Global thermoplastic composites market is expected to grow from US$28 bln in 2019 to US$36 bln by 2024, at a CAGR of 5.2% as per ResearchAndMarkets.com. Thermoplastic composites are used in a wide array of applications, such as transportation, consumer goods & electronics, aerospace & defense, sports & leisure, and construction, among others.
Long fiber-reinforced thermoplastic composites to register a higher CAGR, in terms of value and volume, between 2019 and 2024. LFT composites to register the highest CAGR owing to high demand from the automotive and aerospace & defense industries. LFT composites offer various characteristics, including high-temperature performance, corrosion resistance, weight reduction, flammability, and thermal resistance. A wide variety of thermoplastic resins are available for LFT composites production, including PP, PA, and PC. LFT composites are broadly used to manufacture automotive components, such as engine parts, under the hood applications, sunroof frames, seat and backrest constructions, door modules and shifter bases, luggage compartments, and other car body components. Moreover, they are gaining acceptance in the sports & leisure industry as well.
The market in the aerospace & defense application is expected to register the highest CAGR between 2019 and 2024. Aerospace & defense is the fastest-growing application in the thermoplastic composites market. The benefits of using thermoplastic composites for aerospace applications include cost performance, dimensional stability, and corrosion resistance. Thermoplastic composites provide lightweight property in the aerospace industry and hence facilitates more efficient designs - structurally, and aerodynamically. The interior components produced from thermoplastic materials include floor panels, luggage bins, seats, trolleys, separation panels, keel beams, seals, fuel pipes, and bulkheads.
Carbon fiber reinforced thermoplastic to register the highest CAGR between 2019 and 2024. The ability of carbon fiber to reduce weight, lower energy consumption, and enhance the performance of finished products has increased the demand for carbon fiber-reinforced thermoplastic composites, especially in the aerospace & defense and transportation applications. Carbon fiber-reinforcement can be manufactured using a wide range of base resins, such as PP, PA, PEEK, PPS, and PC. Carbon-reinforced PEEK resins are highly preferred in the aircraft applications. Carbon-reinforced acetal polyoxymethylene (POM) compound is one of the key products in this segment that can be used in a variety of components, such as cams, gears, bearings, snap fittings, and jug kettles.
The thermoplastic composites market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2019 and 2024. APAC is the fastest-growing market and the major consumer of thermoplastic composites, globally, owing to the industrial development and improving economic conditions. This region constitutes approximately 60% of the world's population, resulting in the rapid growth of the various industries, such as automotive, consumer goods, electrical & electronics, and construction. China, Japan, South Korea, and India are the major countries involved in major consumption of thermoplastic composites in APAC. Moreover, growing wind installation in the region is also augmenting the demand for thermoplastic composites.