Thermoplastic Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Resin Type (Polypropylene, Polyamide, Polyetheretherketone, and Other Resin Types), Fiber Type (Glass Fiber, Carbon Fiber, and Other Fiber Types), Product Type (Short-fiber Thermoplastic, Long-fiber Thermoplastic, Continuous-fiber Thermoplastic, and Glass Mat Thermoplastic), End-user Industry (Aerospace and Defense, Electrical and Electronics, Automotive, Construction, Medical, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for thermoplastic composites in revenue (USD million) for all the above segments.

Market Snapshot

Thermoplastic Composites Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %

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Market Overview

The Global Thermoplastic Composites Market was valued at over USD 15 billion in 2020, and the market is projected to register a CAGR of greater than 6% during the forecast period (2021-2026).

The COVID-19 pandemic, on a global scale, has forced automakers, wind turbine manufacturers, and aircraft manufacturers to shut down their operations, lowering the demand for composites in 2020. The pandemic impacted almost every aspect of the composites industry, from product demand to workforce development to the acceleration or deceleration of trends that were already underway when it struck. Customers and their own temporary production stop reduced the production levels, and demand reductions have all had a significant impact on production processes.

  • In the medium term, the major factors driving the market studied are the increasing demand from the construction industry and increasing investments in aerospace and defense applications.
  • On the flip side, the declining automotive industry and the negative impact of the COVID-19 pandemic are likely to restrain the market growth.
  • Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.

Scope of the Report

Structural polymer composites gave way to thermoplastic composites (TMCs). Because they are made of a thermoplastic matrix, these materials are not chemically unstable. TMCs soften and can be remolded without degrading when heated. They solidify into the final shape as they cool. The thermoplastic composites market is segmented by resin type, fiber type, product type, end-user industry, and geography. By resin type, the market is segmented into polypropylene, polyamide, polyetheretherketone, and other resin types. By fiber type, the market is segmented into glass fiber, carbon fiber, and other fiber types. By product type, the market is segmented into short-fiber thermoplastic, long-fiber thermoplastic, continuous-fiber thermoplastic, and glass mat thermoplastic. By end-user industry, the market is segmented into aerospace and defense, electrical and electronics, automotive, construction, medical, and other end-user industries. The report also covers the market size and forecasts for thermoplastic composites in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).

Resin Type
Polypropylene (PP)
Polyamide (PA)
Polyetheretherketone (PEEK)
Other Resin Types
Fiber Type
Glass Fiber
Carbon Fiber
Other Fiber Types
Product Type
Short-fiber Thermoplastic (SFT)
Long-fiber Thermoplastic (LFT)
Continuous-fiber Thermoplastic (CFT)
Glass Mat Thermoplastic (GMT)
End-user Industry
Aerospace and Defense
Electrical and Electronics
Automotive
Construction
Medical
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Automotive Industry to Dominate the Market

  • Interest in thermoplastic matrix composites has increased in recent years, owing to several advantages of these materials, including high volume processability, recyclability, superior damage tolerance, and fracture toughness, and the ability to produce complex shapes.
  • Automotive is the major end-user industry of thermoplastic composites. The growing demand for producing lightweight and less CO2 emission vehicles is driving the demand for thermoplastic composites in the transportation industry.
  • The automotive industry has long struggled with high fuel prices, and vehicle OEMs and suppliers generally lead the transportation industry by using thermoplastic composites to reduce vehicle mass. Due to increasingly stringent emission regulations, automotive manufacturers are aiming to reduce the weight of vehicles, as it helps in saving a noticeable amount of carbon dioxide emissions. A 10 kilogram weight reduction is estimated to reduce 1 gram of carbon dioxide per kilometer.
  • Despite an encouraging growth in the automotive sector during the past decade, the momentum slowed down in recent years. The sales and production of new vehicles are going down in various parts of the world, including Europe, Asia-Pacific, and the United States. This affected the previously growing automotive production in most nations. Business models, the markets, and the competitive landscape are undergoing changes.​​ This is slowing the demand for thermoplastic composites.
  • According to the OICA data, global automotive production declined by around 5% and reached 92,175,805 million in 2019. ​The car sales declined by more than 3 million in 2019. In the first six months of 2020, automobile production witnessed a huge downfall across the globe owing to the impact of COVID-19. According to OICA, in 2020, the global automotive production reached 77,621,582 vehicles, declining about 15.8% respectively from the previous year.
  • However, the development of electric vehicles may continue to gain momentum in the upcoming years, especially in Europe, China, and the United States, where many government programs are promoting a move away from fossil fuels owing to the various environmental concerns.
  • According to IEA, in 2030, global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers). In the [email protected] Scenario, in 2030, around 70% of the vehicle sales in China are expected to be EVs. Also, half of the vehicles sold in Europe are EVs, 37% in Japan, 30% in Canada and the United States, and 29% in India.
  • Hence, owing to the above-mentioned factors, the transportation industry is likely to dominate the market.
Thermoplastic Composites Market Key Trends

