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Thermoplastic Resin Market to Reach US$ 14,372 million in 2023

 


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Thermoplastic Resin Market in the Composites Industry: Highlights The global thermoplastic resin market in the composites industry is projected to reach US$ 14,372 million in 2023 and offers favorable growth opportunities in the entire ecosystem of the market. Increasing automobile production, development of new composite applications using thermoplastic composites, rising demand for sustainable (recycling) and fast-curing materials, increasing demand for lightweight components to address stringent regulations such as CAFÉ Standards, and increasing penetration of composite materials by replacing metals are the key factors that are bolstering the demand for thermoplastic resins in the composites industry. Thermoplastic Resin Market by Resin Market: The global thermoplastic resin market in the composites industry is segmented based on the resin type as Polypropylene, Polyamide, Polybutylene Terephthalate, Polyphenylene Sulfide, Polycarbonate, and Other Resins. Polyamide is expected to remain the most dominant resin type in the global thermoplastic resin market in the composites industry during the forecast period of 2018 to 2023.

This resin is most widely used in short fiber-reinforced thermoplastic (SFRT) applications. Polyphenylene sulfide is likely to witness the highest growth over the next five years, driven by an increasing usage of thermoplastic composites in the aerospace & defense and automotive industries. Thermoplastic Resin Market by Compound Type: Based on the compound type, SFRT generates the highest demand for thermoplastic resins and is forecasted to remain the largest compound type during the forecast period.

SFRT is the most dominant compound type in all the major end-use industries including transportation, consumer goods, and electrical & electronics. CFRT and LFRT are relatively small segment but are gaining market tractions by registering an increased acceptance in the automotive and aerospace & defense industries. Thermoplastic Resin Market by Compound Type: Based on the end-use industry type, transportation is projected to remain the largest market for thermoplastic resins in the composites industry during the forecast period. This segment is the second largest composites market (thermoset + thermoplastic) after building & construction. The segment is also likely to witness the highest growth over the next five years, driven by stringent government regulations, such as CAFÉ Standards and EU’s directive on carbon emission reductions. All the major automakers are forming strategic alliances with the composite material suppliers to develop advanced thermoplastic composites that can fabricate parts in less than five minutes and offer significant weight savings.

They are increasingly incorporating advanced materials including composites in the structural and semi-structural applications of their vehicles by replacing traditional metals, such as steel. Thermoplastic Resin Market by Composite Type: Based on the composite type, glass fiber-reinforced plastic (GFRP) generates the highest demand for thermoplastic resins and is expected to remain the largest composite type during the forecast period. GFRP dominates in all the major end-use industries, such as transportation, electrical & electronics, and consumer goods.

Carbon fiber-reinforced plastic (CFRP) is likely to witness the highest growth during the same period, propelled by its excellent properties at a relatively lower weight. Thermoplastic Resin Market by Region: Asia-Pacific is expected to remain the largest and the fastest-growing thermoplastic resin market in the composites industry during the forecast period. High production of automobiles, continuous shift of electronic industry from the developed economies to the developing Asian economies, and increasing penetration of composites are major growth drivers of the thermoplastic resin market in the Asia-Pacific’s composites industry.

Report link : https://www.stratviewresearch.com/258/thermoplastic-resin-market-in-composites-industry.html.

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