LANXESS (Germany), Celanese Corporation (U.S.), Solvay (Belgium), Polyone Corporation (U.S.), DuPont (U.S.), Koninklijke Ten Cate bv (the Netherlands), SABIC (Saudi Arabia), BASF SE (Germany), PlastiComp, Inc. (U.S.), and Quadrant group of companies (Switzerland) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Thermoplastic Composites Market.
Thermoplastic Composites Market - Overview
The Global Thermoplastic Composites Industry is growing with the rapid pace; mainly due to the burgeoning Paper Pulp industry. According to a recent study report published by the Market Research Future, The global market of Thermoplastic Composites is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for Thermoplastic Composites is driven by the region Asia pacific, owing to the growth in the population resulting in to increasing demand for polymer materials in automotive industry among others. Thermoplastic Composites are extensively used in the automotive body, parts and components to produce lightweight materials in the industry. Thermoplastic Composites enhances the stiffness, strength and other physical features of the product. Paramount environment concerns are prompting the manufacturers and investors to shift their focus from heavy metals to low density materials
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Rising population signifies the growth of automotive industry. Moreover growing industries such as consumer goods, medical and health care provide impetus to the thermoplastic composites Market growth.
Moreover, the growing replacement of heavy metals by lightweight materials is growing rapidly in the market due to recyclability and enhanced strength offered by the product.
Thermoplastic composites are high value added materials that can be reshaped and remoulded after melting and solidifying. They are termed as advanced composites that are used in a wide variety of applications to offer light weight and reliable nature to the product. Thermoplastic Composites are used in automotive, electrical electronics, aerospace, construction, consumer goods, packaging, sports to produce environment sustainable products.
Glass fiber is most widely used in electrical electronics, automotive industries after that carbon fiber is set to grow at a rapid rate due to its cost effective nature in end-use industries.
Thermoplastic Composites Market - Competitive Analysis
The thermoplastic composites market appears to be competitive with the presence of several large and small players operating in the Thermoplastic Composites Market. These key players compete based upon price, quality, technology and innovation. Thermoplastic composites market is set to grow at a higher rate which is likely to attract many entrants to the market resulting in to intensified competition further. Manufacturers functioning in the thermoplastic composites Market are struggling to respond to the growing demand for advanced materials from the electrical electronics attributed to the recent plant expansion, technological advancement. They ensure to deliver the best quality products based on innovative technologies, and best practices.
Industry/ Innovation/ Related News:
March 31, 2017 – Lanxess (Germany), one of the key manufacturers of thermoplastic composites, announced that the company has designed Tepex continuous-fiber-reinforced thermoplastic composite semi-furnished product to manufacture low weight and cost effective parts in the automotive industry. This has led to the emergence of door module carrier application in the major automotive manufacturer of the company. Due to these factors, Lanxess has signed a deal with German system supplier, Brose Fahrzeugteile GmbH Co. KG to supply the carrier’s manufacturer, ElringKlinger AG along with the composite material. The main purpose of this deal is to reduce the weight and impart a lightweight nature to the product. This is the result of a strong relationship between Brose, ElringKlinger, and Lanxess, over a number of years
June 21, 2017 – Solvay (Belgium) a prominent producer of thermoplastic composites, has signed an agreement to be the partner of GKN Aerospace’s Fokker by supplying the advanced materials to the company. In this deal, both the companies are set to combine their technologies and innovations to manufacture cost effective composites in the industry. Further, this partnership was formed to supply the advanced materials in oil gas, aerospace and automotive industries.
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Thermoplastic Composites Market - Regional Analysis
Geographically, Asia-Pacific region leads the global thermoplastic composites market. China is the leading player in the market owing to growing adoption of lightweight materials in electrical electronics and automotive sectors. Increasing demand of polymer materials in transportation, aerospace, defence, aviation, consumer goods, marine, sports, goods and packaging has boosted the thermoplastic composites market demand in China, India, Malaysia and Thailand. North America has witnessed significant growth owing to growing consumption of cost-effective materials in construction and electrical electronics sectors. Additionally, the market in the European region has received a significant boost due to strict rules and regulations implemented by the manufacturers to adopt advanced composites in automotive and packaging industries.
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