Thermoplastic Tape Market Size Worth Around US$ 2,718.3 Mn by 2027
LOS ANGELES, April 15, 2020 /PRNewswire/ -- According to Acumen Research and Consulting, the thermoplastic tape market size is poised to worth US$ 2,718.3 Mn by 2027 with CAGR of 5.4%.
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "
(By Thickness: <0.20 mm., 0.21 mm-0.40 mm, > 0.40 mm; By Material: Fiber, Resin; By End-use Industry: Aerospace, Automotive, Building & Construction, Industrial Goods, Oil & Gas) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
The benefits associated with the thermoplastic tape such as toughness, ability to remold, shorter cycle time, no emission of volatile matter and recyclability are primarily responsible for accelerating market growth. The global market is segmented into thickness, material, end-use industry, and geography.
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By material, the thermoplastic tape market is segmented into fiber and resin, where fiber is further divided into carbon, glass, and others and resin is further divided into Polyaryletherketone (PAEK), Polycarbonate (PC), Polyamide (PA), Polyethylene terephthalate (PET), Thermoplastic polyurethane (TPU), Polypropylene (PP), and others. The fiber segment is accounted for the major share in terms of value. For instance, a subsidiary of PolyOne Corporation, PlastiComp Inc. which was acquired in 2018 has expanded its thermoplastic tapes business by increasing the quality of fiber thermoplastic composites with the use of unidirectional tape inserts.
On the basis of end-use industry, the market is bifurcated into aerospace, automotive, building & construction, industrial goods, oil & gas. The industrial goods segment accounted for the major share in the market. Moreover, the automotive segment is projected to experience the fastest growth over the estimated period due to the increasing demand for lightweight parts in electric vehicles.
In 2019, Asia Pacific is anticipated to exhibit a major share in the global thermoplastic tape market over the forecast period. The increasing interest of global players in the emerging economies of the region such as China, Japan, and India is supporting the regional market value. The rapidly growing automotive sector in the regional market is further projected to create potential demand over the forecast timeframe from 2020 to 2027.
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Some of the leading competitors are Arkema Group, CompTape, Covestro AG, DSM Engineering Plastics, Evonik Industries, Maru Hachi Corporation, Mitsui Chemicals Group, Polyone Corporation, Sabic Corporation, SGL Carbon SE, Solvay S.A, Suprem SA, TEIJIN LIMITED, TOPOLO, Toray Industries Inc. Thermoplastic tape companies have announced mergers and acquisitions to expand their position in the thermoplastic tape industry. For instance, in 2018, Hexcel and Arkema have signed a strategic alliance to develop thermoplastic composite solutions for the aerospace sector. The partnership was intended to develop carbon fiber-reinforced thermoplastic tapes to produce lightweight parts for future generations of aircraft. The partnership has planned to establish a joint research & development laboratory in France. Major players are also moving into new regions or advanced technologies.
Some of the key observations regarding thermoplastic tape industry include:
- In 2019, BASF SE and Toray Advanced Composites have signed a manufacturing and supply agreement for the production of continuous fiber-reinforced thermoplastic (CFRT) tapes particularly for the automotive and industrial markets.
- Covestro, one of the largest polymer companies worldwide has started commercial production of continuous fiber-reinforced thermoplastic composite material (CFRTP) in 2018 and delivering to customers across the globe for further processing. Covestro is producing uni-directional reinforced tapes and sheets which can be tuned to infinite combinations so that the designers can create completely new opportunities in the existing market.
- Teijin Limited has announced the initiation of construction for its new facility at Greenwood, South Carolina in 2018. The new facility is its wholly-owned subsidiary Teijin Carbon Fibers, Inc. (TCF) intended to produce carbon fiber.
- A US-based Solvay Composite Materials has announced the expansion of its thermoplastic composites manufacturing capacity in 2019 with a new production line at its facility in Anaheim. The company has multiplied qualified thermoplastic tape production capacity by four since 2016. The new facility is intended to improve not only output but quality, consistency and industrial reliability simultaneously.
- Toray Industries (India) Private Ltd., subsidiary of Japan-based Toray Industries Inc. has started manufacturing of polyamide (PA) and polybutylene terephthalate (PBT) at its new facility in 2019. Toray has also announced about their plans for expansion of operating capacity to around 5,000 metric tons in the near future.
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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. Among the industries served include aerospace and defense, information and communication technology (ICT), semiconductor and electronics, healthcare and pharmaceuticals, chemicals, advanced materials, banking, finance services and insurance (BFSI), and others.
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