Thermoplastic Composites Market worth $31.8 billion- Global Forecast 2025
Thermoplastic composites are used in a variety of end-use industries, including aerospace & defense, transportation, wind energy, construction , consumer goods & electronics, sports & leisure, and others. Owing to its recyclability, fast processing, and ability to remold into different shapes quickly, the demand for thermoplastic composites is expected to grow during the forecast period. However, amidst the global COVID-19 pandemic, the demand for thermoplastic composites from the industries mentioned above is expected to show a sharp decline in 2020 and would recover post 2020. The global thermoplastic composites market size is expected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, projecting a CAGR of 7.5% during the forecast period between 2020 and 2025.
Companies operating in the thermoplastic composites market have strengthened their position in the global thermoplastic composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, owing to lockdown announced by several countries in 2020, the demand for thermoplastic composites from wind turbine installations, consumer & electronics goods automotive and aircraft manufacturers, and construction sectors has declined sharply. For instance, the demand for composites from two major commercial aircraft manufacturers, Boeing and Airbus, has decreased drastically due to zero orders for new aircraft in January and February, respectively. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing thermoplastic composites demand.
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The major manufacturers profiled in this report 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). Mitsubishi Chemical Advanced Materials (Japan), SGL Group, and Solvay (Belgium), among others. The thermoplastic composites business of these companies is severely affected due to the outbreak of COVID – 19 pandemic resulting in reduced demand for thermoplastic composites from several OEMs and disruption in the supply chain. However, several thermoplastic composite manufacturers have focused their concentration on offering support medical and healthcare device manufacturers. For instance, in lieu of COVID-19, Celenase Corporation has assured assistance to medical equipment manufcatures to provide their medical grade products such as long fiber reinforced thermoplastics and continuous fiber reinforced thermoplastics for making ventilators, respirators, and other medical and healthcare devices.
Recent Developments
- In June 2019, Mitsubishi Advanced Chemical Materials acquired Advanced Polymer Technologies (US) to enhance its technological advancement in the engineering plastics business. This acquisition will help the company to offer better solutions to aerospace & defense, medical, and electrical & electronics industries.
- In May 2019, Polyone Corporation launched new thermoplastic composite products at CHINAPLAS 2019. It introduced Complet LFT formulations, which is a thermoplastic composite with PEEK and PP as a base resin, to meet highly demanding design and performance requirements.
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