PUNE, India, November 30, 2017 /PRNewswire/ --
The report "Thermoplastic Composites Market Fiber Type (Glass, Carbon), Resin Type (PP, PA, PEEK), Product Type (Short Fiber, Long Fiber, Continuous Fiber, Glass Mat), Application (E&E, Transportation, A&D) and Region - Global Forecast to 2022" published by MarketsandMarkets™, the market is projected to grow from USD 28.09 Billion in 2017 to USD 41.93 Billion by 2022, at a CAGR of 8.34% between 2017 and 2022.
Browse 84 market tables and 47 figures spread through 147 pages and an in-depth TOC on "Thermoplastic Composites Market"
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Thermoplastic composites offer several advantages unlike thermoset composites, which include less production time for the development of different components using thermoplastic composites, high impact strength of thermoplastic composites, their easy recyclability, and their low moisture absorption rate. Thermoplastic composites are used in the transportation industry as these materials are lightweight and help reduce the weight of automobiles, thereby resulting in decreased CO2 emissions and increased fuel efficiency of vehicles. The aerospace & defense application segment of the Thermoplastic Composites Market is projected to witness the highest growth in terms of both, value as well as volume due to increasing use of thermoplastic composites in different types of commercial aircraft. Thus, the increased use of thermoplastic composites in various applications such as transportation, and aerospace & defense, among others is driving the growth of the Thermoplastic Composites Market across the globe.
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Based on fiber type, the carbon fiber thermoplastic composites segment of the Thermoplastic Composites Market is projected to grow at the highest CAGR, in terms of both value as well as volume during the forecast period.
Carbon fiber thermoplastic composites are usually employed in high-end applications such as sports vehicles or luxury cars, and aerospace & defense applications due to their high costs. Carbon fiber thermoplastic composites offer maximum strength and high-performance with minimum weight. They also offer the ease of processing with less time involved. The use of carbon fiber thermoplastic composites as advanced engineering materials is fueling the growth of the Thermoplastic Composites Market across the globe.
The electrical & electronics application segment is projected to lead the Thermoplastic Composites Market, in terms of value and volume between 2017 and 2022.
The electrical & electronics application segment is projected to lead the Thermoplastic Composites Market across the globe due to increased use of thermoplastic composites in electrical & electronics and consumer goods applications. Thermoplastic composites are being increasingly used in electrical & electronics applications, owing to their high impact resistant, increased strength, and improved durability. They also reduce the overall weight of the electrical & electronics components. Thermoplastic composites are extensively used to manufacture enclosures, conduit systems, braided shielding, and assembly tools, wherein both, lightweight and advanced corrosion resistance properties are essential.
The Asia Pacific region is projected to be the largest market for thermoplastic composites from 2017 to 2022.
The Asia Pacific Thermoplastic Composites Market is projected to grow at the highest CAGR during the forecast period, in terms of both, value as well as volume. The growth of the Asia Pacific Thermoplastic Composites Market can be attributed increased demand for thermoplastic composites from emerging economies such as China and India of the region. Increasing use of thermoplastic composites in transportation, aerospace & defense, and electrical & electronics applications are the major drivers responsible for the growth of the Asia Pacific Thermoplastic Composites Market. China is projected to be largest market for thermoplastic composites in the Asia Pacific region. The growth of the China Thermoplastic Composites Market can be attributed to the growing manufacturing sector of the country. India offers huge scope and opportunities for the growth of Thermoplastic Composites Market due to rapid increase in its middle-class population leading to increased consumption of consumer goods in India and continuous industrialization taking place in the country.
Key players operational in the Thermoplastic Composites Market are Celanese Corporation (US), DuPont (US), Royal DSM N.V. (Netherlands), Koninklijke Ten Cate bv (Netherlands), SABIC (Saudi Arabia), Lanxess AG (Germany), Solvay S.A. (Belgium), BASF SE (Germany), PlastiComp, Inc. (US), PolyOne Corporation (US), and Quadrant AG (Switzerland), among others.
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