Global Short Fiber Thermoplastic Composites Market Worth USD 3.74 Billion by 2031 | CAGR of 4.24%

Introduction

Short-fiber composites comprise a thermoplastic matrix infused with shredded fibers (fiber length approximately 0.1 mm, fiber diameter approximately 0.01 mm, and volumetric concentration approximately 15 to 30 percent). The first thermoplastics with short-fiber reinforcements became available in the 1960s. Glass fiber and carbon fiber are the most common short-fiber thermoplastic fibers. The efficacy of lightweight composite materials is enhanced by adding short fibers to thermoplastic resins.

In addition, thermoplastic composites with short fibers are simpler and less expensive than continuous fibers. Due to the characteristics of the fiber reinforcement, short fiber-reinforced thermoplastics can be utilized in a wide range of applications. Short fiber thermoplastics have an elastic modulus of 2 x 106 psi and can withstand tensile stresses of up to 30,000 psi. They are ideal for applications where tensile strength is crucial, high-volume production is required, and extended shelf life and scrap recycling are significant factors.

Market Dynamics

Ease of Recycling and Processing Drives the Global Market

Increasing waste management, collection, and treatment regulations directly result from the growing demand for composite materials in numerous industries. Mechanical recycling, thermal recycling, and chemical recycling are the three recycling methods. The tensile modulus of recycled carbon fibers is maintained during the thermal and chemical recycling procedures. Chemical recycling processes that do not drastically reduce the diameter of the fiber typically result in greater than ninety percent strength retention.

Furthermore, carbon fibers can be recycled for less than USD 5/kg, substantially enhancing the economic viability of composites containing carbon fibers. In addition, the amount of composite refuse is substantial, with 10-30% of carbon fiber ending up as production waste. In order to meet the need for fiber-reinforced composites, such variables, and considerations for using different production methods to manufacture recycled fibers have driven the market.

Increasing Application Base in Aerospace and Defense Creates Tremendous Opportunities

Almost any basic polymer can be reinforced with short glass or carbon fibers to create a material with enhanced mechanical properties, such as increased stiffness, wear resistance, and strength-to-weight ratio. Metal can be replaced with durable, lightweight, and corrosion-resistant glass or carbon fiber composites. Carbon fiber has four to five times the rigidity of glass fiber and extraordinary mechanical properties. This is one reason why carbon-reinforced polymers are frequently used to supplant metal in applications where lightweight is essential. In addition, the Russia-Ukraine conflict will likely increase global defense spending. According to reports published by the Aviation Industry Development Research Center of China, China's total aircraft will likely reach 5,343 by 2025. In recent years, increasing government expenditure on the aerospace and defense sectors has created growth opportunities for short-fiber thermoplastic composites.

Regional Analysis

Europe is the most significant global short fiber thermoplastic composites market shareholder and is anticipated to exhibit a CAGR of 4.47% during the forecast period. The European region includes Germany, France, the United Kingdom, Italy, and the remaining European nations. Germany contributes the most to the market's revenue share among these nations. Germany has the largest healthcare industry in Europe. The German government is drafting legislation that is anticipated to spur the expansion of digital health and telemedicine technologies. According to the International Trade Administration, the German medical device industry is among the most lucrative in the world, contributing approximately USD 35.8 billion annually, or 25.6% of the European market. In addition, Germany has the largest construction sector in Europe. New residential construction projects are primarily responsible for the progressive expansion of the nation's construction industry. According to the Statistisches Bundesamt, the construction industry's revenue increased by 1.0% in 2021 compared to the previous year. Consequently, the trends above regarding end-user industries will likely impact the forecast period's overall demand for short-fiber thermoplastic composites in Germany.

North America is estimated to exhibit a CAGR of 3.82% over the forecast period. The United States, Canada, and Mexico further subdivide the North American region. The United States controls the regional market. According to the International Energy Agency (IEA), 229 thousand electric vehicles were sold in the country in November 2021, and 281 thousand were sold in December 2021. The United States electronic market is the largest in the world by volume, making it one of the most promising growth areas for the market under study. In addition, due to the rapid tempo of innovation, technological advancement, and R&D in the electronics industry, there is a significant demand for newer and faster electronic devices. Due to the emphasis on producing high-end products, the number of manufacturing facilities and research and development centers in the United States has increased significantly. These factors contribute to expanding the market for short-fiber thermoplastic composites.

Key Highlights

• The global short-fiber thermoplastic composites market was valued at USD 2,574.14 million in 2022. It is estimated to reach USD 3,740.40 million by 2031, growing at a CAGR of 4.24% during the forecast period (2023–2031).
• Based on fiber type, the global short fiber thermoplastic composites market is divided into glass fiber, carbon fiber, and other fiber types. The glass fiber segment is responsible for the highest market share and is anticipated to exhibit a CAGR of 3.94% over the forecast period.
• Based on resin type, the global short fiber thermoplastic composites market is divided into polypropylene, polyamide, polybutylene terephthalate, and other resin types. The polyamide segment is the highest contributor to the market and is estimated to exhibit a CAGR of 4.86% over the forecast period.
• Based on application, the global short fiber thermoplastic composites market is segmented into aerospace and defense, electrical and electronics, transportation, consumer goods, and others. The transportation segment owns the highest market share and is anticipated to exhibit a CAGR of 4.78% during the forecast period.
• Europe is the most significant global short fiber thermoplastic composites market shareholder and is anticipated to exhibit a CAGR of 4.47% during the forecast period.

Competitive Players

Competitive Players

The key players in the global short fiber thermoplastic composites market are Toray Industries Inc., BASF SE, Arkema Group, Sumitomo Chemical Co. Ltd, AVANCO, LANXESS, Solvay, Avient Corporation, Victrex PLC, Sumitomo Bakelite Co., Ltd (SBHPP), and others.

Recent Developments

Market News

• In April 2022, EconCore, renowned for its honeycomb sandwich manufacturing, partnered with Flaxco to develop and manufacture a novel fiber-reinforced thermoplastic honeycomb sandwich panel.
• In June 2022, LANXESS added new sustainable and environmentally friendly products to its Tepex composites line, which consists of thermoplastic composite fibers based on polyamide resin. This action will expand LANXESS's product portfolio for short fibers in the thermoplastic composites market.

Segmentation

Global Short Fiber Thermoplastic Composites Market: Segmentation

By Fiber Type

• Glass Fiber
• Carbon Fiber
• Other Fiber Types

By Resin Type

• Polypropylene (PP)
• Polyamide (PA)
• Polybutylene Terephthalate (PBT)
• Other Resin Types

By Applications

• Aerospace and Defense
• Electrical and Electronics
• Transportation (Excluding Aerospace)
• Consumer Goods
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa