Thermoplastic Composites Market is Predictable to Touch USD 33.5 billion by 2029 | BASF SE, Celanese Corporation, SABIC

Exactitude Consultancy Market Research analyses that the Thermoplastic Composites Market will witness a CAGR of 3.27% for the forecast period of 2023-2029 and is likely USD 24.8 billion in 2022 to reach at USD 33.5 billion by 2029.

Research report on the Thermoplastic Composites market allows buyers to deliver unique solutions to various end users and improve their business presence in the industry. The report is introduced with accurate statistics regarding market share, size, and growth rate for the buyers to focus on their operations and achieve various goals smoothly. Numerous driving factors, restraints, opportunities, and threats affecting the Thermoplastic Composites market growth is described in the study for the strategy planners to plan policies pertaining to production volume, delivery of services, making connections, and creating awareness in the minds of consumers.

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Thermoplastic Composites Market News

► April 2023: LANXESS announced the launch of a joint venture with Advent International focused on engineering materials, which began operations on April 1, 2023. DSM's Engineering Materials segment and LANXESS's former High-Performance Materials business joined forces to establish the new joint venture. LANXESS owns around 40% of the joint venture, while Advent International owns approximately 60%.

► April 2023: Solvay and GKN Aerospace announced the extension of their partnership agreement in which both companies will create a combined thermoplastic composites (TPC) roadmap to investigate innovative materials and production techniques for aircraft structures and jointly target future key high-rate programs. Furthermore, Solvay is expected to continue to be GKN Aerospace's preferred supplier of TPC materials. Solvay's PEKK composites and PEKK films help GKN Aerospace's TPC development initiatives.

Market Dynamics

✦ Thermoplastic Composites Market Drivers

► Demand from the Transportation Sector and Growing Use of Fiber Composites

Thermoplastic composites make heavy vehicles, rail buses, and automotive components. These materials are lightweight and aid in lowering the weight of cars, which reduces CO2 emissions and improves fuel efficiency, enabling automakers to meet CAFÉ emission standards and other fuel standards demanded by environmental organizations. The growing use of thermoplastic composite materials in racing and high-performance vehicle parts like instrument panels, front-end modules, door modules, roof components, appearance grade components, and under-hood components is one of the factors boosting the thermoplastic composites market in the transportation sector. The demand for thermoplastic composites is rising globally, including in the rail sector. High-speed rail uses these materials to reduce weight for interior and exterior applications on rail carriers.

Additionally, developing high-quality and specialized fiber reinforcement materials like carbon fiber, glass fiber, aramid fiber, and comparable ones was made possible by ongoing research and development across many industrial sectors, including electrical & electronics, aerospace, automotive, wind turbines, and others. Due to their lightweight advantages and efficiency, these fibers replaced the need for heavy-weight metal composites. Aerospace was where carbon fiber was first used, and from there, it spread to other commercial industries such as sporting goods and automobiles. Like automotive applications propelled glass fiber into the market, it now serves a wide range of industries. Increased composite applications therefore drive the demand for reinforcement materials.

✦ Thermoplastic Composites Market Restraints

► Costly Raw materials

Thermoplastic composites are generally made of thermoplastic resins, which are way too expensive compared to thermoset resins. A sizeable portion of the total cost of these composites is attributable to the cost of raw materials. The cost of producing, refining, and manufacturing thermoplastic composites is high, raising the finished product. For OEMs in the supply chain, the high price of thermoplastic composites is a significant roadblock. There are numerous applications for thermoplastic composites across multiple industries. However, they lack actual commercial viability. As the price of thermoplastic resins and manufacturing costs decrease, it is anticipated that using thermoplastic composites in various applications will become practical. Hence, these products are not at all practicable commercially.

✦ Thermoplastic Composites Market Opportunities

►Increased Demand for the Electric Vehicles

At present, people are becoming extremely concerned regarding the environment. Electric vehicles (EVs) help the automotive industry reduce carbon emissions and are environmentally friendly. As a result, the demand for electric cars is increasing to diminish carbon emissions. The hybrid and electric vehicles market is anticipated to soar in the upcoming years. Thermoplastic composites are incredibly durable and significantly reduce vehicle weight. They are, therefore, beneficial in the production of electric vehicle components.

