Global Thermoplastic Composites Market estimated to be worth US$16.4 bln by 2021

16-Nov-16

The global thermoplastic composites market is expected to reach an estimated US$16.4 bln by 2021 and it is forecast to grow at a CAGR of 4.8% by value from 2016 to 2021, as per Lucintel. The major drivers for market growth are the increasing demand for lightweight and environmentally sustainable materials, and the replacement of metals with composites in different end use industries. Emerging trends, which have a direct impact on the dynamics of the industry, include increasing inter-material competition and increasing focus on continuous fiber reinforced thermoplastic composites. On the basis of its comprehensive research, Lucintel forecasts that the transportation and construction segments are expected to show above average growth during the forecast period.

Within the global thermoplastic composites market, the transportation segment is expected to remain the largest segment by value and volume. Expected increasing global automotive production and increasing demand for lightweight materials to achieve higher fuel efficiency are the major driving forces that spur growth for this segment over the forecast period. Europe is expected to remain the largest market for thermoplastic composites due to growing demand for lightweight and environmentally sustainable composite materials from the end use industries.