What Has Been the Growth of the Thermoplastic Composite Market So Far?
The thermoplastic composite market has seen considerable growth due to a variety of factors.
• There has been robust growth in the thermoplastic composite market size in the past few years. The market is projected to expand from $20.56 billion in 2024 to $21.96 billion in 2025 with an annual compound growth rate (CAGR) of 6.8%.
Factors such as weight reduction in auto, expansion of aerospace industry, sustainability and recycling, economical production, and design flexibility have all contributed to the growth in the historic period.
What Are the Future Growth Projections for the Thermoplastic Composite Market?
The thermoplastic composite market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the thermoplastic composite industry is predicted to witness substantial growth, with a projection to reach $29.82 billion by 2029, growing at a compound annual growth rate of 7.9%.
The surge predicted within the forecast period is attributable to factors such as the rise in renewable energy infrastructure, the advancement in smart manufacturing technologies, the growth of e-mobility, urbanization and development in infrastructure, and breakthroughs in aerospace. It's also important to note the trends within the forecast period that include the increasing acceptance in the automotive sector, the emergence of hybrid composite structures, the rise of 3D printing using thermoplastic composites, and the progression of manufacturing processes, such as automated fiber placement (AFP), and specially tailored material formulations.
Which Factors Are Boosting Growth In The Thermoplastic Composite Market?
The surge in electric vehicle demand is projected to spur the need for thermoplastic composites in the forecast period. Electric vehicles, which have less environmental impact and contribute to a reduction in transportation industry carbon emissions, are poised for a surge in popularity in the coming years. Thermoplastic composites, known for their excellent strength, play an integral part in reducing the overall car weight, making them ideal for vehicle component production. A report by RBSA Advisors in December 2021 suggests that the Indian electric vehicle market will grow at a 90% CAGR this decade, hitting a value of $150 billion by 2030. Additionally, data from the China Association of Automobile Manufacturers (CAAM) projects that new energy vehicle (NEV) sales in China will likely grow to 3 million in 2021, a significant leap from 1.4 million in 2020. Therefore, the expanding electric vehicle market will spur the manufacturing of electric vehicle elements and enhance the demand for thermoplastic parts throughout the forecast period.
What Key Areas Define The Segmentation Of The Global Thermoplastic Composite Market?
The 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, Aerospace & Defense, Other End Users
Subsegments:
1) By Short Fiber Thermoplastics: Glass Fiber Reinforced Thermoplastics, Carbon Fiber Reinforced Thermoplastics, Natural Fiber Reinforced Thermoplastics
2) By Glass Mat Thermoplastics: Thermoplastic Polyurethane (TPU) Glass Mat Composites, Polypropylene (PP) Glass Mat Composites, Other Glass Mat Composites
3) By Long Fiber Thermoplastics: Long Glass Fiber Reinforced Thermoplastics, Long Carbon Fiber Reinforced Thermoplastics, Long Natural Fiber Reinforced Thermoplastics
4) By Continuous Fiber Thermoplastics: Continuous Glass Fiber Thermoplastics, Continuous Carbon Fiber Thermoplastics, Continuous Aramid Fiber Thermoplastics
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How Are Emerging Trends Reshaping The Dynamics Of The Thermoplastic Composite Market?
In the realm of the thermoplastic composites market, the emergence of economical production technology is a novel trend. Businesses in the thermoplastic composites industry are putting more resources into research and development to create innovative products using state-of-the-art technologies tailored to the specific technical needs of clients worldwide. A case in point is the partnership established in January 2023 between Sumika Polymer Compounds, a thermoplastics manufacturer from the UK, and Hexagon’s Manufacturing Intelligence, a Sweden-based company providing digital reality solutions. They integrated sensor, software, and autonomous technologies to digitise the performance of new sustainable automotive-grade polypropylene (PP) compounds. This allows engineers to design components that are more environmentally friendly and have a reduced carbon footprint, setting the stage for future vehicles.
Who Are the Key Players in the Thermoplastic Composite Market?
Major companies operating in the thermoplastic composite market include:
• BASF SE
• 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
• Hexcel Corporation
• Owens Corning
• RTP Company
• Techmer PM LLC
• Tri-Mack Plastics Manufacturing Corporation
• Victrex PLC
• Web Industries Inc.
What Is The Most Dominant Region In The Thermoplastic Composite Market?
Asia-Pacific was the largest region in the thermoplastic composite market in 2024, 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.
