Thermoplastic is an organic material that melts at specific high temperature and on cooling it gets hardened. Thermoplastic material becomes moldable when heated and can be given desired shapes. Chemically, thermoplastic materials resemble to rubber and physically they are as strong as aluminum. They exhibit many desired properties including good thermal and electrical resistance, greater resistance to abrasion, and good operational ability under high pressure. In addition to this, the Thermoplastic Composites exhibit better fatigue properties over traditional materials such as metal and wood and undergoes high load without deformation. Global aerospace & defense industry is making maximum use of Thermoplastic Composites in manufacturing both fuselage and machinery. The new range of wide and light bodies aircrafts manufactured by leading aerospace industries using more than 50% of composites. This, in turn is expected to drive demand of the thermoplastic composites. The environmental concern necessitate the world to find greener alternative for power generation. Wind energy came up as a solution to this problem. Both developed and developing countries are investing significant shares of their GDP wind energy, which may fuel the demand of thermoplastic composites.
Market Segmentation:
The Global Thermoplastic Composite Market has been segmented on the basis of product type, fiber type, end use industry and region. On the basis of product type, the market is divided into, short fiber reinforced thermoplastic (SFRT), long fiber reinforced thermoplastic (LFRT), continuous fiber reinforced thermoplastic (CFRT), and glass mat thermoplastics (GMT). Among these types, SFRT is holding major share of overall demand of Thermoplastic composites. SFRT is an easily moldable material which is primarily used to manufacture parts of aircraft and defense equipment. Easy processing and ability of SFRT to be recycled from scrap offers significant cost effectiveness over the other types. Its application can be found in automotive, electrical & electronics industry, and chemical processes as well. LFRT is another important product type of Thermoplastic Composites which primarily used in making part of automotive industry. Their structural properties and low cost per part enabled it to replace is metal counterparts in automotive industry. Advent of new organic long fibers offer greater recyclability, which would mitigate environmental concern regarding its dispose and help increase its usability. GMT is different from the injection molded reinforced thermoplastics and offer better mechanical properties. It is used in underbody shields, seat structures and front-ends in automotive.
Thermoplastic Composite are divide into glass fiber and carbon fiber based on the type of fiber used in the composite. Glass fiber composite is a majorly used Thermoplastic Composite due to its superior priorities such as greater flexibility, strength, durability and chemical stability. Glass fiber based composites can be manufactured in less complex and cost effective way, which increases its usability in almost all end user industries of Thermoplastic Composites. Carbon fiber is an extremely light fiber reinforced material, which find its applications in many end use industries such as building & construction, sports goods and automotive.
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Based on end use industry, the Global Thermoplastic Composite Market is segmented into aerospace & defense, wind energy, automotive, building & construction, sports, electrical & electronics and others. Aerospace & defense industry is gaining momentum around the world owing to the competition among the leading economies namely U.S, India, Russia, and China. The global aerospace market which includes designing and manufacturing of aircrafts as well as spacecraft is set to witness the highest growth among all the end use industries of Thermoplastic Composite. This, in turn is expected to fuel the demand of Thermoplastic Composites. Following aerospace industry, the global wind turbine composite market is growing at substantially highest CAGR and expected to reach ~ USD 12 billion by the end of 2023, which is attributed to an increasing demand of green energy with lesser carbon footprint. In addition to this, defense sector of major military powers namely, U.S., Russia, China, and India is flourishing with the increased defense spending by these countries to enhance their military capabilities. This, in turn is projected to boost the demand of Thermoplastic Composite in making lighter and stronger warfare grade military vessels, fighter jets, and other defense equipment. Moreover, there is an increasing demand of light weight automobiles to enhance fuel efficiency which is anticipated to propel the growth of Global Thermoplastic Composite Market.
Regional Analysis:
The Global Thermoplastic Composite Market is geographically divided into five key regions which are Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is the leading region among them owing to the increasing demand from aerospace & defense and wind energy sector in this region. Countries namely India, China, and Japan are leading markets in this region owing to the growth in demand from major end use industries such as aerospace & defense, automotive, and building & construction in these countries. North America is the second most significant region in the Global Thermoplastic Composite Market. U.S. is the largest market in this region due to the presence of well-established and leading end use industries such as aerospace & defense and sports industry. Europe is another substantial region in the Global Thermoplastic Composite Market. The major markets in this region are Germany, U.K., France and Italy, where there is a growing demand of Thermoplastic Composites by automobile industry. Industrialization in Latin America is on the rise with pacifying political and economic scenario in Brazil and Colombia. During the forecast period the region anticipated to hold significant share of the Global Thermoplastic Composite Market. The Middle East & Africa is holding relatively lesser shares in the global thermoplastic composite market. It is anticipated to witness growth in coming years on account of hitherto untapped growth opportunities in composites and core material market.
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