Thermoplastic Composites Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

Report Code: CMR 60611 Report Format: PDF + Excel

Thermoplastic Composites Market Overview

Thermoplastic Composites Market size is expected to be valued at $22.4 billion by the end of the year 2026 and is set to grow at a CAGR of 7.2% during the forecast period from 2021-2026. Thermoplastic composites are seeing a surge in the demand from the automobile sector, since various types of thermoplastic composites such as polyamide and polybutylene terephthalate are used in automotive components.  Thermoplastic composites are extensively used in the door, walls & ceiling panels of cars and trucks, in other plastic components of the car such as armrest components, setback assemblies, dashboard, and luggage racks on top and display housings in the front interior of a car. The increase in investments from the aerospace and defense industry is also highly driving the thermoplastic components market.

COVID-19 impact

Amid the Covid-19 pandemic, the thermoplastic composites market incurred major losses due to various restrictions laid in light of the pandemic. The covid-19 pandemic has led to the forceful shutdown of various industries like the automotive industry, wind turbine manufacturing, aircraft manufacturing, and other such related industries which drastically reduced the demand for thermoplastic composites across the world. The covid-19 pandemic has affected the thermoplastic composites market in various aspects such as demand, production and any other trends that were starting to impact the thermoplastic composites market. The thermoplastic composites market is however set to improve towards the end of the year 2021.

Report Coverage

The report: “Thermoplastic Composites Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermoplastic Composites Industry.

By Fiber Type: Glass, Carbon, Metal and Others.
By Resin: Polypropylene, Polyamide, Polyethylene, Polyvinyl chloride (PVC) and Polyethylene terephthalate (PET).
By Product Type: Short Fiber, Long Fiber, Continuous Fiber and Glass Mat.
By End-Use Industry: Aerospace, Defense, Electrical and Electronics, Automotive, Oil and Gas, Building and Construction, Healthcare Industries and Others.
By Geography: By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways                                                 

  • Asia-Pacific market held the largest share in the thermoplastic composites market owing to the growth of key-use industries such as automobile industry and electronic industry in countries like China, India and Japan.
  • The development and innovation in electronics industry is driving the thermoplastic composites demand.
  • The increase in investment from the defense and aerospace industry is also contributing to the growth of the thermoplastic components market.
  • During the Covid-19 pandemic, the thermoplastic composites market took a serious hit owing to the many economic restrictions, which lead to the downfall of the market. It is however set to improve by the year ending 2021.

FIGURE: Thermoplastic Composites Market Revenue, 2020-2026 (US$ Billion)

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Thermoplastic Composites Market Segment Analysis – By Fiber Type

The glass segment held the largest share of 39% in the thermoplastic composites market in the year 2020. Thermoplastic composites have extensive applications in various products like plastics such as polyamide, polypropylene (PP), polyethylene terephthalate (PET) and others. Glass fibers have the ability to be processed with any resin, which is one of the huge factors driving the glass segment in the thermoplastic composites market. Glass fibers are used in various key-use industries such as consumer goods, electronics, wind-energy, construction and transportation. Glass fibers are extensively used in the production of wind turbines. The worldwide wind capacity reached 744 gigawatts in the year 2020, an increase of 93 gigawatts in a single year from the year 2019. This is hugely driving the glass fiber segment in the thermoplastic composites market.

Thermoplastic Composites Market Segment Analysis – By Resin

Polypropylene segment held the largest share of 36% in the thermoplastic composites market in the year 2020. Polypropylene witnesses an extensive range of application in various industries and equipment such as packaging industry, consumer products, electronic devices, automobile industry and also in textile industry. The growth of such key-use industries is contributing to the growth and increase in demand of polypropylene. For instance, the demand for packaging in the United States was valued at US$ 20.7 billion in the year 2019 according to Clearlam Engineered Packaging Solutions, which is eventually driving the polypropylene resin in the thermoplastic composites market.

Thermoplastic Composites Market Segment Analysis – By Product Type

Long Fiber segment held the largest share of 40% in the thermoplastic composites market in the year 2020. Short fiber thermoplastic is extensively used in consumer good, electronic devices and automobiles majorly for the fact that it is affordable and economical. It has high demand from end-use industries such as aerospace & defense. It has various advantages such as stiffness, increased strength, durability, light weight, heat resistance, low temperature performance and fatigue endurance, which is highly driving the long fiber segment in the thermoplastic composites market.  

Thermoplastic Composites Market Segment Analysis – By End-Use Industry

The defense industry held the largest share of 35% in the thermoplastic composites market in the year 2020.  The increase in investments and other research activities by the defense industry is driving the thermoplastic composites market. According to The World Bank, the global military expenditure as a percentage of GDP was valued at 2.206% in the year 2019, as compared to the percentage of 2.172% in the year 2018. This increase in military expenditure is driving the demand for the thermoplastic composites market. Furthermore, the increase in research and development activities in the defense industry in various countries is also fuelling the growth of the thermoplastic composites market. For instance, the South Korean government is planning to spend US $ 3.9 billion on defense research and development in the year 2021, as announced by South Korea’s Ministry of National Defense in the year 2020. This is hugely driving the thermoplastic composites market since it is extensively used in various prototypes and model equipment & tools and for various other research purposes.

