Thermoplastic Resin Market in the Composites Industry in the advanced material industry is Likely to Reach US$ 14,372 million in 2023

Launching announcement of a new research report on Thermoplastic Resin Market in the Composites Industry which is projected to reach US$ 14,372 million by 2023 - forecasted by Stratview Research. The study provides an in-depth by Resin Type (PP, PA, PBT, PPS, PC, and Others), by Compound Type (SFRT, LFRT, GMT, and CFRT), by End-Use Industry Type (Transportation, Consumer Goods, Electrical & Electronic, and Others), by Manufacturing Process Type (Injection Molding, Compression Molding, and Others), by Composite Type (GFRP and CFRP), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023

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Thermoplastic Resin Market in the Composites Industry: Highlights
The global thermoplastic resin market in the composites industry is projected to reach US$ 14,372 million in 2023 and offers favorable growth opportunities in the entire ecosystem of the market. Increasing automobile production, development of new composite applications using thermoplastic composites, rising demand for sustainable (recycling) and fast-curing materials, increasing demand for lightweight components to address stringent regulations such as CAFÉ Standards, and increasing penetration of composite materials by replacing metals are the key factors that are bolstering the demand for thermoplastic resins in the composites industry.

The market is segmented based on the resin type as Polypropylene, Polyamide, Polybutylene Terephthalate, Polyphenylene Sulfide, Polycarbonate, and Other Resins. Polyamide is expected to remain the most dominant resin type in the global thermoplastic resin market in the composites industry during the forecast period of 2018 to 2023. This resin is most widely used in short fiber-reinforced thermoplastic (SFRT) applications. Polyphenylene sulfide is likely to witness the highest growth over the next five years, driven by an increasing usage of thermoplastic composites in the aerospace & defense and automotive industries.

Based on the compound type, SFRT generates the highest demand for thermoplastic resins and is forecasted to remain the largest compound type during the forecast period. SFRT is the most dominant compound type in all the major end-use industries including transportation, consumer goods, and electrical & electronics. CFRT and LFRT are relatively small segment but are gaining market tractions by registering an increased acceptance in the automotive and aerospace & defense industries.

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Based on the end-use industry type, transportation is projected to remain the largest market for thermoplastic resins in the composites industry during the forecast period. This segment is the second largest composites market (thermoset + thermoplastic) after building & construction. The segment is also likely to witness the highest growth over the next five years, driven by stringent government regulations, such as CAFÉ Standards and EU’s directive on carbon emission reductions. All the major automakers are forming strategic alliances with the composite material suppliers to develop advanced thermoplastic composites that can fabricate parts in less than five minutes and offer significant weight savings. They are increasingly incorporating advanced materials including composites in the structural and semi-structural applications of their vehicles by replacing traditional metals, such as steel.

Based on the composite type, glass fiber-reinforced plastic (GFRP) generates the highest demand for thermoplastic resins and is expected to remain the largest composite type during the forecast period. GFRP dominates in all the major end-use industries, such as transportation, electrical & electronics, and consumer goods. Carbon fiber-reinforced plastic (CFRP) is likely to witness the highest growth during the same period, propelled by its excellent properties at a relatively lower weight.

Asia-Pacific is expected to remain the largest and the fastest-growing thermoplastic resin market in the composites industry during the forecast period. High production of automobiles, continuous shift of electronic industry from the developed economies to the developing Asian economies, and increasing penetration of composites are major growth drivers of the thermoplastic resin market in the Asia-Pacific’s composites industry.

BASF SE, E. I. du Pont de Nemours and Company, Koninklijke DSM N.V., Solvay S.A., Lanxess, LyondellBasell Industries N.V., and SABIC are the key suppliers of thermoplastic resins to the composites industry. Most of the players are forward integrated and supply reinforced compounds. New product development, wide geographical reach, and vast product portfolio are the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market Trend and Forecast Analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, Product portfolio, Product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

To browse through our range of reports in the Advanced Materials industry, refer to the following link:
https://www.stratviewresearch.com/market-reports/Advanced-Materials.html

Stratview Research is a global market intelligence firm offering a wide range of services including syndicated market reports, consulting, sourcing intelligence, and customer research. We are a trusted brand in the research industry with capability of commissioning complex projects within a short span of time with high level of accuracy.

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This release was published on openPR.