Opportunities For Thermoplastic Composites In Europe's Consumer Market To Cross US$1 Bln By 2022

Opportunities for thermoplastic composites in Europe's consumer market to cross US$1 bln by 2022

05-May-17

The future of thermoplastic composites in the European consumer goods market looks promising with opportunities in circuit breakers, power tools, appliances, and furniture. Thermoplastic composites in the European consumer goods market are expected to reach an estimated $1.2 billion by 2022 and are forecast to grow at a CAGR of 2% from 2017 to 2022, according to a market report published by Lucintel. The major drivers for the growth of this market are growing demand for consumer goods and performance benefits of reinforced thermoplastics over traditional materials; these benefits include weight savings, recyclability, and resistance to moisture and chemicals.

In this market, appliances, furniture, circuit breakers, and power tools are the major end use applications. On the basis of comprehensive research, Lucintel forecasts that the appliances and furniture applications are expected to 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 European consumer goods market in value shipment because they offer versatility in processing. Polypropylene (PP) based thermoplastic composites in the European consumer goods market are expected to remain the most widely-used thermoplastic composite by both value and volume. Polypropylene (PP) is inexpensive and a good electrical insulator, which is why demand is growing, particularly for high volume production. These beneficial properties are likely to drive the consumption of polypropylene based thermoplastic composites in the European consumer goods market over the forecast period.

Emerging trends, which have a direct impact on the dynamics of the industry, include the increasing use of thermoplastic composites in new applications and growing inter-material competition. DSM, BASF SE, SABIC, DuPont, LANXESS, Solvay, and Celanese are among the major suppliers of thermoplastic composites in the European consumer goods market.