The thermoplastic composites market is a dynamic and rapidly evolving landscape, poised to revolutionize various industries with its unique blend of performance and versatility. From lightweighting aircraft to strengthening construction materials, these advanced composites are pushing the boundaries of what’s possible. But what are the latest trends shaping this market, and how can you stay ahead of the curve?
Key Developments:
- Sustainable Solutions: Sustainability is a major driver, with bio-based resins and recycled materials gaining traction. Companies like Arkema are developing bio-based PA11 for automotive applications, while Solvay is offering recycled carbon fiber for structural components.
- Advanced Manufacturing: Automation and digitalization are streamlining production, enabling cost reduction and complex part geometries. For instance, continuous fiber reinforced 3D printing promises to revolutionize design and manufacturing processes.
- Industry-Specific Innovations: Tailored solutions are emerging for various sectors. Airbus is using thermoplastic composites for lighter, more fuel-efficient aircraft structures, while Siemens is leveraging them for wind turbine blades with enhanced durability.
The global Thermoplastic Composites Market size is expected to grow from USD 22.2 billion in 2020 to USD 31.8 billion by 2025, at a CAGR of 7.5% during the forecast period. The thermoplastic composites industry is growing due to the increase in the demand for high performance materials with properties such as ability to reform, recyclability, FST properties, high strength to weight ratio, good tensile strength, electrical conductivity, among others.
Challenges and Opportunities:
- Cost Competitiveness: Despite advancements, thermoplastic composites can still be more expensive than traditional materials. Continuous cost reduction efforts are crucial for wider adoption.
- Standardization and Regulations: The lack of standardized testing methods and regulations can hinder market growth. Collaboration between industry players and regulatory bodies is essential.
- Recycling Infrastructure: Efficient recycling infrastructure for composite materials is still in its early stages. Developing sustainable end-of-life solutions is critical for long-term viability.
APAC is expected to account for the largest market share in the thermoplastic composites market
APAC accounts for the biggest share of the global thermoplastic composites market. The electrical & electronics, automotive, and consumer goods sectors are the major consumers of thermoplastic composites in the region. North America is the second major consumer of thermoplastic composites. Aerospace & defense and automotive are the major industries fueling the growth of the thermoplastic composites market in this region. Moreover, the US is a manufacturing hub of various commercial, military, and private aircraft. However, the COVID-19 outbreak has affected the demand for thermoplastic composites in the region. On the positive side, the pandemic COVID-19 has instigated nations such as India to reduce dependency on imported goods and manufacture parts/components locally. Such initiatives coupled with recovery in the thermoplastic composites end-use industries will increase the demand for thermoplastic composites in APAC.
The key players in the thermoplastic composites market 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). Among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
The thermoplastic composites market presents immense opportunities for innovation and growth. By staying informed, embracing new technologies, and prioritizing sustainability, you can be part of this transformative journey. Let’s collectively explore how we can leverage the power of thermoplastic composites to build a better future.
