LONDON–(BUSINESS WIRE)–The global thermoplastic composites market size is expected to grow by USD 5.93 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Polyamides are used for a wide range of applications requiring plastic materials with a high melting temperature. Also, applications involving a lot of wear and tear often prefer polyamides compared to conventional engineered plastics. Furthermore, the high flexibility to be combined with other materials and low friction of polyamides make them an ideal material to be used for various large-volume standard products such as gears, bushings, and plastic bearings. Thus, the growing demand for polyamides as composites from various applications, including automotive, aerospace, consumer goods, coatings, surgical sutures, and others, will drive the demand for thermoplastic composites during the forecast period.
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As per Technavio, the growing use of fiber-reinforced composite materials in medical applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Thermoplastic Composites Market: Growing Use of Fiber Reinforced Composite Materials in Medical Applications
Modern orthopedic medicine and prosthetic devices have witnessed several technological advances in recent years due to the development of polymer composite materials in recent years. Composites exhibit superior strength and excellent biocompatibility compared to conventional monolithic materials. This has further led to an increase in demand for fiber-reinforced polymer composites in the medical sector. These composites are often used in orthopedic surgery due to their excellent fatigue characteristics, radiolucency, and high strength-to-weight ratios. Furthermore, their extraordinary properties make them viable to be used for orthotic and prosthetic devices as well as in components for large-scale MRI equipment. Thus, increasing demand for fiber-reinforced polymer composites in medical applications is further expected to drive the growth of the thermoplastic composites market during the forecast period.
“Growing oil and gas industry, increasing demand for thermoplastic composites in the automotive industry, and rising demand for biodegradable products will boost the thermoplastic composites market growth during the forecast period,” says a senior analyst at Technavio.
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Global Thermoplastic Composites Market: Segmentation Analysis
This market report segments the global thermoplastic composites market by end-user (aerospace and defense, consumer goods and electronics, automotive, construction, wind energy, and other end-users), product (short fiber thermoplastics, long fiber thermoplastics, continuous fiber thermoplastics, and glass mat thermoplastics), resin type (polyamide, polypropylene, polyetheretherketone, hybrid and others), and fiber type (glass fiber, carbon fiber, mineral fiber, and others) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the thermoplastic composites market share in 2019, followed by North America, Europe, South America, and MEA, respectively, due to the growing use of thermoplastic composites across industries including automotive, construction, and consumer goods in economies including China, South Korea, Japan, and India. The region will contribute to the fastest growth in the market due to rising automotive production and increasing residential construction activities.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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