Thermoplastic composites can be categorized as discontinuous and continuous composites. Long fiber thermoplastics and short fiber thermoplastics are the two extensively used types of thermoplastic composites. Thermoplastic composites have achieved rapid acceptance as a suitable alternative to metal assemblies, die castings, and traditional plastic materials in the market. Factors such as high impact strength, high rigidity, and better surface quality coupled with less product rejection, high resistance to extreme temperatures, and creep resistance in constant load and severe environments have led to the thermoplastic composites market being more attractive than metals and thermoset. The applications of thermoplastic composites have witnessed significant growth in the aerospace and defense industries, consumer goods, electrical and electronics, and automobile in emerging economies due to rapid urbanization. Constantly rising fuel costs have compelled the aerospace industry to look for lightweight and more fuel efficient designs for its existing models. These factors are expected to drive the market for lightweight composites to achieve sustainable development. The extensive usage of thermoplastic composites in various other segments such as consumer goods and electronics is expected to further augment the thermoplastic composites market.
Growing usage of thermoplastic composite materials in vehicle components such as chassis, wheels, hoods, and roofs in racing and high-performance vehicles is being considered to be a critical driving factor for the growing penetration of thermoplastic composites in the automobile industry. Lower cost for consumers and improvement in product performance through innovation is expected to further augment the market growth. The relatively higher cost of raw materials poses the biggest challenge to the industry and acts as a restraint to an otherwise booming industry. Consumer goods, and electrical and electronics are the other major application segments of thermoplastic composites.
Asia Pacific is expected to be the leading regional market during the next few years on account of the growing population and rapid urbanization in emerging economies such as China and India. Increasing workforce and subsequent development of industrial infrastructure in this region has led to the steady growth of major industries such as automotive, electrical and electronics, aerospace, and consumer goods. Japan, which is among the pioneers in electronics industry, is another market in Asia anticipated to witness steady growth in thermoplastic composites. Europe is expected to follow suit on account of the presence of well-established and influential automotive markets in Germany and Italy. Europe is also home to some of the biggest players in the aerospace industry, hence the thermoplastic composites market is also expected to rise in that segment. Similar factors are expected to play an important role in the market growth of thermoplastic composites in the North America region, especially the U.S. which houses several automobile and aerospace giants. Latin America is anticipated to witness a steady growth rate during the next few years due to the rise of automotive industry in growing economies such as Brazil. Thermoplastic composites market also caters to the growing requirement of consumer goods in Brazil. Hence, it is expected to grow into an important market in the near future. The Middle East and Africa region is expected to rise at a steady pace on account of the presence of fast growing economies such as the GCC countries and South Africa in this region.
Major players in the thermoplastic composites market include Royal Tencate NV, Cytec Industries, The Dow Chemical Company, Celanese Corporation, BASF SE, Bayer MaterialScience, Royal DSM, E. I. du Pont de Nemours and Company, and Saudi Basic Industries Corporation (SABIC).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.