The future of thermoplastic composites in the Asian consumer goods market looks promising with opportunities in circuit breakers, power tools, appliances, and furniture applications. Thermoplastic composites in the Asian consumer goods market are expected to reach an estimated US$1.5 bln by 2022 and grow at a CAGR of 4.3% from 2017 to 2022, as per Lucintel. The major drivers for the growth of this market are growing demand for consumer goods in the region and performance benefits of reinforced thermoplastics over traditional materials; these benefits include weight savings, recyclability, and resistance to moisture and chemicals.
Emerging trends, which have a direct impact on the dynamics of thermoplastic composites in the Asian consumer goods industry include continuous innovation and development of new products and applications and establishment of manufacturing facilities in high growth markets.
Lucintel forecasts that the power tools, appliances and circuit breaker applications will show above average growth during the forecast period. Short fiber reinforced thermoplastic (SFT) composites are expected to remain the largest market for thermoplastic composites in the Asian consumer goods market in value shipment because they offer versatility in processing. Polyamide (PA) based thermoplastic composites and polypropylene (PP) based thermoplastic composites in the Asian consumer goods market are expected to remain the most widely-used thermoplastic composites by value and volume respectively. Polyamide (PA) exhibits excellent mechanical properties, such as stiffness and toughness to avoid problems associated with heat distortion, temperature creep, and fatigue resistance.
On the other hand, Polypropylene (PP) is inexpensive and has good electrical insulator, which is augmenting its demand, particularly for high volume production. These beneficial properties are likely to drive the consumption of polyamide and polypropylene based thermoplastic composites in the Asian consumer goods market over the forecast period by value and volume respectively.