CHICAGO, July 11, 2023 /PRNewswire/ -- The report "Thermoplastic Tapes Market by Fiber Type (Glass, Carbon), Resin Type (PAEK, PA, PPS, PP), Application (Aerospace & Defense, Automotive & Transportation, Oil & Gas, Sporting Goods, Medical & Healthcare), and Region - Global Forecasts to 2028", is estimated at USD 2.7 billion in 2023 and is projected to reach USD 4.4 billion by 2028, at a CAGR of 10.5% from 2023 to 2028.
Factors such as the superior properties of thermoplastic tapes like corrosion resistance, lightweight and high strength, durability, and improved performance are positively driving the growth of the thermoplastic tapes Market. Thermoplastic composite materials are 50-70% lighter than steel and 25-30% lighter than aluminum. Increment in consumption of thermoplastic tapes is expected to increase owing to changing consumption patterns i.e., from heavy to lightweight composite, fuel efficiency, and cost-effectiveness. Further, the continuous innovation, new product development, and processing applications to create more promising opportunities in aerospace & defense, automotive & transportation, and other industries will bolster demand for the thermoplastic tapes market.
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Glass fiber held the second largest market for thermoplastic tapes.
Glass fiber are used in various applications due to their low cost compared to traditional materials such as steel and aluminum. Glass fiber-based thermoplastic tapes are preferable over carbon fiber as they provide a quick and affordable way to build parts & molds and make repairs. Glass fibers are easy to process and less expensive but have low tensile strength and performance than carbon fiber. The glass fiber segment of the thermoplastic tapes market is expected to grow significantly in the coming years, driven by the low cost and easy processing of fiberglass that can be used in various applications.
PA segment holds the second-highest market in 2022.
Polyamide (PA)-based compounds are widely used thermoplastic composites worldwide. Thermoplastic composites containing PA resin matrix offer an ideal combination of properties suitable for automotive, aerospace & defense, energy, industrial, and electronics applications. Polyamide is easy to process, has high resistance to heat and chemical attack, good mechanical strength, and stiffness with good dielectric properties, friction, and wear resistance. It enables automotive OEMs to reduce weight without compromising vehicle performance. Polyamide, when used along with long carbon fibers, provides higher strength in automotive applications. In the automotive & transportation industry, PA is used for door modules, bumper stiffeners, and dashboard crossbeams.
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Middle East & Africa is expected to grow with a significant CAGR during the forecast period.
The thermoplastic tapes market in the Middle East & Africa includes the UAE, South Africa, and Rest of the Middle East & Africa. The market growth is attributed to the developing aerospace & defense, automotive & transportation industries in the region. Thermoplastic tapes are in demand in the Middle East & Africa due to their lightweight and corrosion-resistant properties. The oil & gas industry, aerospace & defense, automotive & transportation, and sporting goods markets are driving up the demand for these tapes in the region. Key aircraft manufacturers, such as Boeing, Airbus, and Bombardier, are targeting Gulf buyers for the business jet market. The demand for repairing existing pipes, tanks, and infrastructure in the oil & gas industry contributes to market growth. The increasing need for sporting goods is also driving the thermoplastic tapes market in the region.
The major players in the thermoplastic tapes market are Toray Industries, Inc. (Japan), SABIC (Saudi Arabia), Mitsui Chemicals, Inc. (Japan), Evonik Industries AG (Germany), Hexcel Corporation (US), Teijin Limited (Japan), Arkema (Netherlands), and Solvay (Belgium), BASF SE (US), and SGL Carbon (Germany), among others.
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