The Market of Thermoplastic Resin in the Composites Industry to grow beyond US$ 15.2 billion by 2024

The new report of Stratview Research analyses the Thermoplastic Resin Market in the Composites Industry over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.

Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
• Strategic segmentation
• Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Detailed Competitive Rivalry landscaping
• Market trend and forecast analysis
• Future Growth Boulevards

Get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/258/thermoplastic-resin-market-in-composites-industry.html

The Global Thermoplastic Resin Market in the Composites Industry: The Growth Prognosis & its Drivers
The global thermoplastic resin market in the composites industry is projected to reach US$ 15.2 billion in 2024 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.

Market Segments
The thermoplastic resin market in the composites industry 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 thermoplastic resin market in the composites industry during the forecast period. This resin is most widely used in short fiber-reinforced thermoplastic (SFRT) applications.

Based on the compound type, the thermoplastic resins are used in short fiber-reinforced thermoplastics (SFRTs), long fiber-reinforced thermoplastics (LFRTs), glass mat thermoplastics, and continuous fiber-reinforced thermoplastics (CFRTs). 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 segments but are gaining market tractions by registering an increased acceptance in the automotive and aerospace & defense industries.

Based on the end-use industry type, the thermoplastic resin market in the composites industry is segmented into transportation, consumer goods, electrical & electronics, and others. 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.

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.

In terms of region, 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.

Market Players
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 execution of mergers & acquisitions are the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.

Comprehensive Market Coverage
Click here for other reports from Stratview Research in the Advanced Materials Industry:
https://www.stratviewresearch.com/market-reports/Advanced-Materials.html

Stratview Research
400 Renaissance Center,
Suite 2600,
Detroit, Michigan, MI 48243
United States of America
Phone No. +1-313-307-4176
sales@stratviewresearch.com

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.

This release was published on openPR.