Global Thermoplastic Composite market growth 2024, Forecast To 2033

13 Feb, 2024

The thermoplastic composite market has shown strong growth, increasing from $19.33 billion in 2023 to $20.7 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%. This growth in the historical period is attributed to the weight reduction in automotive, the growth of the aerospace industry, sustainability and recycling efforts, cost-effective manufacturing, and design flexibility. Moving forward, the market is expected to experience strong growth, reaching $27.32 billion in 2028 at a CAGR of 7.2%. Anticipated drivers include investments in renewable energy infrastructure, the adoption of smart manufacturing technologies, the expansion of e-mobility, urbanization, and infrastructure development, along with innovations in the aerospace sector. Major trends in the forecast period include increased adoption in the automotive sector, the development of hybrid composite structures, the utilization of 3D printing with thermoplastic composites, advanced manufacturing processes such as automated fiber placement (AFP), and the creation of customized material formulations.

Global Thermoplastic Composite Market Key Driver

The growth in demand for electric vehicles is set to boost the thermoplastic composites market. The Indian electric vehicle market is projected to grow at a CAGR of 90%, reaching $150 billion by 2030. Additionally, new energy vehicle (NEV) sales in China are expected to rise to 3 million in 2021 from 1.4 million in 2020. Hence, the expanding market for electric vehicles will propel the demand for thermoplastic components in 2023, 2024, and 2028.

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Global Thermoplastic Composite Market Segments

The global thermoplastic composite market covered in this report is segmented –
1) By Product Type: Short Fiber Thermoplastics, Glass Mat Thermoplastics, Long Fiber Thermoplastics, Continuous Fiber Thermoplastics
2) By Fiber Type: Glass Fiber, Carbon Fiber, Other Fiber Types
3) By Resin Type: Polypropylene (PP), Polyamide (PA), Polyetheretherketone (PEEK), Other Resin Types
4) By End-Use Industry: Transportation, Consumer goods & electronics, Wind Energy, Sports & Leisure, Construction, Aersopace & Defense, Other End Users
By Geography: The regions covered in the Thermoplastic Composite market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Asia-Pacificwas the largest region in the thermoplastic composite market in 2023, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic composite market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Major Thermoplastic Composite Industry Players

BASF SE, AVANCO GmbH, Avient Corporation, Celanese Corporation, Covestro AG, Koninklijke DSM N.V., Lanxess AG, Mitsubishi Chemical Corporation, PPG Industries Inc., Saudi Basic Industries Corporation, SGL Carbon SE, Solvay SA, Teijin Limited, The Ensinger Group, Toray Industries Inc., 3B-The Fibreglass Company, Adherent Technologies Inc., Airborne International BV, Arkema SA, Composites One, Dieffenbacher Group, Fiberforge Corp., Hexcel Corporation, Owens Corning, PlastiComp Inc., PolyOne Corporation, RTP Company, Sintex-Wausaukee Composites Inc., Techmer PM LLC, Tri-Mack Plastics Manufacturing Corporation, Victrex PLC, Web Industries Inc.

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Thermoplastic Composite Market Overview

The term thermoplastic composite refers to a material that consists of a thermoplastic matrix combined with reinforcing material such as short, long, or continuous glass fibers or carbon fibers. They are manufactured through injection molding, compression molding, tape placement, winding, and thermoforming techniques. The advantages of thermoplastic composites include short cycle times, flexibility in the production process, recycling opportunities, and others.

Thermoplastic Composite Global Market Report 2023 provides data on the global thermoplastic composite market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The thermoplastic composite market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.