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Thermoplastic Composites Market - Growth, Trends, and Forecasts (2019 - 2024)

Thermoplastic Composites Market - Growth, Trends, and Forecasts (2019 - 2024)

  • October 2019
  • 199 pages
  • ID: 5826243
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Sep 30th 2021

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Market Overview
The market for thermoplastic composites is expected to grow at a CAGR of over 5.29% during the forecast period. One of the major factors driving the market studied is the increasing demand from the transportation sector. However, challenges to form composites from fiber reinforcements are likely to restrain the market.

- Increasing investments in aerospace and defense applications are also likely to boost the demand for during the forecast period.
- Growing usage in the Asia-Pacific region to act as an opportunity for the market growth in the future.
- Asia-Pacific accounted for the highest market share in 2018 and is likely to dominate the market during the forecast period.

Key Market Trends
Transportation industry to Dominate the Market

- Transportation is the major end-user industry of the thermoplastic composites. The growing demand for producing light-weight and less co2 emission vehicles are driving the demand for thermoplastic composites in the transportation industry.
- It is expected that, by 2020, the carbon emissions cap for new cars in the European Union will drop from 130 grams to 95 grams per kilometer. To achieve this target, car manufacturers are designing lighter vehicles by replacing metal with composites to make them light, tough, and recyclable.
- In 2019, Clemson University (Clemson, SC, US) Composites Center and the Clemson University International Center for Automotive Research (CU-ICAR) announced a 4-year project to manufacture a 100% recyclable carbon fiber-reinforced thermoplastic door.
- The demand for automotive, across the world, in the upcoming years, is expected to depend heavily on the results of Brexit and international trade war. In 2018, the global automotive production declined by 1.1% over the previous year.
- However, the automotive demand in Asian countries, like India, Japan, and South-east Asian countries, is likely to witness positive growth in the coming years.
- Hence, owing to the above-mentioned factors, the transportation industry is likely to dominate the market.

North America to Witness the Highest Growth Rate

- The electronics industry in the United States is growing at a steady rate. Additionally, with companies continuously investing in the country’s electronics industry, the market will continue to grow, thereby increasing the consumption of thermoplastic composites in the United States.
- The United States is the second-largest producer of automobiles in the world. The production of automobiles in the country had recorded a robust growth till 2016. After growing at 3.8% in 2015, the growth had decreased by 8.13% in 2017, due to the excess inventory and low demand for passenger cars. However, in 2018, the total production of automobiles in the country had registered a growth of 1.1% YoY over 2017, reaching a total of 1,13,14,705 vehicles.
- The construction industry in the United States had witnessed rapid growth over the past few years, as a result of increased private sector spending on residential construction. The residential construction, in 2016 and 2017, had increased YoY, by 10.52% and 10.58%, respectively. Residential construction in the country is projected to have a growth of almost 6% during the forecast period (2019-2024), due to an increase in the construction of single and multiple family housing in the country.
- Canada’s construction industry is the second largest in the North American region, and is also expected to improve and grow at a decent pace through 2024. Canada’s commercial and residential construction is witnessing a significant growth rate, majorly driven by government initiatives and rising immigration in the country, thus, affecting new constructions.
- Hence, owing to the above-mentioned reasons, North America region is expected to witness the highest growth rate

Competitive Landscape
The thermoplastic composites market is concentrated, with the top five players accounting for around 35% of the market share in 2018. The major players of the market include BASF, Arkema, Toray, Lanxess, and Solvay.
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