing demand for electronic goods and rapidly expanding automotive and aerospace & defense sector is expected to drive global market growth during the forecast period.
Asia Pacific market is expected to register rapid revenue CAGR over the forecast period owing to rapid urbanization, rising demand for thermoplastic composites among various industrial sectors such as automotive, construction and aerospace, and defense, and increasing investments for developing advanced TMCs.
In July 2021, SABIC announced the launch of PBT Grades with recycled glass fiber in order to reduce plastic waste.
In February 2021, Solvay partnered with Leonardo to launch a joint research laboratory for developing novel composite materials for the aerospace industry.
The global thermoplastic composites market has been segmented based on type, application, and region:
Thermoplastic Composites Market Segment by Type:
Thermoplastic Composites Market Segment by Application:
Electrical and Electronics
Oil and Gas
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Thermoplastic Composites Market Segment by Region:
o United States
o Nordic Countries
o Rest of Europe
o South Korea
o Southeast Asia
o Rest of Asia
o Rest of Latin America
Middle East & Africa
o Saudi Arabia
o Rest of MEA
Key Reasons to Purchase:
Estimates 2021-2028 thermoplastic composites market dynamics, development and trends
Detailed overview of the market including market size, share, growth opportunities, and challenges in the years to come
Market segmentation analysis with qualitative and quantitative research incorporating impact of economic and political aspects
Competitive landscape focusing on detailed information about every market player along with new projects and strategies adopted by them
Comprehensive analysis of company profiles covering product offerings, recent developments, SWOT analysis, licence agreement and other strategies adopted by key players in the global thermoplastic composites market
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