The global thermoplastic resin market in composites industry offers an impressive CAGR of 6.1% during the forecast period of 2017 to 2022 and reach US$13.7 bln in 2022, as per Stratview Research. There are several factors bolstering the growth of thermoplastic resin market in the global composites industry. The author of the report cited organic growth in the automobile production, increasing demand for lightweight components to address stringent regulations such as CAFÉ standards, high demand for sustainable (recycling) and fast-curing materials, development of new applications using thermoplastic composites, and increasing penetration of composite materials by replacing metals as the major growth drivers of the thermoplastic resin market in the composites industry.
In terms of resin type, polyamide (PA) is expected to remain the most dominant resin during the forecast period of 2017 to 2022. It is most widely used in short fiber thermoplastic based applications. However, polyphenylene sulfide (PPS) is likely to witness the highest growth over the next five years, driven by an increasing usage of thermoplastic composites in the aerospace & defense and automotive industries. Based on compound type, short fiber thermoplastic (SFT) generates the highest demand for thermoplastic resins and is expected to remain the largest compound type during the forecast period. CFT and LFT are gaining market traction in the composites industry and are also increasingly being accepted in the automotive industry.
As per the report, transportation is projected to remain the largest market for thermoplastic resin in the composites industry during the forecast period and is also likely to witness the highest growth in the same period, driven by stringent government regulations. All the major automakers are increasingly incorporating advanced materials including composites in the structural and semi-structural applications of their vehicles by replacing traditional metals, such as steel. In terms of region, Asia-Pacific is expected to remain the largest and the fastest-growing market for thermoplastic resins in the composites industry during the forecast period. High production of automobiles, continuous shift of electronic industry from the developed economies to the developing Asian economies, and increasing penetration of composites are the major growth drivers of thermoplastic resin market in the Asia-Pacific's composites industry.
Solvay S.A., BASF SE, E. I. du Pont de Nemours and Company, Koninklijke DSM N.V., LyondellBasell Industries N.V., and SABIC are the key suppliers of thermoplastic resins in the composites industry. Most of the players are forward integrated and supply reinforced compounds as well. New product development, wide geographical reach, and vast product portfolio are the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.
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