Global Thermoplastic Composites Market to Reach $22.8 Billion by 2027: Allied Market Research

According to a new report published by Allied Market Research, titled,Thermoplastic Composites Market by Fiber Type, Product Type, Resin Type, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027," The global thermoplastic composites market size was valued at $15.2 billion in 2019, and is projected to reach $22.8 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

"Emerging end-use application of fiber composites and increase in demand from the transportation industry have boosted the growth of the global thermoplastic composites market. However, high cost of raw materials hinders the market growth. On the contrary, untapped potential in several regions across the globe opens lucrative opportunities for the market players in the future.

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Rise in demand from the transportation industry and developing end-use applications of fiber composites fuel the growth of the global thermoplastic composites market. On the other hand, high cost of raw materials hampers the market growth. However, expansion of the market for electric vehicles presents lucrative opportunities in the coming years.

Covid-19 pandemic impact on the market:

The Covid-19 pandemic resulted in halt of manufacturing facilities due to strict lockdown measurements. Moreover, the pandemic hampered the supply chain in the chemical industry and created shortage of raw materials.
The demand for thermoplastic composites from industries such as aerospace & defense, automotive, and construction reduced during the pandemic However, the demand is expected to boost post-pandemic.

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The global thermoplastic composites market is analyzed across several regions such as Europe, North America, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to portray the highest CAGR of 6.4% during the forecast period. Moreover, the region would dominate the market in terms of revenue throughout the forecast period.

The global thermoplastic composites market is divided on the basis of fiber type, resin type, product type, and application.

Based on fiber type, the mineral segment would register the highest CAGR of 6.3% during the forecast period. However, the glass segment is expected to hold the lion's share throughout the forecast period.

On the basis of product type, the glass mat thermoplastics (GMT) segment is estimated to manifest the highest CAGR of 6.1% during the forecast period. Moreover, the segment would hold the largest share during the forecast period.

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The global thermoplastic composites market report includes an in-depth analysis of the major market players such as Celanese Corporation, BASF SE, DuPont, DSM, laxness, Hanwha, PPG Industries, Mitsubishi Chemical Advanced Materials, SABIC, and Solvay S.A.

Based on region, the market across Asia-Pacific dominated the market in 2019, with nearly half of the global thermoplastic composites market, and is anticipated to maintain its dominance in terms of revenue by 2027. In addition, this region is also expected to showcase the fastest CAGR of 6.4% during the forecast period. The report also studies market across North America, LAMEA, and Europe.

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Leading market players profiled in the report include BASF SE, Celanese Corporation, DSM, DuPont, Hanwha, Laxness, Mitsubishi Chemical Advanced Materials, PPG Industries, SABIC, and Solvay S.A.

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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