Thermoplastic Composites Market Report Examines Latest Trends and Key Drivers Supporting Growth Forecast 2022-2031

Japan, Japan, Thu, 24 Feb 2022 08:09:12 / Comserve Inc. / -- Thermoplastic Composites Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Global Thermoplastic Composites Market was valued at over USD 15 billion in 2020 and the market is projected to register a CAGR of greater than 6% during the forecast period.

COVID-19 pandemic on a global scale has forced automakers, wind turbine manufacturers, and aircraft manufacturers to shut down their operations, lowering demand for composites in 2020. The pandemic has had an impact on almost every aspect of the composites industry, from product demand to workforce development to the acceleration or deceleration of trends that were already underway when it struck. Customers' and their own temporary production stops, reduced production levels, and demand reductions have all had a significant impact on production processes.

Click Here to Download Sample Report >> https://www.sdki.jp/sample-request-113073

- In the medium term, the major factors driving the market studied are the increasing demand from the construction industry and increasing investments in aerospace and defense applications.
- On the flip side, declining automotive industry and negative impact of COVID-19 pandemic are likely to restrain the market.
- Asia-Pacific accounted for the highest market share and is likely to dominate the market during the forecast period.

Key Market Trends

Automotive Industry to Dominate the Market

- Interest in thermoplastic matrix composites has increased in recent years, owing to several advantages of these materials, including high volume processability, recyclability, superior damage tolerance, and fracture toughness, and ability to produce complex shapes.
- Automotive is the major end-user industry of thermoplastic composites. The growing demand for producing lightweight and less CO2 emission vehicles is driving the demand for thermoplastic composites in the transportation industry.
- The automotive industry has long struggled with high fuel prices, and vehicle OEMs and suppliers generally lead the transportation industry by using thermoplastic composites to reduce vehicle mass. Due to increasingly stringent emission regulations, automotive manufacturers are aiming to reduce the weight of vehicles, as it helps in saving a noticeable amount of carbon dioxide emissions. A 10 kilogram weight reduction is estimated to reduce 1 gram of carbon dioxide per kilometer.
- Despite an encouraging term of growth in the automotive sector during the past decade, the momentum slowed down in recent years. The sales and production of new vehicles are going down in various parts of the world, including Europe, Asia-Pacific, and the United States. This affected the previously growing automotive production in most nations. Business models, the markets, and the Competitive Landscape are undergoing changes.​​ This is slowing the demand for thermoplastic composites.
- According to the OICA data, the global automotive production declined by around 5% and reached 92,175,805 million in 2019. ​The car sales declined by more than 3 million in 2019. In the first six months of 2020, automobile production witnessed a huge downfall across the globe owing to the impact of COVID-19. According to OICA, in 2020, the global automotive production, reached 77,621,582 vehicles, declining about 15.8% respectively, from the previous year.
- However, the development of electric vehicles may continue to gain momentum in the upcoming years especially in Europe, China. and United States, where many government programs are promoting a move away from fossil fuels owing to the various environmental concerns.
- According to IEA, in 2030, global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers). In the EV30@30 Scenario, in 2030, around 70% of the vehicle sales in China are expected to be EVs. Also, half of the vehicles sold in Europe are EVs, 37% in Japan, 30% in Canada and the United States, and 29% in India.
- Hence, owing to the above-mentioned factors, the transportation industry is likely to dominate the market.

China to Dominate the Asia-Pacific Region

- China is the largest manufacturer and consumer of thermoplastic composites in the region, followed by India and Japan.
- According to the OICA, China is the largest producer of automobiles in the world. However, automotive production in the country has been witnessing a huge decline for the past three years. The country produced 25,720,665 vehicles in 2019. In 2020, the country produced 25,225,242 vehicles, which declined about 2% from 2019.
- China has the world's largest electronics production base. Electronic products, such as smartphones, OLED TVs, tablets, wires, cables, and earphones, recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.
- In China, with the increase in the disposable income of the middle-class population and the increasing demand for electronic products in the countries importing electronic products from China, the production of electronics is projected to grow.
- According to National Bureau of Statistics of China, in December 2020, retail sales of household appliances and consumer electronics in China had amounted to about 100 billion yuan.
- China has been a key contributor to global air traffic growth, for the past few years. The average passenger growth rate has been over 10% per year. This growth is primarily driven by rising passenger traffic, due to higher spending power and better air connectivity. Thus, increasing passenger traffic is expected to boost the demand for aircraft.
- As of Boeing estimates 2019, the airplane market value will be of USD 1,300 billion in the next 20 years, thus in turn is expected to drive the demand for thermoplastic composites in the coming years.

Request For The Sample Report Here:  https://www.sdki.jp/sample-request-113073

- Considering the pre pandemic scenario, the total civil aircraft fleet had been increasing steadily in the country. Moreover, in the next 20 years, the Chinese airline companies are planning to purchase about 7,690 new aircraft, which are valued at about USD 1.2 trillion.
- All the aforementioned factors, in turn, are projected to show significant impact on the market during the forecast period.

Competitive Landscape

The thermoplastic composites market is partially fragmented, with the top five players accounting for around 35% of the global market. Some of the major players in the market include BASF SE, Arkema, TORAY INDUSTRIES, INC., LANXESS, and Solvay, among others.

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Construction Sector
4.1.2 Increasing Investments in Aerospace and Defense Applications
4.2 Restraints
4.2.1 Declining Automotive Industry
4.2.2 Negative Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION

Request For Full Report >> Thermoplastic Composites Market

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Shibuya Data Count
Email: sales@sdki.jp
Tel: + 81 3 45720790

The post Thermoplastic Composites Market Report Examines Latest Trends and Key Drivers Supporting Growth Forecast 2022-2031 appeared first on Comserveonline.