Automotive Lightweighting to Provide Opportunities for Thermoplastic Tapes
Thermoplastic tape market players are working to capitalize on the evolving automotive industry, where lightweight components have been gaining significant momentum to enhance fuel efficiency and achieve low-carbon emissions.
The global thermoplastic tape market is expected to witness substantial growth from 2019-2029, according to a report from Future Market Insights. The low cost and effective performance of thermoplastic tapes in the manufacture of automotive components are expected to drive market growth in the coming years.
Thermoplastic tape market players are working to capitalize on the evolving automotive industry, where lightweight components have been gaining significant momentum to enhance fuel efficiency and achieve low-carbon emissions. Thermoplastic tapes can also be used to enhance the visual appearance of automotive parts. In addition, the diversification in usage and consumption of thermoplastic tape in end-use sectors such as aerospace and building and construction are likely to drive market growth in the next 10 years.
Europe will continue to hold a prominent share in the thermoplastic tape market, and high growth opportunities are expected in East Asia. China is anticipated to represent a high incremental opportunity and the maximum growth rate in the region. With mounting environmental concerns, the Chinese government is continuously imposing regulations to reduce dependency on fossil fuel, leading to the increased adoption of composites in automotive and aircraft manufacturing.
By thickness, thermoplastic tapes of 0.21-0.40 mm are expected to hold prominent value share in the market. Although this remains the most common thickness range used in the end-use industries, manufacturers are likely to focus on offering varying ranges of thickness to address the demand for different applications.
On the basis of material, polyaryletherketone (PAEK) is a widely used resin family in thermoplastic tapes, followed by polyamide resin. According to manufacturers, high-quality composites are formed when these materials are combined with carbon or glass fibers. However, the carbon-reinforced fiber provides more strength to thermoplastic tapes, compared to the glass-reinforced fiber.
The global thermoplastic tape market is considered to be consolidated, with some market players holding prominent market shares. Manufacturers in the thermoplastic tape market are investing in expansions and mergers to expand their product portfolios, as well as their footholds in the market.
Additional details are available at www.futuremarketinsights.com.