According to the latest 2020-2025 global thermoplastic composites market analysis report released by Research And Markets on August 18, the global thermoplastic composites market is expected to grow from US$22.2 billion in 2020 to US$31.8 billion in 2025. The growth rate is 7.5%.
Composite materials have excellent properties such as high stiffness, high strength, low density, thermal and electrical conductivity, fatigue resistance and corrosion resistance. Due to the above-mentioned outstanding properties of composite materials, they are more popular than conventional materials (such as aluminum, steel, etc.) in some high-performance terminal applications.
Among all types of thermoplastic composite materials, carbon fiber thermoplastic composite materials are the fastest growing type of material in the market. It is expected that the compound annual growth rate of carbon fiber thermoplastic composites will be the highest from 2020 to 2025. Because the strength of carbon fiber is twice or even several times that of glass fiber and natural fiber, the strength and weight are 30% lighter, and it has provided light weight, corrosion resistance, high strength and other characteristics in high-end applications. It is expected that the progress of carbon fiber manufacturing and the decline in crude oil prices will lead to a decline in the price of carbon fiber thermoplastic composite materials. In turn, this will further promote the growth and penetration of carbon fiber thermoplastic composites in various end-use industries.
In terms of thermoplastic resin matrix type, PEEK is the fastest growing thermoplastic composite material. PEEK-based thermoplastic composites are in high demand in the aerospace and defense, automotive and medical industries. PEEK resin has extremely high toughness, and has high environmental and fireproof properties. PEEK resin-based thermoplastic composites have thermal stability in high-temperature applications, as well as chemical resistance and fatigue resistance. Carbon fiber reinforced PEEK composites provide high levels of rigidity and creep strength. However, due to COVID-19 and price increases, demand for PEEK is expected to decline in 2020, but will recover after the global economy stabilizes.
In terms of the form of reinforcing fibers, long fiber thermoplastics (LFT) are expected to achieve the highest compound annual growth rate in the thermoplastic composites market. Due to the moderate cost, LFT is expected to achieve the highest growth during the forecast period. LFT mainly uses glass fiber and carbon fiber that are compatible with a variety of thermoplastic composite materials. Therefore, there is a high demand for LFTs from various end-use industries in the thermoplastic composites market. Due to COVID-19, the demand for LFT has decreased in wind energy, consumer products and electronics, construction, transportation, and aerospace and defense industries, but the recovery of these industries after the end of the COVID-19 pandemic will restore demand for LFT .
In terms of end applications, aerospace and defense are the fastest-growing thermoplastic composite applications industries. Due to the increasing demand for aircraft internal applications, the aerospace and defense industries have the highest compound annual growth rate in value during the forecast period. Thermoplastic composites have the advantages of lightness, improved fuel efficiency, FST performance, corrosion resistance and the ability to be molded into different complex shapes. Therefore, the growth of thermoplastic composites is the highest in the aerospace and defense industries.
The Asia-Pacific region is the fastest growing thermoplastic composites market. It is expected that during the forecast period, the Asia-Pacific region will have the highest compound annual growth rate in the global thermoplastic composites market. Low-cost labor, the development of thermoplastic composite technology solutions, and the penetration of thermoplastic composites in various end-use industries have provided support for the growth of the thermoplastic composite industry in the region.