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Publishing News and Press Releases

Short Fiber Thermoplastic Composites Market Size Forecast to Reach $15.3 Billion by 2026

(Publishing-NewsWire.com, September 27, 2021 ) Short Fiber Thermoplastic Composites Market size is forecast to reach US$15.3 billion by 2026, after growing at a CAGR of 3.2% during 2021-2026. Composite materials reinforced with short fibers such as glass fiber, carbon fiber, polybutylene terephthalate, and more, combine the unique properties of traditional polymer composite materials and the ability to produce high-tech products by casting under pressure in forms. These materials can be used for the production of parts of any difficult geometrical form while maintaining high mechanical characteristics at a low specific weight of the product. The high ease of recycling and manufacturing of short fiber thermoplastic composites is one of the major factors driving the industry. Rising demand from the aerospace and defense industries is another major driving factor for the market. However, the high cost associated with short fiber thermoplastic composites is hindering the growth of the market studied.



COVID-19 Impact



COVID-19 has had a negative impact on short fiber thermoplastic composite demand in a variety of end-use industries, including aerospace and defense, transportation, wind energy, building, consumer and electronics products, and others. Due to supply chain disruptions such as raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line staff, OEMs have been forced to function at zero or partial capacity, resulting in lower demand for thermoplastic composites. COVID-19's outbreak had a major effect on the automotive and aerospace industries. Automotive and aircraft production was disruptively halted as the demand gradually shrank, contributing to a major loss in the automotive. For instance, according to the European Association of Automobile Manufacturers, demand for new commercial vehicles across the EU remained low in June 2020 (-20.3%). With the decrease in automotive production, the demand for short fiber thermoplastic composites significantly decreased, which had a huge major impact on the market growth in 2020.



Short Fiber Thermoplastic Composites Market Segment Analysis - By Fiber Type



The carbon fiber segment held the largest share of more than 55% in the short fiber thermoplastic composites market in 2020. The most flexible and commonly used material is carbon fiber. They have a wide range of properties, including high stiffness and excellent strength (up to 1,000 ksi). Pitch fibers, which are made from petroleum or coal tar pitches, have a moderate to extremely high stiffness and a low to negative axial thermal expansion coefficient (CTE). Their thermal conductivity is particularly useful in spacecraft applications that require thermal control, such as electronic instrument housings. As a result, the extensive properties of carbon fibers are a major factor driving their market. Carbon fibers are not only less impact-resistant than glass or aramid fibers, but they can also cause galvanic corrosion in metals they come into contact with due to their electrical conductivity, which restricts carbon fiber segment development.



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Short Fiber Thermoplastic Composites Market Segment Analysis - By Resin Type



The polyamide segment held the largest share of more than 30% in the short fiber thermoplastic composites market in 2020. Polyamides (nylon) are high-performance plastics with high temperature and electrical resistance. They are commonly used in automotive and transportation industries, consumer products, and electrical and electronics applications, among others. Polyamide, in comparison to other polymers, can withstand higher temperatures and has been used to replace certain metal parts in under-the-hood automotive applications. Polyamide possesses characteristics such as high strength and stiffness at high temperature, good impact strength even at low temperature, good flow for easy processing, good abrasion and wear resistance, excellent fuel and oil resistance, good fatigue resistance, excellent surface appearance, better processability, electrical insulating properties, high water absorption, low dimensional stability, and more, which is boosting the demand for polyamide resins for various applications.



Short Fiber Thermoplastic Composites Market Segment Analysis - By End-Use Industry



The electrical & electronics segment held the largest share of more than 25% in the short fiber thermoplastic composites market in 2020 and is growing at a CAGR of 5.2% during 2021-2026. Short fiber thermoplastic composites are commonly used in the electrical and electronics industries to fabricate electrical cables, adapters, and electronics equipment. These composites are mostly used to reduce total part weight. They also have properties like high impact resistance, increased power, and longer endurance. The thermoplastic composites with short fibers are light, flexible, and resistant to heat and chemicals. As a result, they're used in the electronics industry for flexible cables and as a magnet wire insulating film. They also help to reduce the weight of housing electronics such as laptop computers and LCD projectors, as well as camera bodies and lenses. Short fiber thermoplastic composites are expected to dominate the market analyzed during the forecast period as a result of these factors.



Short Fiber Thermoplastic Composites Market Segment Analysis - By Geography



Asia-Pacific region held the largest share in the short fiber thermoplastic composites market in 2020 up to 42%, owing to the escalating demand for short fiber thermoplastic composites from the flourishing electrical & electronics industries in Asia-Pacific countries. The automotive industry in Asia-Pacific is growing at the fastest rate, with China, Japan, and India leading the way. According to China's National Integrated Circuit Development Promotion Outline, the Chinese government plans to spend heavily on the electronics industry, especially IC manufacturing and design. By 2022, China's IC output will grow at a rate of more than 14% per year on average. According to the Singapore Economic Development Board, Singapore has one of the most diverse semiconductor industries in the Asia Pacific. In 2015, the electronics industry attracted S$3.3 billion in fixed asset investments (FAI), accounting for 28.6% of all FAI in Singapore. India's share of global electronics manufacturing has increased from 1.3 percent in 2012 to 3 percent in 2018, according to Invest India. Furthermore, India's Consumer Electronics and Appliances Industry are expected to be the world's fifth-largest by 2025. By 2025, India's digital economy may be worth $800 billion to US$1 trillion, accounting for 1823% of the country's total economic activity. Thus, with the expanding electronics industry, the demand for short fiber thermoplastic composites will also subsequently increase, which is anticipated to drive the short fiber thermoplastic composites market in the APAC region.



