The thermoplastic tapes market is projected to grow from USD 2.7 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 10.5% during the forecast period. This report provides a comprehensive analysis of industry, including thermoplastic tapes market size, trends, drivers and constraints, competitive aspects, and prospects for future growth. Thermoplastic tape is a composite comprising properties of fibers and plastics (resins). These tapes are impregnated with various thermoplastic resins, including PAEK, PPS, PC, PA, PET, TPU, and others. Thermoplastic tapes are used in various industries, including aerospace & defense, automotive & transportation, oil & gas, medical & healthcare, construction, and sports equipment manufacturing. The increasing demand for thermoplastic tapes in these industries are projected to fuel market development in the upcoming years.
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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.
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.
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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.
Thermoplastic Tapes Companies
Major manufacturers in this market are based in North America and Europe. Toray Industries, Inc. (Japan), Teijin Limited (Japan), SGL Carbon (Germany), Hexcel Corporation (US), Solvay(Belgium), Evonik Industries AG(Germany), BASF SE (Germany) are among a few leading players operating in the thermoplastic tapes market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the thermoplastic tapeas market further.
Toray Industries Inc. (Japan)
Toray Industries, Inc.(Japan) is a multinational corporation headquartered in Tokyo, Japan. It operates in various industries, including aerospace & defense, automotive & transportation, healthcare, energy, sports equipments, and consumer products. Toray Industries is known for its innovative products and solutions across different sectors.
Toray Industries offers thermoplastic composite tapes through its subsidiary, Toray Advanced Composites. Carbon fiber material composite segment. . It has manufacturing and research facilities in North America, Latin America, Europe, Africa, Asia, and other regions.
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Teijin Limited (Japan)
Teijin Limited offers advanced solutions for automotive & transportation, aerospace & defense, healthcare, electronics, energy and industrial. The company provides thermoplastic tapes through its subsdidiary, Toho Tenax. Teijin operates through the materials business field, healthcare, fiber & products converting, IT business, and other segments. The company has a geographical presence in Europe, North America, and Asia Pacific.
Solvay (Belgium)
Solvay is one of the leading players in the plastics and chemical business worldwide. It provides carbon fiber tape products through its subsidiary, Cytec Industries Inc. It primarily develops, manufactures, and sells products for the agro feed & food, automotive & aerospace, building & construction, customer goods & healthcare, electrical & electronics, energy & environment, and industrial applications. The company manages its operations through Materials, Chemicals, Solutions, and Corporate & Business services. It offers UD tapes under the brand Evolite. It has a wide global presence in North America, Europe, Latin America, and Asia Pacific.
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