Thermoplastic Composites Market: Introduction
Transparency Market Research delivers key insights on the global thermoplastic composites market. In terms of revenue, the global thermoplastic composites market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global thermoplastic composites market.
The global thermoplastic composites market is broadly affected by several factors, including increase in usage of thermoplastic composites in various end-use industries such as pharmaceuticals, automotive & transportation, and agriculture. Rise in global demand for composites has led to significant growth in the usage of thermoplastic composites. Increase in production and demand for automobiles is expected to be the primary driver of the global thermoplastic composites market. Growth of marine and construction industries is also propelling the demand for thermoplastic composites across the globe.
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Thermoplastic Composites Market: Dynamics
Thermoplastic composites are being increasingly used as engineering materials, as they offer mechanical properties superior to metal assemblies, die castings, and traditional plastic materials. They can also be processed easily through the same fabrication methods such as injection molding.
Mechanical properties of these materials are dependent on a complex combination of several internal variables such as type of matrix, fiber content, fiber-matrix interface, fiber orientation, fiber dimensions, and external variables, i.e. environmental and testing conditions. Demand for thermoplastics is also rising, as they can be reshaped by melting. Thermoplastics are also melt-processable. This helps carry out repair in the field.
Compared to metals, thermoplastics provide better corrosion resistance, chemical resistance, and better strength-to-weight ratio. Thus, superior physical and mechanical properties of short fiber thermoplastic are expected to the drive the thermoplastic composites market in the near future.
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Thermoplastic Composites Market: Prominent Regions
Asia Pacific holds major share of the global thermoplastic composites market. The market in the region is anticipated to expand at a CAGR of more than 6.6% during the forecast period. Increase in demand for thermoplastic composites in various end-use industries such as automotive, construction, electrical & electronics, and aerospace in Asia Pacific is driving the thermoplastic composites market in the region. China is a key country of the thermoplastic composites market in Asia Pacific. It held significant share of the thermoplastic composites market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global thermoplastic composites market. Germany led the thermoplastic composites market in Europe in 2020. The expansion of the automotive industry in Europe is driving the thermoplastic composites market in the region.
Thermoplastic Composites Market: Major Players
The global thermoplastic composites market is consolidated with the presence of key players. Prominent players operating in the global thermoplastic composites market include Solvay, BASF SE, SABIC, DSM, Lanxess AG, Avient Corporation, Celanese Corporation, SGL Carbon, AVANCO GmbH, Teijin Limited, Toray Industries Inc., Mitsubishi Chemical Corporation, and The Dow Chemical Company.