Global Thermoplastic Composites Market - 2022-2029

Global Thermoplastic Composites Market - 2022-2029

Market Overview

The global thermoplastic composites market size was worth US$ XX million in 2021 and is estimated to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 5% within the forecast period (2022-2029).

Thermoplastic composites (TMCs) are evolved from structural polymer composites. These materials feature a thermoplastic matrix, which prevents chemical instability. TMCs soften and can be completely remodeled without degrading when heated. They solidify into the final shape when they cool. The product's shelf life can be improved by repeating this heating-cooling cycle numerous times.

Thermoplastic composites are used in a large variety of structures that are subjected to cyclic loading. In aeronautical applications, engineers are concerned with design against fatigue. Candidate thermoplastic composite materials are used, such as laminates of polyimide or poly(ether ether ketone), reinforced with long carbon fibers. The standard thermoplastic composite materials feature matrices made of polypropylene or polyamide for applications using short fibers in larger volumes.

One factor affecting the transportation sector's thermoplastic composites industry is the increased use of thermoset composite materials in motorsport and high-performance automotive parts like front-end components, instrumental panels, door modules, roof elements and under-hood components. However, the need for thermoplastic composites is also rising across the rail sector. A significant end-user of thermoplastic composites is the automotive industry. The rising desire for lightweight, low-CO2 cars is driving the market for thermoplastic composites in the transportation sector.

Market Dynamics

Increasing demand for thermoplastic composites from various end-suer industries escalates the market share of the product.

Increasing demand for thermoplastic composites from various end-suer industries escalates the market share of the product

Thermoplastic composites show tremendous demand among various end-user industries, including aerospace, automotive, oil & gas, construction and materials handling. The reason behind the growth of the product in the industries mentioned above is its ability to utilize short cycle time thermoforming part fabrication techniques, require low moisture uptake and the material is good toughness and damage resistance.

The material plays a different role in different industries. For instance, thermoplastic composites in the aerospace and defense sector aim to reduce corrosion and the overall weight of aircraft construction. In addition, maintenance expenses for airplanes made of composite materials have fallen dramatically compared to conventional materials. Thermoplastic composites have various characteristics, including lightweight, exceptional strength, weather resistance and different surface textures.

For instance, With the application of carbon fiber/epoxy composites in >50% of aircraft primary structures on the Boeing 787 airline and the Airbus A350 XWB, the commercial aircraft industry only lately made a big commitment to the use of composites. The wing leading edge of the Airbus A380 super jumbo jet and the rudder/elevator for the Gulfstream G650 business jet are two significant structures where thermoplastics have been used. These two components are produced by Fokker Aerostructures (Hoogeveen, Netherlands), a company well known for creating thermoplastic structures for commercial aviation. Fokker still consolidates its thermoplastic parts in an autoclave. However, as a result, the industry for manufacturing thermoplastic parts outside an autoclave (OOA) is still in its infancy.

Furthermore, Vehicle mass reduction is a challenge facing automotive OEMs and Tier 1 suppliers as they work to fulfill fuel efficiency and carbon emission standards. Although there are still barriers due to cost, design challenges, unfamiliar processes and competition from other materials, composite materials have the potential to make a significant contribution to this lightweight push in many sectors. Numerous projects are looking into the best ways to incorporate composites into multi-material car constructions to address these issues.

For instance, in 2019, one project addressed to know how thermoplastic composites can reduce automotive load-bearing structures. The project is conducted by Clemson University (U.S.) Composites Center, Honda R&D Americas (Raymond, OH, U.S.) and the Clemson University International Center for Automotive Research (CU-ICAR), with support from University of Delaware Center for Composite Materials (CCM, Newark, DE, U.S.) and funding from U.S. Department of Energy (U.S.)

