The global thermoplastic composites market is prognosticated to benefit from the need to replace conventional plastic materials, die castings, and metal assemblies. Thermoplastic composites are reckoned to be more attractive than thermosets and metals because of their creep resistance in severe and constant load environments and high resistance to extreme temperatures. Other factors such as low product rejection, improved surface quality, high rigidity, and high impact strength could help thermoplastic composites to gain an upper hand in the coming years. A report by Transparency Market Research (TMR), titled “Thermoplastic Composites Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” gives a broad account of key growth factors.
Rapid industrialization could work in the favor of the world thermoplastic composites market, especially in developing countries, on account of rising applications in various industries. Thermoplastic composites could find application in automobile, electrical and electronics, consumer goods, aerospace, and defense industries. Lightweight composites are anticipated to be highly demanded in the aerospace industry in order to achieve sustainable development. There could be a high consideration for more fuel efficient and lightweight designs in the industry for current models because of continually increasing fuel costs.
Thermoplastic composites could also find application in electronics and consumer goods industries, thus contributing to market growth in the near future. The automobile industry is expected to witness a high penetration of the world thermoplastic composites market as a result of rising applications in roofs, hoods, wheels, chassis, and other vehicle components of high-performance and race cars. Market growth could be further improved on the back of innovations leading to strong product performance and lower cost for consumers.
In the next few years, the world thermoplastic composites market could witness the dominance exhibit by Asia Pacific. The emerging region is foreseen to take advantage of aggressive urbanization and rising population in India and China to showcase its prominence in the market. Growing electronics industry and steady rise of other crucial ones could help the regional market to attain a handsome growth in the coming years. The electronics industry is predicted to be particularly prominent in Japan compared to other developing economies of the region.
Asia Pacific could be followed by Europe because of the markets in Italy and Germany riding on the presence of influential and well-established automotive sectors. The international thermoplastic composites market is also envisioned to gain from the growth of Europe due to the presence of some of the largest companies in the aerospace industry. The market situation could be somewhat similar in another developed region, i.e. North America. This could be more evident in the U.S. which is home to a number of aerospace and automobile behemoths. The Middle East and Africa could take advantage of the fast growth of South Africa, Gulf Cooperation Council (GCC) countries, and other developing economies.
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In Latin America, Brazil could stand out in the thermoplastic composites market because of the swelling demand for consumer goods. The growth of the automotive industry in the country could augur well for the regional market in the foreseeable future. Some of the leading players of the global market are BASF SE, Celanese Corporation, The Dow Chemical Company, Cytec Industries, and Royal Ten Cate N.V. The report offers a deep assessment of the vendor landscape and profiles key players based on different factors.