As per the report published by Allied Market Research, the global thermoplastic composites market is anticipated to garner $22.8 billion by 2027, growing at CAGR of 6.1% from 2020 to 2027. The report highlights market potential, market characteristics, growth by segmentation, and competitive landscape.
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Eswara Prasad, Manager,
Materials & Chemicals at Allied Market Research, stated, “Emerging end-use
application of fiber composites and increase in demand from the transportation
industry have boosted the growth of the global thermoplastic composites market.
However, high cost of raw materials hinders the market growth. On the contrary,
untapped potential in several regions across the globe opens lucrative
opportunities for the market players in the future.
Covid-19 pandemic impact on the market:
- The Covid-19 pandemic resulted in halt of manufacturing facilities due to strict lockdown measurements. Moreover, the pandemic hampered the supply chain in the chemical industry and created shortage of raw materials.
- The demand for thermoplastic
composites from industries such as aerospace & defense, automotive, and construction
reduced during the pandemic However, the demand is expected to boost
post-pandemic.
The global thermoplastic
composites market is analyzed across several regions such as Europe, North
America, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to
portray the highest CAGR of 6.4% during the forecast period. Moreover, the region
would dominate the market in terms of revenue throughout the forecast period.
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The global thermoplastic
composites market is divided on the basis of fiber type, resin type, product
type, and application.
Based on fiber
type, the mineral segment would register the highest CAGR of 6.3% during the
forecast period. However, the glass segment is expected to hold the lion’s
share throughout the forecast period.
On the basis of product
type, the glass mat thermoplastics (GMT) segment is estimated to manifest the
highest CAGR of 6.1% during the forecast period. Moreover, the segment would
hold the largest share during the forecast period.
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Sample Pages: https://twitter.com/Allied_MR/status/1402568520374919174?s=20
The global thermoplastic
composites market report includes an in-depth analysis of the major market
players such as Celanese Corporation, BASF SE, DuPont, DSM, laxness, Hanwha, PPG
Industries, Mitsubishi Chemical Advanced Materials, SABIC, and Solvay S.A.
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