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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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.