The global short fiber thermoplastic composites market is estimated at US$2,574. 14 million in 2022 and is expected to register a CAGR of 4.44% over the period 2022-2027 (forecast period).
NEW YORK, April 26, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of report, ‘Short Fiber Thermoplastic Composites Market | Growth, Trends, Impact of COVID-19 and Forecasts (2022 – 2027)’ – https://www.reportlinker.com/p06271874/?utm_source=GNW
Key Highlights
The ease of recycling and processing, along with the increasing application base in aerospace and defense, is expected to drive the growth of the short fiber thermoplastic composites market.
On the other hand, the advantages of long fiber thermoplastic composites are expected to hamper the growth of the market.
Innovations guided by technological advances are expected to open up new opportunities for the market under study.
Key Market Trends
Transportation application to dominate the market
The short thermoplastic composites are used in transportation applications because they can reduce the overall weight of the vehicle without sacrificing structural strength. In addition, they have improved physical properties such as B. Stiffness. Because of these properties, short thermoplastic composites are gaining in demand.
Apart from that, changes in regulations and increasing demand for lightweight vehicles are also major reasons behind the increasing demand for such lightweight materials. Due to changing environmental conditions, there are several revisions that can be seen from government regulations and OEMs in major markets. ? ?
Additionally, advanced lightweight materials are essential to increase vehicle fuel efficiency while maintaining the same performance and safety for consumers. The energy required to accelerate a heavy vehicle is higher than the energy required to accelerate a light vehicle. It is estimated that a 10% reduction in vehicle weight would result in a 6-8% improvement in fuel economy.
In electric vehicles, a lighter vehicle body allows batteries to be downsized while maintaining the range of the vehicle. Reducing the body and battery pack weight leads to an amplifying effect on the overall vehicle weight reduction. Therefore, this enables downsizing of other parts such as brake systems and drive train parts.
China recorded a 106% growth in battery electric vehicles in November 2021 compared to the same period in 2020. In addition, the market share also increased to 19%, including 15% for all-electric cars and 4% for plug-in hybrid cars.
Therefore, due to these factors, the application in transportation is expected to dominate the studied market during the forecast period.
Europe dominates the market
Europe is expected to dominate the global short fiber thermoplastic composites market in the coming years with a large share, with most of the demand coming from Germany, France, Italy and the UK.
The German aerospace industry comprises more than 2,300 companies based nationwide, with northern Germany having the highest concentration of companies. The state is home to many production sites for aircraft interior components and materials, mainly in Bavaria, Bremen, Baden-Württemberg and Mecklenburg-Western Pomerania. It is estimated that over 30,000 to 35,000 new aircraft will be in service over the next 20 years to meet increasing aviation demand.
The French automotive industry has fared much better in recent years compared to other major economies in Europe, with sustained growth through 2018 and a modest 2.9% decline in 2019. In 2020, the country produced 1,316,371 cars and light commercial vehicles compared to 2,175,350 vehicles produced in 2019, down 39.5%. However, in 2021, the country produced 13,51,308 vehicles, an increase of 3%, compared to 13,16,371 vehicles produced in 2020, increasing demand for the studied market.
In Italy, sales of computer, electronics and optical products decreased to 12,033.28 million euros in 2020, compared to 13,061.63 million euros in 2019. In contrast, sales of electrical and non-electrical household appliances increased to 26,869.17 million Euro 2020 vs. EUR 24,969.54 million in 2019.
The aerospace MRO industry in the UK accounts for approximately 17% of the global MRO industry. Therefore, many aircraft MRO activities in the UK as well as the manufacturing activities of certain components are expected to provide a potential market for short fiber thermoplastic composites during the forecast period.
For the above reasons, Europe is therefore likely to dominate the studied market over the forecast period.
competitive landscape
The short fiber thermoplastic composites market is moderately fragmented as the market share is split among many players. Major players in the market include (in no particular order) BASF SE, LANXESS, Solvay, Toray Industries Inc, and Avient, among others.
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The Market Estimate (ME) sheet in Excel format
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