Thermoplastic Composites Market to Garner $22.8 Billion, Globally, By 2027 at 6.1% CAGR, Says Allied Market Research

Surge in demand from the transportation industry and emerging end-use applications of fiber composites drive the growth of the global thermoplastic composites market.

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Allied Market Research

Jun 03, 2021, 09:00 ET

PORTLAND, Ore., June 3, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Thermoplastic Composites Market by Fiber Type (Carbon, Glass, Mineral, and Others), Resin Type (PA, PP, PEEK, Hybrid, Others), Product Type (Glass Mat Thermoplastics (GMT), advanced thermoplastic composites (ATC)), and Applications (Oil & Gas, Aerospace, Marine, Construction, Military, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global thermoplastic composites industry generated $15.2 billion in 2019, and is expected to garner $22.8 billion by 2027, witnessing a CAGR of 6.1% from 2020 to 2027.

Drivers, restraints, and opportunities

Surge in demand from the transportation industry and emerging end-use applications of fiber composites drive the growth of the global thermoplastic composites market. However, high cost of raw materials restrains the market growth. On the other hand, expansion of the market for electric vehicles presents new opportunities in the coming years.

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Covid-19 Scenario

Manufacturing activities of thermoplastic composites hindered due to lockdown measures implemented by government, which in turn, led to close down of facilities. The pandemic had a major impact on the chemical industry supply chain, due to which, raw material shortage occurred.
The demand for thermoplastic composites from end-use industries such as automotive, aerospace & defense, and construction decreased considerably due to stoppage of daily operations. However, the demand is estimated to rise steadily during the post-lockdown as daily operations resume with full capacity.

The glass segment to maintain its lead position throughout the forecast period

Based on fiber type, the glass segment contributed to the largest market share in 2019, accounting for nearly two-thirds of the global thermoplastic composites market in 2019, and is projected to maintain its lead position throughout the forecast period. This is due to increased demand as they are low cost and possess ability to process with different resins. However, the mineral segment is estimated to manifest the highest CAGR of 6.3% from 2020 to 2027. This is due to high demand for thermal insulation.

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The glass mat thermoplastics (GMT) segment to maintain its leadership status during the forecast period

Based on product type, the glass mat thermoplastics (GMT) segment contributed to the largest share in 2019, holding more than four-fifths of the global thermoplastic composites market, and is projected to maintain its leadership status during the forecast period. In addition, this segment is projected to register the highest CAGR of 6.1% from 2020 to 2027. This is attributed to rise in demand from the automobile, sporting goods, and aerospace industries. The research also analyzes the advanced thermoplastic composites (ATC) segment.

Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2027

Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in 2019, accounting for nearly half of the global thermoplastic composites market, and is expected to maintain its dominance in terms of revenue by 2027. In addition, this region is expected to witness the fastest CAGR of 6.4% during the forecast period. This is due to surge in demand from major consumers such as automotive, electrical & electronics, and consumer goods.

Leading Market Players

BASF SE
Celanese Corporation
DSM
DuPont
Hanwha
laxness
Mitsubishi Chemical Advanced Materials
PPG Industries
SABIC
Solvay S.A.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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