“The Thermoplastic Compounds Market is expected to grow at a promising CAGR of 5.5% during the forecast period to reach US$ 20.4 billion by 2027”.
Market Dynamics
Introduction
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.
Covid-19 Impact
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.
Segments Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Material-Type Analysis
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GMT, LFT, SFT, and CFT
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SFT is estimated to maintain its irrefutable lead in the market during the forecast period.
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End-Use Industry-Type Analysis
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Aerospace & Defense, Transportation, Consumer Goods, Electrical & Electronics, Construction, and Others
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Transportation is expected to remain the biggest demand generator during the forecast period.
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Resin-Type Analysis
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PP, PA, PBT, PPS, PC, and Others
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Polyamide (PA) is expected to remain the most preferred resin type in during the forecast period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia-Pacific is expected to remain the largest as well as the fastest-growing market over the forecast period.
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By Material Type
“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.
By End-Use Industry Type
“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.
By Resin Type
“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.
Regional Analysis
“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 are 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.
Key Players
The following are the key players in the Thermoplastic Compounds Market (arranged alphabetically)
- BASF SE
- Celanese Corporation
- DSM N.V.
- DuPont
- Hanwha Corporation
- LANXESS AG
- RTP Company
- SABIC
- Solvay S.A. (Cytec Industries Incorporated)
- Toray Industries Inc.
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
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Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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in-depth Analysis of the Thermoplastic Compounds Market
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How lucrative is the future?
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The market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market segment analysis and Forecast
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Which are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirement?
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10% free customization
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Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermoplastic compounds market realities and future market possibilities for the forecast period of 2022 to 2027.
The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is 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.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research:
Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
