In the ever-evolving landscape of global markets, staying ahead of industry trends, insights and competitive intelligence is essential. To help navigate these dynamics, our in-depth analysis of the global short fiber thermoplastic composites market provides a key investment tool for a comprehensive understanding of the industry, illuminating current status, growth prospects and potential opportunities.
Our report not only delves into the critical drivers of growth including recycling convenience, processing ease, and an expanding application base in sectors such as aerospace and defense but also considers hindrances like the advantages of long fiber thermoplastic composites. It further explores emerging opportunities invoked by technological advancements cultivating low-cost carbon fiber composites, alongside essential market trends, such as the notably increasing role of short thermoplastic composites in lightweight vehicle production for enhanced fuel efficiency. Offering geographical insights, our report underlines Europe's market dominance, with significant demand coming from major economic players such as Germany, France, Italy and United Kingdom.
Stay informed and armed with high-quality, actionable insights with our market research report, your gateway to strategic decision-making in the global short fiber thermoplastic composites market.
The COVID-19 pandemic had a negative impact on the market in 2020 and 2021, but it is projected to grow steadily in the forecast period owing to growth in the aerospace, electronics, and automotive sectors globally.
- Ease of recycling, processing, and increasing application base in aerospace and defense are likely to drive the growth of the short fiber thermoplastic composites market.
- On the flip side, the advantages of long fiber thermoplastic composites are expected to hinder the market's growth.
- Innovation led by technological advancements for low-cost carbon fiber composites is expected to unveil new opportunities for the market studied.
- Europe has dominated the market, and it is expected to continue dominating the market through the forecast period.
Short Fiber Thermoplastic Composites Market Trends
Transportation Application to Dominate the Market
- Short thermoplastic composites are used in transportation applications as they can reduce the vehicle's overall weight without compromising structural strength. In addition, they have enhanced physical properties, such as stiffness. Due to such properties, short thermoplastic composites are gaining demand.
- Other than this, changes in regulations and the increasing demand for lightweight vehicles are also significant reasons for the rising demand for such lightweight materials. Owing to the change in environmental conditions, several makeovers can be seen among government regulations and OEMs around the major markets.
- Moreover, advanced lightweight materials are essential for increasing automotive fuel efficiency while maintaining the same performance and safety for consumers. The energy required to accelerate a heavy-weight vehicle is higher than the energy needed to accelerate a lightweight vehicle. It is estimated that a 10% reduction in the weight of vehicles would result in a 6-8% improvement in fuel economy.
- In electric vehicles, a lower-weight vehicle body allows for downsizing batteries while maintaining the range of the vehicle. Reducing vehicle body and battery pack weight leads to a compounding effect on weight reduction of the overall vehicle. Hence, this enables the downsizing of other parts, such as brake systems and drivetrain parts.
- In China, a growth of 106% in battery-plugged-in electric vehicles was witnessed in November 2021 compared to the same period in 2020. In addition, the market share also increased to 19%, including 15% of all-electric and 4% of plug-in hybrid cars.
- Hence, owing to such factors, the application in transportation is expected to dominate the market studied during the forecast period.
Europe to Dominate the Market
- Europe is expected to dominate the global short fiber thermoplastic composites market with a major share in the coming years, with most of the demand coming from Germany, France, Italy, and the United Kingdom.
- The German aerospace industry includes more than 2,300 firms across the country, with northern Germany recording the highest concentration of firms. The country hosts many production bases for aircraft interior components and materials, mainly in Bavaria, Bremen, Baden-Württemberg, and Mecklenburg-Vorpommern. Over 30 to 35 thousand new aircraft have been estimated to be operational by the next 20 years to meet the rising aviation demand.
- The French automobile industry has fared much better compared to other major European economies in the past few years. In 2020, the country produced 1,316,371 cars and light commercial vehicles compared to 2,175,350 vehicles produced in 2019, which declined by 39.5%. However, in 2021, the country produced 13,51,308 vehicles, which increased by 3%, compared to 13,16,371 vehicles built in 2020, thereby increasing the demand for the market studied.
- In Italy, the revenue from the computer, electronic, and optical products declined to EUR 12,033.28 million (~USD 12,415.11 million) in 2020, compared to EUR 13,061.63 million (~USD 13,475.42 million) in the previous year. In contrast, the revenue from electrical equipment and non-electric domestic appliances increased to EUR 26,869.17 (~USD 27,720.39 million) in 2020, compared to EUR 24,969.54 million (~USD 25,760.58 million) in the previous year.
- The aerospace MRO industry in the United Kingdom accounts for about 17% of the global MRO industry. Hence, many MRO activities for aircraft in the United Kingdom and the manufacturing activities of specific components are expected to provide a potential market for short fiber thermoplastic composites over the forecast period.
- Hence, due to the aforementioned reasons, Europe will likely dominate the market studied during the forecast period.
Short Fiber Thermoplastic Composites Market Competitor AnalysisThe short fiber thermoplastic composites market is moderately fragmented as the market share is divided among many players. The key players in the market include BASF SE, LANXESS, Solvay, Toray Industries Inc., and Avient, among others.
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Table of Contents1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Ease of Recycling and Processing
4.1.2 Increasing Application Base in Aerospace and Defense
4.2.1 Various Advantages of LFT over SFT
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 Consumers
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 (Market Size in Value)
5.1 Fiber Type
5.1.1 Glass Fiber
5.1.2 Carbon Fiber
5.1.3 Other Fiber Types
5.2 Resin Type
5.2.1 Polypropylene (PP)
5.2.2 Polyamide (PA)
5.2.3 Polybutylene Terephthalate (PBT)
5.2.4 Other Resin Types
5.3.1 Aerospace and Defense
5.3.2 Electrical and Electronics
5.3.4 Consumer Goods
5.3.5 Other Applications
126.96.36.199 South Korea
188.8.131.52 ASEAN Countries
184.108.40.206 Rest of Asia-Pacific
5.4.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.4.4 South America
126.96.36.199 Rest of South America
5.4.5 Middle East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles*
6.4.2 AVANCO Group
6.4.4 BASF SE
6.4.6 RTP Company
6.4.8 Sumitomo Bakelite Co. Ltd (SBHPP)
6.4.9 Sumitomo Chemical Co. Ltd
6.4.10 Toray Industries Inc.
6.4.11 Victrex PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation Led by Technological Advancements for Low-cost Carbon Fiber Composites
A selection of companies mentioned in this report includes:
- AVANCO Group
- BASF SE
- RTP Company
- Sumitomo Bakelite Co. Ltd (SBHPP)
- Sumitomo Chemical Co. Ltd
- Toray Industries Inc.
- Victrex PLC