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Thermoplastic Compounds Market Analysis | 2022-2027
Thermoplastic Compounds Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Thermoplastic Compounds Market is segmented by Material Type (GMT, LFT, SFT, and CFT), by End-Use Industry Type (Aerospace & Defense, Transportation, Consumer Goods, Electrical & Electronics, Construction, and Others), by Fiber Type (Glass Fiber Compounds and Carbon Fiber Compounds), by Resin Type (PP, PA, PBT, PPS, PC, and Others), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Saudi Arabia, Brazil, and Others]).
The thermoplastic compounds market is expected to grow at a promising CAGR of 5.5% during the forecast period 2022-2027, reaching US$ 20.4 billion by 2027.
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Thermoplastic compounds are the most dominant product category in the composites industry. The biggest composite markets, such as automotive, consumer goods, and electrical & electronics, excessively rely on thermoplastic compounds. Almost, all the companies serving the thermoplastic business are today have a focus on thermoplastic compounds targeting the composites industry.
The growth trajectory of thermoplastic composites has been impressive over the years with adoption in almost all applications. For several applications, thermoplastic composites have become a standard material and are likely to remain the most preferred material type in the years to come. The success of thermoplastic compounds in composite applications is mainly envisaged because of tireless efforts made by the composites fraternity.
The huge adoption of thermoplastic composites over thermoset composites is mainly due to their ability to be remolded multiple times. Thermoplastic composites can be heated, remolded, and then cured without degradation in their properties. This heating-cooling cycle can be repeated multiple times, giving the product an almost indefinite shelf life. Almost all thermoplastic composites are used in the form of compounds “Thermoplastic compounds” that can be categorized as GMTs, LFTs, SFTs, and CFTs.
The thermoplastic compounds market suffered a significant decline in 2020 due to the global economic recession led by the COVID-19 pandemic. A huge reduction in the production of automobiles, electrical & electronic products, and consumer durables in the wake of reduced demand, supply chain disruption, cash flow constraints, and temporary shutdown in production facilities, impacted the demand for thermoplastic compounds negatively. However, the market participants started recording some positive signs of recovery from 2021 onwards.
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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Material-Type Analysis |
GMT, LFT, SFT, and CFT |
SFT is estimated to maintain its irrefutable lead in the market during the forecast period. |
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End-Use Industry-Type Analysis |
Aerospace & Defense, Transportation, Consumer Goods, Electrical & Electronics, Construction, and Others |
Transportation is expected to remain the biggest demand generator during the forecast period. |
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Resin-Type Analysis |
PP, PA, PBT, PPS, PC, and Others |
Polyamide (PA) is expected to remain the most preferred resin type in during the forecast period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to remain the largest as well as the fastest-growing market over the forecast period. |
“SFT is expected to maintain its dominant market position, while CFT is forecasted to experience the fastest long-term growth”.
The market is segmented as GMT (Glass Mat Thermoplastic), LFT (Long Fiber Thermoplastic), SFT (Short Fiber Thermoplastic), and CFT (Continuous Fiber Thermoplastic). SFT is estimated to maintain its irrefutable lead in the market during the forecast period, in terms of both, value as well as volume. Several factors behind the dominance of SFT over other thermoplastic compounds are its lower cost, additional strength, wide application usage, and moldability.
On the other hand, CFT is projected to record the fastest long-term growth during the forecast period due to increasing demand for high-performance CFTs, especially in the aerospace & defense industry.
“Transportation will continue as the primary demand driver, while aerospace & defense is anticipated to achieve the highest CAGR in both value and volume”.
The market is classified into aerospace & defense, transportation, consumer goods, electrical & electronics, construction, and others. Transportation is expected to remain the biggest demand generator for thermoplastic compounds in terms of both value and volume in the foreseen future.
Thermoplastic composites are becoming a popular choice for automotive applications, propelled by the increasing incorporation of lightweight materials in vehicles with the sole aim of reducing vehicle weight to achieve greater fuel efficiency.
Aerospace & defense is expected to record the highest CAGR (value & volume) during the forecast period. All the leading aircraft manufacturers are turning to thermoplastic compounds for their significant weight reductions, cost savings, and other advantages.
“Polyamide (PA) is forecasted to remain the leading resin type in the thermoplastic compounds market during the forecast period”.
The market is segmented as PP (polypropylene), PA (Polyamide), PBT (polybutylene terephthalate), PPS (Polyphenylene sulfide), PC (Polycarbonate), and others. Polyamide (PA) is expected to remain the most preferred resin type in the thermoplastic compounds market during the forecast period.
PA resin offers high temperature and electrical resistance and is widely used in transportation, consumer goods, and electrical and electronics applications among others. Some commonly used polyamides are PA11, PA12, PA46, PA6, and PA66.
“Asia-Pacific will continue as the largest and fastest-growing market for thermoplastic compounds, with significant demand also anticipated from North America and Europe during the forecast period”.
The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is expected to remain the largest as well as the fastest-growing market for thermoplastic compounds over the forecast period. China, Japan, South Korea, and India are the major markets for thermoplastic compounds in the region and are anticipated to maintain their dominance in the region’s market in the years to come.
The introduction of stringent regulations is leaving no options before automakers except to incorporate lightweight materials in their vehicles. Thermoplastic compounds remain the priority of all the leading automakers. North America and Europe are also likely to create significant demand during the forecast period. The USA and Mexico are the major markets in North America, whereas Germany, France, the UK, and Russia are the major markets in Europe.
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The following are the key players in the Thermoplastic Compounds Market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
By Material Type
By End-Use Industry Type
By Fiber Type
By Resin Type
By Region
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The thermoplastic compounds market is likely to witness an impressive CAGR of 5.5% during the forecast period.
The thermoplastic compounds market is likely to reach US$ 20.4 billion in 2027.
The demand for thermoplastic compounds has been increasing in the major end-use industries, mainly automotive, driven by several factors, such as stringent fuel efficiency or carbon emission reduction targets. Several benefits of thermoplastic composites over non-reinforced compounds and thermoset composites are giving an additional impetus to their demands in major markets.
Asia-Pacific is estimated to remain dominant in the thermoplastic compounds market in the coming years. High automobile production, the continuous shift of electrical & electronics and consumer durable products in key Asian economies, and the increasing acceptance of thermoplastic composites are the key factors behind the dominance of the region in the global market.
SFT (Short Fiber Thermoplastic) is likely to maintain its dominance in the market over the next five years, followed by LFT and GMT. LFT is likely to witness the highest growth in the coming years.
Transportation is expected to remain dominant in the thermoplastic compounds market in the coming years. The industry is the biggest user of SFT, LFT, and GMT products.
SABIC, DuPont, BASF SE, DSM N.V., Solvay S.A. (Cytec Industries Incorporated), LANXESS AG, Hanwha Corporation, RTP Company, Celanese Corporation, and Toray Industries Inc. are some of the key players in the market.
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