LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global thermoplastic composite market is expected to grow at a CAGR of almost 7% during the predicted period.
This research report titled ‘Global Thermoplastic Composite Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Thermoplastic composite is primarily used in cars and other means of transportation. Its use is growing rapidly in the aerospace and defense industry. Thermoplastic composite is also used in the electrical and electronics industry for reducing the weight of structures and provide benefits of inalterability. The expansion of the automotive industry can result in high demand for thermoplastic composite.
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Technavio’s analysts categorize the global thermoplastic composite market into four major segments by product. They are:
- Short fiber thermoplastic (SFT)
- Long fiber thermoplastic (LFT)
- Glass fiber thermoplastic (GFT)
- Continuous fiber thermoplastic (CFT)
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The top three segments of the global thermoplastic composite market are discussed below:
Global SFT market
In 2016, the global SFT market accounted for a market share of 38.42%. It is expected to be the leading segment during the forecast period. The high consumption of SFT in various applications such as the transportation, consumer goods, and electrical and electronics industries is driving the growth of the market.
According to Kurva Samba Sivudu, a lead textile, fiber, and composites research analyst from Technavio, “An increasing focus on high-performance thermoplastic composites has resulted in the overall growth of the market, especially in India and China. Japan and Russia are also contributing to some extent, which has accelerated the consumption of thermoplastic composites.”
Global LFT market
In 2016, the global LFT market accounted for a market share of 26.55%. An increasing demand for fuel-efficient vehicles, along with the need for sustainability and recyclability, is driving the growth of the market. Extensive use of long fiber thermoplastic composites in various end-user industries, such as transportation and consumer goods, has resulted in the overall growth of the market, which has accelerated the consumption of thermoplastic composites.
Global GFT market
In 2016, the global GFT market accounted for a market share of 20.29%. GFT is made up of fine fibers of glass with high mechanical properties. It is lightweight, strong, and robust. Its high tensile strength makes it comparable with traditional components such as metals. Thus, its consumption is increasing.
The increasing use of GFT composites in the construction and transportation sectors, especially in India and China, has driven its demand from APAC. The expansion of infrastructure and construction projects in the Americas has resulted in the overall growth of the market, which has accelerated the consumption of thermoplastic composites.
The top vendors highlighted by Technavio’s research analysts in this report are:
- BASF
- Celanese Corporation
- DuPont
- LANXESS
- SABIC
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