Stringent regulations hurdle the growth of the thermoplastic composites market

Compared to thermoset resins, thermoplastic resins are more expensive and used to make thermoplastic composites. The cost of these composites is largely made up of raw ingredients. The high cost of raw materials, processing and manufacturing for thermoplastic composites leads to high end-product costs. Price differences for thermoplastic materials can run from just under a dollar to over $10 per pound. Additionally, some thermoplastics can cost more than thermoset plastics. Higher-grade thermoplastics with qualities similar to thermosets but more expensive include polyamides, polyamide-imides (PAI) and carbon-fiber-reinforced plastics (CFRP).

The cost of tooling is initially where thermoplastic and thermoset prices diverge most. The former comes with a much higher tooling cost than the latter. Composite tooling, which is cheaper than the metal (typically machined steel) tooling requirements of thermoplastic production, can be used in thermoset production.

The OEMs in the supply chain are severely constrained in their utilization of thermoplastic composites by this high cost. Thermoplastic composites have several uses across numerous industries. They are not, however, currently commercially viable. If the price of thermoplastic resins and the cost of production decreases, it is anticipated that using thermoplastic composites in numerous applications will be practical.

COVID-19 Impact Analysis

COVID-19 has adversely impacted the thermoplastic composites market in many end-use industries, including aerospace & defense, transportation, wind energy, construction, consumer & electronics goods and others. OEMs have been focused on operating at zero or partial capacities, decreasing demand for thermoplastic composites. The supply chain disruption that resulted in delays or non-arrival of raw materials disrupted financial flows and growing absenteeism among production line workers has caused these issues.

Between 2015 and 2020, companies involved in the thermoplastic composites market enhanced their positions in the market by engaging in expansions, partnerships, collaborations, new product/technology releases, joint ventures, contracts and mergers & acquisitions. However, the demand for thermoplastic composites from wind turbine installations, consumer & electronics goods, automobile and aerospace makers and the building industry has dramatically decreased due to restrictions announced by numerous governments in 2020.

However, various companies have come together to overcome the loss created by the pandemic in the industry. For instance, in 2020, In response to decreased activity brought on by the COVID-19 crisis, Solvay declared it would deepen and accelerate its efficiency measures for its Composite Materials subsidiary to save costs, boost productivity and better serve customers.

Solvay's Composite Materials company plans to stop conducting industrial operations (U.S.) at its facilities in Manchester, UK and Tulsa, Oklahoma. By moving such operations to other top-tier facilities, capacity will be increased and operational effectiveness will be increased. Additionally, employment cuts are being implemented throughout the company and the whole headcount will drop by about 570 positions or roughly 20% of its employees.

Segment Analysis

The global thermoplastic composites market is segmented on fiber, resin, product, application and region.

Due to excellent qualities, including high specific tensile strength, high modulus and outstanding wear resistance, carbon fibers (CFs) have been used widely to reinforce modern composite materials

Based on fiber, the global thermoplastic composites market is segmented into carbon, glass, mineral and others. Carbon fiber was the largest product segment in 2021—with XX% of the market share. Because of its excellent qualities, including high specific tensile strength, high modulus and outstanding wear resistance, carbon fibers (CFs) have been used widely to reinforce modern composite materials. Based on the length of the fiber, CFs can be divided into three categories: continuous CFs, long CFs and short CFs (SCFs). CF-reinforced polymers are frequently employed in aircraft, transportation and sporting goods because of their exceptional tensile qualities and low density.

Furthermore, in addition to its excellent mechanical qualities, CF has a variety of other applications due to its multifunctional characteristics, such as shielding against electromagnetic interference and electrical conductivity. Numerous multifunctional applications of CF that utilize it as reinforcement in composite structures are based on these characteristics.

The extraordinarily stable hexagonal plane grid and the planes' delocalized electron cloud give carbon its significance. The enormous energy required for the hexagonal carbon rings to deform and separate gives CF its overall strength. The electron cloud is a superb electrical conductor due to the free electrons present. The production conditions, the crystalline structure of the polymer matrix and treatments have a major impact on the electrical resistance of CFRTP.

