Thermoplastic Composites Market Business Opportunities, Challenges, Drivers and Restraint Research Report by 2027

Composite materials are formed by combining a resin matrix, armature and operational additives. There are two types of composites - thermoset and thermoplastic composites. Thermoplastic composites developed from structural polymer composites. They are solidified through a reversible thermal curing process. In term of physical properties, thermoplastic composites include low density, better insulation, environmental resistance, better mechanical properties, and they can be chemically unstable. Further, they are thermoformable, heat-weldable and recyclable.
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.

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The global thermoplastic Composites market is presently driven by the automotive, construction and aerospace industries. In the aerospace & defense industry, the use of thermoplastic composites is primarily intended to minimize the total weight and corrosion in the aircraft structure. In addition, maintenance costs for aircraft produced using composites have significantly decreased compared with maintenance costs for aircraft produced using conventional materials.

Thermoplastic composites having various properties including insubstantial weight, superior strength, weather-resistant finish, and various surface textures. Which in turn, the demand for thermoplastic composites in aerospace industry is expected to grow with significant CAGR.

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Thermoplastic composites are most commonly used as replacements for aluminum, wood, and steel due to their higher strength-to-weight ratio. The introduction of stringent environmental legislation in Europe compelled auto makers to use composites in the production of cars. Regulations are forcing OEMs globally, particularly in Europe, to drastically reduce the carbon dioxide (CO2) emissions from vehicles. The proposed regulations are also required in countries to increase the market for the products from this sector.

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COVID-19 scenario analysis:

► Some of the major economies suffering the COVID-19 crises include Germany, France, Italy, Spain, the UK, Norway, and others. The virus outbreak has made many industries to shut down due to lack of raw material availability and disruptions in the supply chain. The worldwide lockdown has suspended the activities of construction and many other industries which results in declining the demand for thermoplastic composite.

► For many countries the economy has dropped due to the halt of several industries, especially transport and supply chain. The product's upcoming demand is hindered, as there is no development. The demand-supply gap, disruptions in raw material procurement, price volatility, and many other factors are expected to hamper the growth of the chemical industry during the COVID-19 pandemic.

► Gaps in demand-supply, price volatility, and changing government policy will affect the growth of the various end-use industries. In terms of its immediate and long-term effect on industry and consumers, the COVID-19 pandemic has outpaced any headwind ever encountered. The world economy of thermoplastic composite industries has been experiencing a rapid slowdown due to the constraints of the COVID-19 pandemic on economic activity.

► Advanced materials such as carbon fiber composites and glass fiber composites are used in the production of medical devices and other equipment. Thermoplastic composite are primarily used in manufacturing, aerospace & defense, automotive, and wind energy; and as a reaction to the national lockdown, these sectors were experiencing a sudden decline in growth rates. The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.

Key Market Players:

MITSUBISHI CHEMICAL HOLDINGS, DUPONT DE NEMOURS, INC., SABIC, PPG INDUSTRIES, INC., LANXESS AG, DSM, SOLVAY S.A., Hanwha, CELANESE CORPORATION, BASF SE.

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