The global short fiber thermoplastic composites market is expected to grow at with a CAGR of greater than 5% during the forecast period. One of the major factors driving the market is the high ease of recycling and processing of the short fiber thermoplastic composites. However, high cost associated with short fiber thermoplastic composites is hindering the growth of the market studied.
- Another major driving factors of the market studied is growing demand from aerospace and defense industry.
- Asia-Pacific accounts for the highest market share and is expected to dominate the market during the forecast period.
- Among the end-user industries, electrical & electronics industry is expected to dominate the market studied during the forecast period.
Key Market Trends
Electrical & Electronics Industry to Dominate the Market
- Among the end-user industries, short fiber thermoplastic composites account for the highest market share currently.
- In the electrical & electronics industry, short fiber thermoplastic composites are majorly used for fabrication of electrical connectors, accessories, and electronics equipment.
- These composites are majorly adopted for reducing the overall weight of components. Additionally, they offer properties, such as high impact resistance, increased strength, and improved durability.
- Hence, owing to such factors short fiber thermoplastic composites are expected to dominate the market studied during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global short fiber thermoplastic composites market with a major share in the coming years.
- This is majorly because of the increasing usage in electrical & electronics sector of emerging economies, including China, India, and Indonesia.
- China is expected to have the largest market in the region, owing to increasing investments in the electronics sector.
- The growing expenditure on aerospace and defense in countries like India, China, Japan is also likely to boost the growth of market studied in the Asia-Pacific region.
- Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to dominate the market studied during the forecast period.
The short fiber thermoplastic composites market is moderately fragmented as the market share is divided between many players. Key players in the market include BASF SE, LANXESS, SABIC, Solvay, and Celanese Corporation, among others.
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