Thus, due to the properties mentioned above of carbon fiber thermoplastic composites, companies are also investing in the segment, creating huge opportunities for the segmental growth of the market. For instance, in 2022, The Toray Group announced to showcase its wide range of TORAYCA carbon fiber and advanced composite materials at the SAMPE 2022 exhibition. The TORAYCA carbon fiber and diverse uses of thermoset and thermoplastic composite materials in the automotive, aerospace, industrial and sports and recreation industries will be highlighted by Toray.

Geographical Analysis

Asia-Pacific dominates the global thermoplastic composites market as a result of the increased demand for thermoplastic compounds from a variety of end-use sectors and growing investments in the market in the region

Asia-Pacific dominates the global thermoplastic composites market due to the increased demand for thermoplastic compounds from various end-use sectors, including automotive, construction, electrical & electronics and aerospace. India and China are the two major markets driving the need for thermoplastic composites. The market is expected to increase due to factors including quick urbanization, rising lightweight vehicle production, the popularity of electric vehicles and expanding key manufacturer presence in Asia-Pacific.

Furthermore, China-based companies are investing heavily in the thermoplastic composites business to upscale the market share of the product in the region. For instance, in 2019, Covestro ( China) announced further developing of its offerings and capabilities in continuous fiber-reinforced thermoplastic (CFRTP) composites in response to market trends and overcoming the growing demand from customers.

In 2020, On June 2, it was disclosed that Changshu's local government and composites solutions provider HRC (Shanghai, China) had signed a new investment agreement for the establishment of a new serial production center in Changshu for the production of advanced composite parts with the aim of better serving the railway, aviation and other target industries.

Competitive Landscape

The thermoplastic composites market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are BASF SE, AZL Aachen GmbH, Celanese Corporation, SABIC, DSM, Toray Advanced Composites, Solvay, Lanxess, DuPont, Mitsubishi Chemical Group and others.

The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to thermoplastic composites' global market growth.

In 2019, Solvay joined the ThermoPlastic Composites Research Center (TPRC), the growing research, development and innovation center for thermoplastic composites (TPC), to enable the use of TPC technology in high-volume applications and remove technological barriers to its widespread adoption.

In 2021, Solvay announced the completion of its thermoplastic composites (TPC) manufacturing facility at its South Carolina site. The new line will increase employment at the 27,000-square-foot business by more than 30 jobs when it operates at full capacity.

In 2021, Toray Advanced Composites announced to expand its thermoplastic composite material capabilities for high-performance applications, coupled with the introduction of a next-generation high-heat laminate press at their Nijverdal (The Netherlands) facility.

BASF SE

Overview: BASF SE is a Germany-based chemical corporation that manufactures chemicals for various sectors and is one of the growing publicly traded corporations with over 700,000 investors. The company's portfolio includes products from 13 areas: transportation, chemicals, construction, electronics & electricity, energy & resources, furniture & wood, home care and cleaning, agriculture and other industries.

Product Portfolio:

Ultrason: The thermo-mechanical properties of Ultrason E polyethersulfone and Ultrason P polyphenylsulfone, as well as their good fire, smoke and toxicity (FST) behavior, make them particularly well-suited for aircraft applications. Both unreinforced and reinforced grades can be processed into sheets, laminates and tapes that can be used immediately or further processed using compression molding or thermoforming—applications for interiors of aircraft range from decorative to structural.

Key Development

In 2019, Toray Advanced Composites and BASF signed a manufacturing and supply agreement to produce continuous fiber reinforced thermoplastic (CFRT) tapes for the automotive and industrial markets.

Why Purchase the Report?
• Visualize the thermoplastic composites market segmentation by fiber, resin, product, application and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the thermoplastic composites market by analyzing trends and co-development deals.
• Excel data sheet with thousands of thermoplastic composites market-level 4/5 segmentation data points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global thermoplastic composites market report would provide approximately 69 market data tables, 70 figures and 213 pages.

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