Thermoplastic Composites Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 42% in the thermoplastic composites market in the year 2020. The increase in the investments from the defense industries from countries like India, China and South Korea is hugely driving the thermoplastic composites market. For instance, the total GDP spent by Indian government on the defense industry is 2.3% of the nation’s GDP. During the 2020 Union budget, the Indian government reserved a budget of US $ 64.4 billion for defense activities and also witnessed an export of US $ 780 million from the defense industry during the time period of March 2020 to December 2020. This is highly driving the demand for the thermoplastic composites materials market in the region.

Thermoplastic Composites Market Drivers

Increasing investment from the defence industry

Thermoplastic composites are widely used in the defense industry for various applications and equipment such as safety equipment, aircraft structures, solider hats, boots etc. Composite materials helps in facilitating the overall weight reduction of the aircraft which makes the thermoplastic composite materials a huge sought after raw material in the production of raw materials. The increase in the investments from defence industries is one of the huge factors driving the thermoplastic composites market. For instance, the US defence department spent US $ 107 billion in new technology research of which it also includes research on composite materials. This is hugely driving the thermoplastic composites market.

Rising demand from automobile industry

Thermoplastic composites are widely used in the automobile industry due to the various advantages and properties provided by the thermoplastic composites. It provides superior structural properties for performance vehicles, lightweight vehicles, enabling next generation electric vehicles etc. For instance the global sales of electric vehicles stood at 324 million in the year 2020 which is a 43.3% increase from the previous year of 226 million. This is further driving the thermoplastic composites market, as it is extensively used in the production of electric vehicles in interior and exterior parts of the vehicle.

Thermoplastic Composites Market Challenges

High initial cost for raw materials and set up

The initial cost for a set of raw material for thermoplastic composites is more expensive than its close substitute thermosets, which makes it a costlier product that is not preferred first. The cost of setting up tools is also higher as it requires metal tooling for thermoplastic parts. Whereas aluminum tools do not involve high costs and therefore it helps in reducing lead time and save cost, which makes it a close and preferred substitute for thermoplastic components. This is one of the biggest challenges faced by the thermoplastic composites market.

Thermoplastic Composites Market Industry Landscape

Expansions, new product launches, collaborations, investments, acquisitions and mergers are some of the key strategies adopted by players in the Thermoplastic Composites Market. Major players in the Thermoplastic Composites Market include:

  1. LANXESS
  2. Toray Industries Inc.
  3. Solvay
  4. Arkema
  5. BASF SE
  6. Mitsubishi Chemical Advanced Materials
  7. Polyone Corporation
  8. SGL Group
  9. Celenase Corporation
  10. SABIC among others.

Acquisitions/Technology Launches

In March 2021, Composites one acquired Solvay process materials, and rebranded it as Aerovac which will be the primary supply and manufacture of composite business.

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1. Thermoplastic Composites Market- Market Overview
    1.1 Definitions and Scope
2. Thermoplastic Composites Market - Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Form
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Thermoplastic Composites Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Thermoplastic Composites Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Thermoplastic Composites Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Thermoplastic Composites Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Thermoplastic Composites Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Thermoplastic Composites Market – By Fiber Type (Market Size -$Million/Billion)
    8.1 Glass
    8.2 Carbon
    8.3 Metal
    8.4 Others
9. Thermoplastic Composites Market – By Resin (Market Size -$Million/Billion)
    9.1 Polypropylene
    9.2 Polyamide
    9.3 Polyethylene
    9.4 Polyvinyl chloride (PVC)
    9.5 Polyethylene terephthalate (PET)
10. Thermoplastic Composites Market – By Product Type (Market Size -$Million/Billion)
    10.1 Short Fiber
    10.2 Long Fiber
    10.3 Continuous Fiber
    10.4 Glass Mat
11. Thermoplastic Composites Market - By End-Use Industry (Market Size -$Million/Billion)
    11.1 Aerospace
    11.2 Defense
    11.3 Electrical and Electronics
    11.4 Automotive
    11.5 Oil and Gas
    11.6 Building and Construction
        11.6.1 Residential construction
            11.6.1.1 Independent homes
            11.6.1.2 Row homes
            11.6.1.3 Large apartment buildings
        11.6.2 Commercial construction
            11.6.2.1 Hospitals and Healthcare Infrastructure
            11.6.2.2 Educational Institutes
            11.6.2.3 Hotels and Restaurants
            11.6.2.4 Banks and Financial Institutions
            11.6.2.5 Airports
            11.6.2.6 Hyper and Super Market
            11.6.2.7 Shopping Malls
            11.6.2.8 Others
        11.6.3 Industrial Construction
    11.7 Healthcare Industry
    11.8 Others
12. Thermoplastic Composites Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 U.S
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 U.A.E
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Thermoplastic Composites Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Thermoplastic Composites Market – Industry/Segment Competition Landscape Premium
    14.1 Market Share at Global Level - Major companies
    14.2 Market Share by Key Region - Major companies
    14.3 Market Share by Key Country - Major companies
    14.4 Market Share by Key Application - Major companies
    14.5 Market Share by Key Product Type/Product category - Major companies
    14.6 Company Benchmarking Matrix - Major companies 
15. Thermoplastic Composites Market – Key Company List by Country Premium Premium
16. Thermoplastic Composites Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more

"*Financials would be provided on a best efforts basis for private companies"