Portland, OR, April 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global thermoplastic composites industry was pegged at $15.2 billion in 2019, and is anticipated to reach $22.8 billion by 2027, manifesting a CAGR of 6.1% from 2020 to 2027.
Rise in demand from the transportation industry and developing end-use applications of fiber composites fuel the growth of the global thermoplastic composites market. On the other hand, high cost of raw materials hampers the market growth. However, expansion of the market for electric vehicles presents lucrative opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the pandemic led to impact the manufacturing activities of thermoplastic composites, which in turn, led to close down of services. The lockdown also disrupted the chemical industry supply chain thereby creating shortage.
- The demand for thermoplastic composites from end-use industries such as automotive, aerospace & defense, and construction reduced significantly owing to stoppage of daily operations. However, the demand is expected to increase during the post-lockdown as daily operations are starting to continue with full capacity.
The global thermoplastic composites market is segmented into product type, fiber type, resin type, applications, and region. Based on fiber type, the glass segment accounted for the largest market share in 2019, holding for nearly two-thirds of the global market in 2019, and is projected to maintain its lead position throughout the forecast period. On the other hand, the mineral segment is projected to exhibit the highest CAGR of 6.3% from 2020 to 2027.
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Based on product type, the glass mat thermoplastics (GMT) segment accounted for the largest share in 2019, with more than four-fifths of the global market, and is expected to maintain the dominant status during the forecast period. Furthermore, this segment is estimated to register the highest CAGR of 6.1% from 2020 to 2027.
Based on region, the market across Asia-Pacific dominated the market in 2019, with nearly half of the global thermoplastic composites market, and is anticipated to maintain its dominance in terms of revenue by 2027. In addition, this region is also expected to showcase the fastest CAGR of 6.4% during the forecast period. The report also studies market across North America, LAMEA, and Europe.
Leading market players profiled in the report include BASF SE, Celanese Corporation, DSM, DuPont, Hanwha, Laxness, Mitsubishi Chemical Advanced Materials, PPG Industries, SABIC, and Solvay S.A.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.