Currently, several businesses are engaged in the production of thermoplastic composite parts. For instance, to reimagine automotive designs and production, UNITI SWEDEN AB (Sweden) and KW Special Projects will use digital twin technology and thermoplastic composites reinforced with carbon fiber. Hence, the demand for electric vehicles is directly proportional to the need for thermoplastic composites. With the growing market of electric cars, the thermoplastic market also grows.

Prominent Key players of the Thermoplastic Composites Market survey report:

Historical data available in the report elaborates on the development of the Thermoplastic Composites on national, regional and international levels. Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis. Some Key Competitors of the Market are - BASF SE, Celanese Corporation, SABIC, DowDuPont Inc., Koninklijke DSM N.V., Toray Indtries, Inc., Solvay, Lanxess AG

Thermoplastic Composites Market Segmentation:

Thermoplastic Composites Market by Fiber Type, 2022-2029, (USD Millions, Kilotons)

» Glass

» Carbon

» Mineral

Thermoplastic Composites Market by Resin Type, 2022-2029, (USD MILLIONS, Kilotons)

» PA

» PP

» Peek

» Hybrid

Thermoplastic Composites Market by End-Use Industry, 2022-2029, (USD Millions, Kilotons)

» Transportation

» Consumer Goods & Electronics

» Wind Energy

» Sports & Leisure

» Construction

» Aerospace & Defense

The regional outlook by revenue covers the countries namely:

✦ North America (United States, Canada and Mexico)

✦ Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

✦ Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

✦ South America (Brazil, Argentina, Colombia, and Rest of South America)

✦ Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Key Features of the Thermoplastic Composites Market Report: -

⇨ Analyse competitive developments such as expansions, deployments, new product launches, and market acquisitions.

⇨ Examine the market opportunities for stakeholders by identifying higher growth sections.

⇨ To study and analyse the global Thermoplastic Composites industry status and forecast including key regions.

⇨ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

⇨ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

⇨ It helps you make strategic business decisions and investment plans.

Competitive Landscape

Competition has been growing for the Thermoplastic Composites industry as the supply and demand has been on an increasing trend sine past decade. This report gives a detailed analysis of the presence of various small, medium and micro enterprises in the industry of numerous scales, their relative sizes, product offerings, and market positions in the pre and post pandemic situations. Additionally, the report provides an overview of the competitor strategy with regards to business and corporate office and functions have been provided. The report also mentions about the operations, technology infrastructure, marketing strategies and financial capabilities. Thus, the report gives a very good understanding of the market to the shareholders and stakeholders from an overall perspective.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.

► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.

► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.

► Company History: The development of predominant occasions associated to the company.

► Main merchandise and services: A listing of the company's fundamental products, services, and brands.

► Main Competitors: A listing of the company's fundamental competitors.

► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

Table of Contents

Global Thermoplastic Composites Market Research Report 2023-2029

1 Thermoplastic Composites Market Overview

1.1 Product Overview and Scope of Thermoplastic Composites

1.2 Thermoplastic Composites Segment by Type (Product Category)

1.3 Global Thermoplastic Composites market Segment by Application

1.4 Global Thermoplastic Composites Market by Region (2023-2029)

1.4.1 Global Thermoplastic Composites Market Size (Value) and CAGR (%) Comparison by Region (2023-2029)

1.4.2 North America Status and Prospect (2023-2029

1.4.3 Europe Status and Prospect (2023-2029)

1.4.4 China Status and Prospect (2023-2029)

1.4.5 Japan Status and Prospect (2023-2029)

1.4.6 Southeast Asia Status and Prospect (2023-2029)

1.4.7 India Status and Prospect (2023-2029)

1.5 Global Market Size (Value) of Thermoplastic Composites (2023-2029)

1.5.1 Global Thermoplastic Composites Revenue Status and Outlook (2023-2029)

1.5.2 Global Thermoplastic Composites Capacity, Production Status and Outlook (2023-2029)

…

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