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Short Fiber Thermoplastic Composites Market - Drivers



Growing Aerospace Sector



Composite materials, which are made up of a composite matrix reinforced with fibers, are used in modern aircraft because they have a higher strength-to-weight ratio than metals, allowing for lighter planes that use less fuel. The most common composite material on aircraft is comprised of a thermoset plastic and carbon fiber reinforcement. Composite materials with a thermosetting (cross-linked) matrix are commonly used materials in structural components in aerospace applications such as airframes and jet engines. China was the world's second-largest civil aerospace and aviation services market in 2019 and one of the fastest-growing markets, according to the International Trade Administration (ITA). Over the next 20 years, India is expected to have a market for 2,300 planes worth US$320 billion, according to Boeing. According to Boeing's current market outlook (BMO), the Middle East would need 2,520 new aircraft by 2030. Thus, with the increasing aerospace sector in various regions, the demand for short fiber thermoplastic composites will also substantially increase. And since short fiber thermoplastic composites are often manufactured using water-based resins, the increasing aerospace industry acts as a driver for the short fiber thermoplastic composites market during the forecast period.



Growing Electric Vehicle Market



Electric vehicles (EVs) are environmentally friendly and contribute to the automotive industry's elimination of carbon emissions. The demand for hybrid vehicles and electric vehicles is expected to see high growth in the coming years owing to the increasing government initiatives. Various governments are launching programs to encourage people to switch to electric vehicles, each with its own set of policies. For example, the Norwegian government is offering a large package of subsidies totaling EUR 17,000 on the purchase of a compact class ICE car, while the UK government is offering a one-time premium of GBP 4,000-7,000 to buyers of vehicles emitting less than 75 g/km. Short fiber thermoplastic composites offer excellent strength and play a significant role in the weight reduction of vehicles. This makes them highly useful in the production of electric vehicle components. As a result, the increased demand for electric vehicles is driving up the demand for short fiber thermoplastic composites. Several companies are now working on the manufacture of thermoplastic composite parts. UNITI SWEDEN AB (Sweden) and KW Special Projects, for example, use digital twin technology and carbon fiber-reinforced thermoplastic composites to redefine vehicle design and development in 2019.



Short Fiber Thermoplastic Composites Market - Challenges



High Cost of Raw Materials



In comparison to thermoset resins, thermoplastic resins used in the manufacture of short fiber thermoplastic composites are more expensive. The cost of raw materials accounts for a significant portion of the overall cost of these composites. The cost of raw materials, refining, and manufacturing thermoplastic composites are high, resulting in a high end-product cost. The high cost of thermoplastic composites is a big deterrent for OEMs in the supply chain. In addition, the machinery and equipment used to produce thermoplastic composites are costly, resulting in a high production cost. Thermoplastic composites have a wide range of uses in a variety of industries. They are, however, not commercially viable. If the cost of thermoplastic resins and the cost of production are decreased, the use of short fiber thermoplastic composites in many applications should be possible.



Short Fiber Thermoplastic Composites Market Landscape



Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the short fiber thermoplastic composites market. Major players in the short fiber thermoplastic composites market are BASF SE, Lanxness, Arkema, Polyone Corporation, Mitsubishi Advanced Chemical Materials, SABIC, Solvay, Dupont, Toray Industries, and Celanese Corporation.



Acquisitions/Technology Launches



In June 2019, Mitsubishi Advanced Chemical Materials bought Advanced Polymer Technologies (US) to boost its engineering plastics technical development. The company would be able to provide better solutions to the aerospace and defense, medical, and electrical, and electronics industries as a result of this acquisition.



In May 2019, Polyone Corporation unveiled new thermoplastic composite products. To meet highly challenging design and performance requirements, it introduced Complete LFT formulations, which is a thermoplastic composite with PEEK and PP as a base resin.



Key Takeaways

Asia-Pacific dominates the short fiber thermoplastic composites market in 2020. The rising demand for short fiber thermoplastic composites can be attributed to the flourishing automotive, aerospace, and electronics sector in the region.

Short fiber thermoplastic composites are extensively utilized in transportation due to the wide application of short fiber thermoplastic composites as it offers a higher strength to weight ratio, recyclability, and can mold complex shapes.

Glass fibers are high in demand as they are low cost and can process with different resins. Glass fiber is largely used in wind energy, consumer goods, electronics, transportation, and other industries, which positively impact the market growth.



Related Reports:



A. Aerospace Composites Market

https://www.industryarc.com/Report/16454/aerospace-composites-market.html



B. Thermoplastic Composites Market

https://www.industryarc.com/Research/Thermoplastic-Composites-Market-Research-502955



For more Chemicals and Materials Market reports, please click here



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IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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