Short Fiber Thermoplastic Composites Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.81 Billion |
| Market Size (2029) | USD 3.50 Billion |
| CAGR (2024 - 2029) | 4.52 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Short Fiber Thermoplastic Composites Market Analysis
The Short Fiber Thermoplastic Composites Market size is estimated at USD 2.81 billion in 2024, and is expected to reach USD 3.5 billion by 2029, growing at a CAGR of 4.52% during the forecast period (2024-2029).
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
This section covers the major market trends shaping the Short Fiber Thermoplastic Composites Market according to our research experts:
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 Industry Overview
The 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.
Short Fiber Thermoplastic Composites Market Leaders
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BASF SE
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LANXESS
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Solvay
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Toray Industries Inc
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Avient
*Disclaimer: Major Players sorted in no particular order
Short Fiber Thermoplastic Composites Market News
- June 2022: LANXESS added new sustainable and environmentally benign products to its Tepex composites range, which comprised polyamide resin-based thermoplastic composites fibers. This move will expand LANXESS's product portfolio in the short fiber thermoplastic composites market.
- January 2022: BASF SE announced the price increment of polyurethane-based thermoplastics from mid-February 2022 by USD 0.59/lb. This move will impact the price-competitive landscape of polyurethane-based thermoplastics in the forecast period.
Short Fiber Thermoplastic Composites Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Ease of Recycling and Processing
4.1.2 Increasing Application Base in Aerospace and Defense
4.2 Restraints
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 Application
5.3.1 Aerospace and Defense
5.3.2 Electrical and Electronics
5.3.3 Transportation
5.3.4 Consumer Goods
5.3.5 Other Applications
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 ASEAN Countries
5.4.1.6 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 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*
6.4.1 Arkema
6.4.2 AVANCO Group
6.4.3 Avient
6.4.4 BASF SE
6.4.5 Lanxess
6.4.6 RTP Company
6.4.7 Solvay
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
Short Fiber Thermoplastic Composites Industry Segmentation
Short fiber thermoplastics (SFT) are thermoplastics that contain fibers that are typically less than 1 mm long. The market is segmented by fiber type, resin type, application, and geography. By fiber type, the market is segmented as glass fiber, carbon fiber, and other fiber types. By resin type, the market is segmented as polypropylene, polyamide, polybutylene terephthalate, and other resin types. By application, the market is segmented as aerospace and defense, electrical and electronics, transportation, consumer goods, and other applications. The report also covers the market size and forecasts for the short fiber thermoplastic composites market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Fiber Type | |
| Glass Fiber | |
| Carbon Fiber | |
| Other Fiber Types |
| Resin Type | |
| Polypropylene (PP) | |
| Polyamide (PA) | |
| Polybutylene Terephthalate (PBT) | |
| Other Resin Types |
| Application | |
| Aerospace and Defense | |
| Electrical and Electronics | |
| Transportation | |
| Consumer Goods | |
| Other Applications |
| Geography | ||||||||
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Short Fiber Thermoplastic Composites Market Research FAQs
How big is the Short Fiber Thermoplastic Composites Market?
The Short Fiber Thermoplastic Composites Market size is expected to reach USD 2.81 billion in 2024 and grow at a CAGR of 4.52% to reach USD 3.50 billion by 2029.
What is the current Short Fiber Thermoplastic Composites Market size?
In 2024, the Short Fiber Thermoplastic Composites Market size is expected to reach USD 2.81 billion.
Who are the key players in Short Fiber Thermoplastic Composites Market?
BASF SE, LANXESS, Solvay, Toray Industries Inc and Avient are the major companies operating in the Short Fiber Thermoplastic Composites Market.
Which is the fastest growing region in Short Fiber Thermoplastic Composites Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Short Fiber Thermoplastic Composites Market?
In 2024, the Europe accounts for the largest market share in Short Fiber Thermoplastic Composites Market.
What years does this Short Fiber Thermoplastic Composites Market cover, and what was the market size in 2023?
In 2023, the Short Fiber Thermoplastic Composites Market size was estimated at USD 2.69 billion. The report covers the Short Fiber Thermoplastic Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Short Fiber Thermoplastic Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Short Fiber Thermoplastic Composites Industry Report
Statistics for the 2024 Short Fiber Thermoplastic Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Short Fiber Thermoplastic Composites analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
