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.
Download PDF Brochure
Browse
• 168 Market data Tables
• 52 Figures
• 192 Pages and in-depth TOC on “Thermoplastic Tapes Market – Global Forecast to 2028”
Some of the prominent key players are:
- Toray Industries, Inc. (Japan)
- SABIC (Saudi Arabia)
- Mitsui Chemicals, Inc. (Japan)
- Evonik Industries AG (Germany)
- Hexcel Corporation (US)
- Teijin Limited (Japan)
- Arkema (Netherlands)
- Solvay (Belgium)
- BASF SE (US)
- SGL Carbon (Germany)
Opportunity: Reduced carbon fiber cost
Carbon fiber thermoplastics are made through an energy-intensive process. According to MAI Carbon Cluster Management GmbH, a partner of BMW and Audi, the production costs of carbon fibers could be reduced. This project is backed by the German Federal Government and more than 70 business and research institutions and will have a huge impact on the automotive industry, which faces stringent environmental regulations in Europe and the US. Hence, developing low-cost and high-yield precursors for making commercial-grade carbon fibers would provide significant opportunities for the market players to expand their market share. The reduced carbon fiber cost will eventually decrease the cost of carbon fiber thermoplastic tapes.
Based on end-use industry, aerospace & defense segment holds the highest market share in 2022, both in terms of value and volume
The aerospace & defense segment dominates the thermoplastic tapes market due to the increasing demand for lightweight aircraft from Boeing and Airbus, mainly due to the superior properties of thermoplastic tapes, which help reduce the overall weight of airplanes and provide corrosion resistance and high strength and abrasion. Thermoplastic tapes are extensively used for repairing aircraft wings and for building part thickness in aircraft. The entry of new aircraft manufacturers, such as Comac (China) and United Aircraft Corporation (Russia), is expected to boost the demand for thermoplastic tapes during the forecast period.
| Europe to register the highest growth during the forecast period.
Europe was the largest market for the thermoplastic tapes market by value in 2022. The growth of end-use industries such as aerospace & defense, automotive & transportation, oil & gas, sporting goods, and medical and healthcare is driving the thermoplastic tapes industry in the region. The region has a presence of several carbon fiber fiber-reinforced thermoplastic tapes manufacturers, such as SGL carbon and Evonik Industries AG, which are engaged in the production of high-quality thermoplastic tapes, drives the thermoplastic tapes market in the region. For example, SGL Carbon, a European company provides carbon fiber fiber-reinforced thermoplastic tapes under the brand name, SIGRAFIL. |
About MarketsandMarkets™
MarketsandMarkets™ has been recently recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
Founded in 2009, MarketsandMarkets recognized uncharted business potentials within disruptive trends, forecasting a surge of $25 trillion in new B2B revenues by 2030. In our 13-year journey, we’ve collaborated with over 10,000 companies, generating $140+ billion in revenue impact. From a market research publisher, we’ve transformed into a growth-enabling leader, backed by a 1500+ strong team.