Global Thermoplastic Composite Market by Product Type (Short Fiber Reinforced Thermoplastic (SFRT), Long Fiber Reinforced Thermoplastic (LFRT), Continuous Fiber Reinforced Thermoplastic (CFRT), and Glass Mat Thermoplastics (GMT)), by Fiber Type (Fiberglass and Carbon Fiber), End Use Industries (Aerospace & Defense, Wind Energy, Automotive, Building & Construction, Sports, Electrical & Electronics and others), and by Region- Forecast till 2023
Pune, India -- (SBWIRE) -- 03/29/2018 -- Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five key regions the Global Thermoplastic Composites Market. Asia Pacific holds the major share of Global Thermoplastic Composite Market among them. The region accounts for ~40% share of the overall Thermoplastic Composites Market. Countries namely India, Japan, and China are the major markets in this region. Aerospace & defense industry is growing at highest CAGR in this region owing to the huge investment by India and China in space exploration and domestic as well as international air travel. Indian Space Research Organization (ISRO) has emerged as one of the world's leading commercial space agency. India is steadily earmarking greater percentage of its GDP for space sciences and aspire to become the leader in global space industry. Apart from this, China is bidding to build an industrial corridor in a space between earth and moon to launch solar satellite for power generation. These developments in Asia Pacific are projected to fuel the demand of thermoplastic composites in the region. In addition to aerospace, wind turbine installation is gaining momentum in this region on account of favoring government policies such as "national offshore wind energy policy" (NOWEP) and formation of "national institute for wind energy" (NIWE) by Indian government. It includes allocation of blocks, facilitating international investment and coordination among stakeholders to take forward this source of renewable energy. This, in turn, is expected to drive the demand of Thermoplastic Composites in this region. Furthermore, other industries such as automobile, building & construction, and sports are growing significantly to further propel the growth of regional Thermoplastic Composites Market.
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North America was the leading the Global Thermoplastic Composites Market before surpassed by Asia Pacific last year. U.S is the leading market in this region, which is attributed to the presence of well-established end use industries such as aerospace & defense along with sports industry. The U.S aerospace & defense industry generated over USD 600 billion revenue in 2015 which is growing at 2% year-on-year since then and expected to continue this trend throughout the forecast period. This is anticipated to fuel the maximum demand of Thermoplastic Composites to boost growth of the regional market.
Europe is also prominent region in the Global Thermoplastic Composites Market. U.K, Germany, France and Switzerland are leading the regional market. Automobile and aerospace industries are fetching maximum demand of Thermoplastic Composites in this region. Growing demand of light weight and electric vehicles is projected to drive the growth of regional thermoplastic composites market. European Union produced quarter of the global motor vehicle production in 2016, which is estimated to grow further during the forecast period. Latin America is witnessing the rise of industrialization in countries namely Brazil and Argentina. The increasing number of end use industries is projected to propel growth of the market in this region. In coming years the opportunities for composites and core material are growing in the Middle East & Africa, which would help to propel the growth of the regional market.
The Global Thermoplastic Composites Market is segmented on the basis of product type, fiber type, end use industry, and region. Based on 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). On the basis of fiber type the market is divided into fiberglass and carbon fiber, in which fiberglass or glass fiber based thermoplastic composite material is holding major share of overall demand of Thermoplastic Composite. 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. Among them aerospace & defense industry is installing maximum usage of Thermoplastic Composites. Geographically, the markets is divided into five key regions namely Asia Pacific, North America, Europe, Latin America and Middle East & Africa.
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Arkema Group (France)
SGL Carbon SE (Germany)
Celanese Corporation (U.S.)
DSM N.V. (Netherlands)
Koninklijke Ten Cate bv. (Netherlands)
SABIC (Saudi Aarbia)
TEIJIN LIMITED (Japan)
BASF SE (Germany)