Thermoplastic Composites Market | Key players operating in the market include BASF SE, Celanese Corporation, SABIC, DowDuPont Inc., Koninklijke DSM N.V.

The global Thermoplastic Composites Market size was USD 22.2 billion in 2020 and is expected to reach USD 31.8 billion by 2025, projecting a CAGR of 7.5% between 2020 and 2025. Thermoplastic composites have high demand from transportation, consumer goods & electronics, wind energy, sports & leisure, construction, and aerospace & defense end-use industries due to lightweight, high strength, corrosion resistance, FST and other properties. However, the outbreak of COVID-19 has created ripples across various thermoplastic composites end-use industries leading to reduced demand for thermoplastic composites. Due to the lockdown scenario across major economies, the demand for thermoplastic composites from automotive, consumer goods & electronics, wind energy and wind energy industries have declined sharply in the first half of 2020.

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Transportation is the largest consumer of thermoplastic composites in terms of value and volume due to high demand for fuel-efficient automobiles and heavy vehicles. Owing to increasing environmental awareness, automakers, and heavy vehicle manufacturers use thermoplastic composites in various transportation applications due to its properties of lightweight, high strength, and ease-of-reforming, and reshaping. Similarly, the increasing demand for thermoplastic composites from rail coach and rolling stock manufacturers contributes to the growth of thermoplastic composites market in the transportation industry.

Various types of fibers, such as glass fiber, carbon fiber, mineral fibers, among others, are used in making thermoplastic composites. The glass fiber thermoplastic composite has the highest demand for transportation, wind energy, consumer goods & electronics, construction, and other industries. China is the major market for glass fiber composites with assembly, fabrication, and R&D centers for many international automotive, consumer goods & electronics, wind energy OEMs. With China, Germany, the US, Spain, Italy being the most affected countries, the entire supply chain across aforementioned end-use industries is disrupted globally. The lockdown of international borders has reduced the demand for glass fiber thermoplastic composites in APAC, Europe and North America.

Carbon fiber thermoplastic composites account for the second-largest share in terms of value in the global thermoplastic composites market. The carbon fiber and carbon fiber composites manufacturers are in a position to take advantage of the plummeting oil and raw materials prices. However, lockdown conditions in various regions due to the COVID-19 pandemic, the manufacturers are unable to supply their orders to aircraft and vehicle manufacturers

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Thermoplastic composites are segmented based on resins used into polypropylene (PP), polyamide (PA), polyetherke.tone (PEEK), hybrid, and others. The thermoset composites accounted for a larger share in the composites market. Thermoset composites do not expand under high heat and moist conditions, making them suitable for highly corrosive and high-temperature applications.  The demand for both thermoset and thermoplastic composites is expected to see a decline in 2020 due to the pandemic. Though declined demand will impact the revenue of resin suppliers, they are expected to increase their profit margin from plummeting crude oil prices.

Due to the COVID-19 crisis, several players in the thermoplastic composites market have implemented various strategies. For instance, many companies are operating in staggered shifts or running at partials capacities.   

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The key players in the thermoplastic composites market include BASF SE (Germany), Celanese Corporation (US), SABIC (Saudi Arabia), DowDuPont Inc. (US), Koninklijke DSM N.V. (Netherlands), Toray Industries, Inc. (Japan), and Lanxess AG (Germany). Among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.

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