High-Performance Thermoplastic Composites Market projected to grow at a Healthy CAGR in the forecast period (2019-2024)

Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, High-Performance Thermoplastic Composites Market is expected to inflate at impressive CAGR by the forecast period (2019-2024).

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Highlights of the Report:
High-performance thermoplastic (HPTPs) is the topmost triangle of thermoplastics’ pyramid and groups those thermoplastics that offer excellent temperature resistance along with exceptional mechanical performance. The definition of high-performance thermoplastics varies from companies to companies; however, all of them have pretty similar definitions with inclusion or exclusion of either one or two thermoplastics in its list. High-performance thermoplastics are either used as neat (without reinforcements) as well as filled with fibers/reinforcements, such as glass fibers, carbon fibers, and mineral fibers. Today, most of the end-use industries are generating greater demand for high-performance thermoplastics filled with fibers in order to address the varied requirements including strength.

HPTP composites have already earned a largely unheralded but a significant place in the family of thermoplastic composites. The market for high-performance thermoplastic composites is extrapolated to grow at a higher pace (5.7% vs 4.1% CAGR, 2019-2024) than the other thermoplastic composites (standard thermoplastic composites and engineering thermoplastic composites), catching the attention of the market players to increasingly participate in the market.

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Market Segments:
Major players are performing strategic alliances including M&As in order to quickly align themselves in this briskly growing market, shaping towards greater market consolidation. For instance; Solvay S.A., a leading global supplier of advanced materials for a wide array of end-use industries, acquired the Cytec Industries Inc. at a total purchase price of approximately US$ 5.5 Billion. After the acquisition of Cytec Industries Inc.; Solvay S.A. has become one of the major players in the high-performance thermoplastic composites market. Similarly, in 2018, Toray, the world’s largest carbon fiber manufacturer, acquired TenCate Advanced Composites Holding B.V. (TCAC), a fully owned subsidiary of Koninklijke Ten Cate B.V. at an agreed purchase price of 930 million Euro. TCAC is one of the leading suppliers of carbon fiber-reinforced thermoplastic tapes and high-heat-resistant thermoset prepregs to the aerospace industry.

HPTP composites are used in a wide array of industries including automotive, electrical & electronics, industrial, aerospace & defense, medical, consumer goods, etc. The mix of different HPTP composites varies from industry to industry, which is based on the requirements of strength/performance, cost of thermoplastic composites, the ability to manufacture in desired part cycle time, etc. Presently, automotive is biggest consumer of HPTP composites and is anticipated to maintain its leading position in the market in years to come. Increasing production of electrical vehicles coupled with a greater incorporation for lightweight materials in vehicles’ crucial regimes, stringent regulations from governing bodies such as EPA and EU commission, and growing demand for materials that can sustain harsh operating environments, such as under-the-hood applications, are the key demand boosters of HPTP composites in the automotive industry.

Aerospace & defense, a relatively small market in front of giant automotive, is likely to be efficacious in portraying its larger shadow in terms of dominance in the market in years to come. Several factors collectively driving the industry to create a magnetic demand for HPTP composites are increasing commercial aircraft production to support rising air passenger traffic, the development of next-generation aircraft with greater thermoplastics content, and increased focus towards thermoplastic composites over thermoset composites.

Analogously to end-use industry type, the report deeply studies the different HPTPs and their usage in different end-use industries. Polyphenylene sulfide (PPS), aromatic ketones (PAEK family), polyarylsulfone (PASU family), polyetherimide (PEI), and high-performance polyamide (HPPA) are the major HPTPs considered in the report. Polyimide (PI) and liquid crystal polymer (LCP) occupy the lion’s share in the others’ category. HPPA holds the leading position today and will remain the most dominant resin type among all HPTPs in years to come. HPPA offer various advantages such as lower cost, higher voltage, and retention of dielectric properties at elevated temperatures, which make it the preferred choice for a wide array of applications such as automotive engine coolant pumps, impellers, and valves, especially where engineering thermoplastic nylons prove to be unsuitable.

In terms of regions, Asia-Pacific is to remain an apple of the eye for the market participants as the region is likely to remain the largest demand generator of high-performance thermoplastics in the foreseen future. Furthermore, the growth in the demand for high-performance thermoplastic composites in the region would remain mesmerizing in years to come, taking the market attentiveness to the five-star level. Large population base coupled with increasing disposable income and rapid urbanization is creating a humongous demand for high-performance thermoplastics filled with fibers. China is estimated to remain the largest demand generator not only in the region but also in the world. High automobile production, an incessant manufacturing shift, especially E&E and consumer goods, from the developed economies to China, and ongoing efforts for the development of aircraft indigenously are the key factors driving the demand for these thermoplastic composites in the country.

India, Japan, and South Korea are the other sizeable demand generators in the region. All the major players are eyeing on the Indian market, mulling to consequential investment in the country to tap the future growth potential.
North America and Europe are the next two big stations of the thermoplastic composites market. These regions have been the pioneer markets for most of the industries; however, maturing GDP growth coupled with an incessant shift of manufacturing facilities towards Asia is fading the demand for thermoplastics including high-performance thermoplastic composites in these regions. The USA is the largest market for high-performance thermoplastic composites in North America, whereas Germany, France, the UK, and Russia are the major markets in Europe.

Market Players:
The supply chain of this market is convoluted and comprises several nodes including raw material suppliers, compounders, distributors, part fabricators, tier players, and OEMs. The key players in the high-performance thermoplastic composites market are Solvay S.A.; BASF SE; SABIC; Toray Industries, Inc.; Evonik Industries AG; Arkema S.A.; and Victrex plc. All the major high-performance thermoplastic providers or compounders have different growth strategies based on their synergies, product portfolio, market reach, geographical presence, market positioning, etc.; however, some of the most common strategies adopted by most of them are the higher focus towards the development of new products addressing unmet needs, to become more customer-centric approach rather product-centric approach (custom-designed and application-specific products), execution of M&As to quickly gain the leading positions, and develop vast product portfolio covering a good blend of all the three ladders of thermoplastics’ pyramid.

Features of the Report
Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

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This release was published on openPR.