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Thermoplastic Resin Market in the Composites Industry Forecast Analysis
Thermoplastic Resin Market in the Composites Industry: Size, Share, Trend, Forecast, & Industry Analysis: 2019-2024.
The global thermoplastic resin market in the composites industry is projected to reach US$ 15.2 billion in 2024 and offers favorable growth opportunities in the entire ecosystem of the market. Increasing automobile production, development of new composite applications using thermoplastic composites, rising demand for sustainable (recycling) and fast-curing materials, increasing demand for lightweight components to address stringent regulations such as CAFÉ Standards, and increasing penetration of composite materials by replacing metals are the key factors that are bolstering the demand for thermoplastic resins in the composites industry.
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The thermoplastic resin market in the composites industry is segmented based on the resin type as Polypropylene, Polyamide, Polybutylene Terephthalate, Polyphenylene Sulfide, Polycarbonate, and Other Resins. Polyamide is expected to remain the most dominant resin type in the market during the forecast period. This resin is most widely used in short fiber-reinforced thermoplastic (SFRT) applications.
Based on the compound type, the thermoplastic resins are used in short fiber-reinforced thermoplastics (SFRTs), long fiber-reinforced thermoplastics (LFRTs), glass mat thermoplastics, and continuous fiber-reinforced thermoplastics (CFRTs). SFRT generates the highest demand for thermoplastic resins and is forecasted to remain the largest compound type during the forecast period. SFRT is the most dominant compound type in all the major end-use industries including transportation, consumer goods, and electrical & electronics. CFRT and LFRT are relatively small segments but are gaining market tractions by registering an increased acceptance in the automotive and aerospace & defense industries.
Based on the end-use industry type, the market is segmented into transportation, consumer goods, electrical & electronics, and others. Transportation is projected to remain the largest market for thermoplastic resins in the composites industry during the forecast period. This segment is the second-largest composites market (thermoset + thermoplastic) after building & construction. The segment is also likely to witness the highest growth over the next five years, driven by stringent government regulations, such as CAFÉ Standards and EU’s directive on carbon emission reductions. All the major automakers are forming strategic alliances with the composite material suppliers to develop advanced thermoplastic composites that can fabricate parts in less than five minutes and offer significant weight savings. They are increasingly incorporating advanced materials including composites in the structural and semi-structural applications of their vehicles by replacing traditional metals, such as steel.
Based on the composite type, glass-fiber-reinforced plastic (GFRP) generates the highest demand for thermoplastic resins and is expected to remain the largest composite type during the forecast period. GFRP dominates in all the major end-use industries, such as transportation, electrical & electronics, and consumer goods. Carbon fiber-reinforced plastic (CFRP) is likely to witness the highest growth during the same period, propelled by its excellent properties at a relatively lower weight.
In terms of region, Asia-Pacific is expected to remain the largest and the fastest-growing thermoplastic resin market in the composites industry during the forecast period. High production of automobiles, continuous shift of electronic industry from the developed economies to the developing Asian economies, and increasing penetration of composites are major growth drivers of the thermoplastic resin market in the Asia-Pacific’s composites industry.
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Research Scope |
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Trend & Forecast Period |
2013-2024 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Size in 2024 |
US$ 15.2 billion |
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Countries/Subregions Covered |
The USA, Canada, Mexico, Germany, France, the UK, Russia, China, Japan, India, The Middle East, Latin America and others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The market is segmented into the following categories:
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Some of the key suppliers of thermoplastic resins to the composites industry are-
Most of the players are forward integrated and supply reinforced compounds. New product development, wide geographical reach, and execution of mergers & acquisitions are the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
We leverage the multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
This report, from Stratview Research, studies the thermoplastic resin market in the composites industry over the trend period 2013 to 2018 and the forecast period of 2019 to 2024. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities in the market.The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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The thermoplastic resin market size is expected to reach US$ 15.2 billion in the foreseeable future.
BASF SE, E. I. du Pont de Nemours and Company, Koninklijke DSM N.V., Solvay S.A., Lanxess, LyondellBasell Industries N.V., and SABIC are among the key players in the market.
Asia-pacific is expected to remain the largest market during the forecast period.
Glass-fiber-reinforced plastic is expected to remain the largest composite type in the market in the coming years.
Transportation is expected to be the largest market during the next five years.
Increasing automobile production, development of new composite applications using thermoplastic composites, rising demand for sustainable (recycling) and fast-curing materials are the factors driving the growth of the market.
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