The global Thermoplastic composites market size is expected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, at a CAGR of 7.5% during the forecast period. The thermoplastic composites industry is growing due to the increase in the demand for high performance materials with properties such as ability to reform, recyclability, FST propertie, high strength to weight ratio, good tensile strength, electrical conductivity, among others.
Thermoplastic composites are used to manufacture various automotive components, rail coaches, and heavy vehicles. These materials are lightweight and help reduce the weight of cars, which leads to reduced CO2 emissions better fuel efficiency of vehicles and helps the automotive manufacturers to meet the CAFÉ emission standards (54.5 mpg by 2025) and other fuel norms mandated by environmental agencies. Increase in the use of thermoplastic composites materials in racing and high-performance vehicle components, such as instrumental panel, front end module, door modules, roof components, appearance grade components, and under-hood components, is one of the driving factors driving the thermoplastic composites market in the transportation industry. The demand for thermoplastic composites is also growing in the rail sector. High-speed rail uses these materials for interior and exterior applications of rail carriers to reduce weight.
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Transportation is the largest consumer of thermoplastic composites in terms of value and volume due to high demand for fuel-efficient vehicles. The automakers and heavy vehicle manufacturers are exploring the use of thermoplastic composites in various transportation applications due to its properties of lightweight, high strength, and ease-of-reforming, and reshaping. In addition, the thermoplastic composites also allow the automotive manufacturers to meet the stringent environmental regulations. Due to COVID-19, automobile manufacturers and suppliers across the world are struggling to continue production after the shutdown of manufacturing plants in most of the countries. With the production crisis, automakers also have to deal with decreased thermoplastic composites demand in markets, such as the US, China, and Japan, in 2020. However, the sentiments of the people to travel in private cars for safety reasons will drive automotive sales and demand for thermoplastic composites post the pandemic.
APAC is expected to account for the largest market share in the thermoplastic composites market during the forecast period.
APAC accounts for the biggest share of the global thermoplastic composites market. The electrical & electronics, automotive, and consumer goods sectors are the major consumers of thermoplastic composites in the region. North America is the second major consumer of thermoplastic composites. Aerospace & defense and automotive are the major industries fueling the growth of the thermoplastic composites market in this region. Moreover, the US is a manufacturing hub of various commercial, military, and private aircraft. However, the COVID-19 outbreak has affected the demand for thermoplastic composites in the region. On the positive side, the pandemic COVID-19 has instigated nations such as India to reduce dependency on imported goods and manufacture parts/components locally. Such initiatives coupled with recovery in the thermoplastic composites end-use industries will increase the demand for thermoplastic composites in APAC.
The key players in the thermoplastic composites market include BASF SE (Germany), Celanese Corporation (US), SABIC (Saudi Arabia), DowDuPont Inc. (US), Koninklijke DSM N.V. (Netherlands), Toray Industries, Inc. (Japan), and Lanxess AG (Germany). Among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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