China to Dominate the Asia-Pacific Region

  • China is the largest manufacturer and consumer of thermoplastic composites in the region, followed by India and Japan.
  • According to the OICA, China is the largest producer of automobiles in the world. However, automotive production in the country has been witnessing a huge decline for the past three years. The country produced 25,720,665 vehicles in 2019. In 2020, the country produced 25,225,242 vehicles, which declined about 2% from 2019.
  • China has the world’s largest electronics production base. Electronic products, such as smartphones, OLED TVs, tablets, wires, cables, and earphones, recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.
  • In China, with the increase in the disposable income of the middle-class population and the increasing demand for electronic products in the countries importing electronic products from China, the production of electronics is projected to grow.
  • According to the National Bureau of Statistics of China, in December 2020, retail sales of household appliances and consumer electronics in China had amounted to about 100 billion yuan.
  • China has been a key contributor to global air traffic growth for the past few years. The average passenger growth rate has been over 10% per year. This growth is primarily driven by rising passenger traffic due to higher spending power and better air connectivity. Thus, increasing passenger traffic is expected to boost the demand for aircraft.
  • As of Boeing estimates 2019, the airplane market value will be USD 1,300 billion in the next 20 years, which is expected to drive the demand for thermoplastic composites in the coming years.
  • In the pre-pandemic scenario, the total civil aircraft fleet had been increasing steadily in the country. Moreover, in the next 20 years, the Chinese airline companies are planning to purchase about 7,690 new aircraft, which are valued at about USD 1.2 trillion.
  • All the aforementioned factors, in turn, are projected to show a significant impact on the market during the forecast period.
Thermoplastic Composites Market Growth By Region

Competitive Landscape

The thermoplastic composites market is partially fragmented, with the top five players accounting for around 35% of the global share. Some major players in the market include BASF SE, Arkema, TORAY INDUSTRIES INC., LANXESS, and Solvay.

Recent Developments

  • In February 2021, Solvay and Leonardo announced the launch of a joint research lab dedicated to the development of novel composite materials and production processes critical for the future of the aerospace industry.
  • In June 2020, Solvay announced its five-year material supply agreement with Leonardo for programs across its Aerostructures, Aircraft, Helicopters, and Electronics divisions. Solvay will provide a broad range of market-leading and innovative materials, including thermoset composites CYCOM 977-2 and CYCOM 970, thermoplastic composites APC and APC-2, and SURFACEMASTER 905 adhesives. In addition to material supply, Solvay will partner with Leonardo in multiple R&D initiatives targeting the development of new materials and process technologies.
  • In September 2019, Solvay announced that it is expanding its thermoplastic composites capacity with a new production line at its US facility in Anaheim, California, underscoring its commitment to meeting strong demand growth from aerospace customers for this high-performance material and Solvay’s proprietary and unique technology.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Construction Sector

      2. 4.1.2 Increasing Investments in Aerospace and Defense Applications

    2. 4.2 Restraints

      1. 4.2.1 Declining Automotive Industry

      2. 4.2.2 Negative Impact of the COVID-19 Pandemic

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin Type

      1. 5.1.1 Polypropylene (PP)

      2. 5.1.2 Polyamide (PA)

      3. 5.1.3 Polyetheretherketone (PEEK)

      4. 5.1.4 Other Resin Types

    2. 5.2 Fiber Type

      1. 5.2.1 Glass Fiber

      2. 5.2.2 Carbon Fiber

      3. 5.2.3 Other Fiber Types

    3. 5.3 Product Type

      1. 5.3.1 Short-fiber Thermoplastic (SFT)

      2. 5.3.2 Long-fiber Thermoplastic (LFT)

      3. 5.3.3 Continuous-fiber Thermoplastic (CFT)

      4. 5.3.4 Glass Mat Thermoplastic (GMT)

    4. 5.4 End-user Industry

      1. 5.4.1 Aerospace and Defense

      2. 5.4.2 Electrical and Electronics

      3. 5.4.3 Automotive

      4. 5.4.4 Construction

      5. 5.4.5 Medical

      6. 5.4.6 Other End-user Industries

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 ASEAN Countries

        6. 5.5.1.6 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 France

        4. 5.5.3.4 Italy

        5. 5.5.3.5 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle-East and Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Arkema

      2. 6.4.2 AVANCO GmbH

      3. 6.4.3 BASF SE

      4. 6.4.4 Celanese Corporation

      5. 6.4.5 Daicel Corporation

      6. 6.4.6 DIEFFENBACHER GmbH Maschinen- und Anlagenbau

      7. 6.4.7 Hexcel Corporation

      8. 6.4.8 DSM

      9. 6.4.9 LANXESS

      10. 6.4.10 Avient Corporation

      11. 6.4.11 SABIC

      12. 6.4.12 SGL Carbon

      13. 6.4.13 Solvay

      14. 6.4.14 TechnoCompound GmbH

      15. 6.4.15 TEIJIN LIMITED

      16. 6.4.16 Mitsubishi Chemical Corporation

      17. 6.4.17 TORAY INDUSTRIES INC.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Thermoplastic Composites Market market is studied from 2016 - 2026.

The Thermoplastic Composites Market is growing at a CAGR of >6% over the next 5 years.

The Thermoplastic Composites Market is valued at 15 Billion USD in 2016.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

BASF SE, Solvay, TORAY INDUSTRIES, INC., LANXESS, Arkema are the major companies operating in Thermoplastic Composites Market.

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