Development trend of composite materials in 2018-2023
In the future, the global thermoplastic composite market has a good development prospect, with growth opportunities in transportation, consumer goods, industry and construction industries. By 2023, the global thermoplastic composite is expected to reach US $16.3 billion, with a compound annual growth rate of 3.7% in 2018-2023. The main growth engine of this market is the increasing demand for lightweight and environmentally sustainable materials and the replacement of metal materials with composite materials in different end application industries.
In the global thermoplastic composite market, glass fiber, carbon fiber and aramid fiber are used together with thermoplastic resin system to produce composite materials, such as long fiber thermoplastic (LFT), short fiber thermoplastic (SFT), glass fiber felt thermoplastic (GMT) and continuous fiber thermoplastic (CFT). Lucintel predicts that SFT will remain the largest market due to its large number of applications in injection molding products. Lucintel expects the fastest growth in CFT over the forecast period due to increased demand for high-performance thermoplastic composites reinforced with continuous fibers.
In the global thermoplastic composite market, due to the increasing demand for lightweight materials, transportation will still be the end use industry with the largest value and quantity. Due to the increased demand for lightweight and high-performance plastic blends, the consumer goods segment is expected to achieve the highest growth in the forecast period.