The global thermoplastic composite market size is expected to grow from $16.71 billion in 2021 to $17.99 billion in 2022 at a compound annual growth rate (CAGR) of 7.68%. The global thermoplastic composite market size is expected to grow to $22.83 billion in 2026 at a CAGR of 6.14%.
What is the Global Thermoplastic Composite Market?
The thermoplastic composite market consists of the sale of thermoplastic composites by entities (organizations, sole traders, and partnerships) that refers to material, which consists of a thermoplastic matrix combined with reinforcing material such as short, long or continuous glass 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 and flexibility in the production process, recycling opportunities, and others.
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What drives the Global Thermoplastic Composite Market?
The growing demand for electric vehicles is expected to boost the demand for thermoplastic composites during the forecast period. The demand for electric vehicles is expected to increase in the next few years as they are environment-friendly and are contributes towards less carbon emission in the transportation industry. Thermoplastic composites provide excellent strength and play a significant role in the reduction of the overall weight of vehicles which makes them useful in the production of vehicles components. According to the article published by RBSA Advisors in December 2021, the Indian electric vehicles market is estimated to grow with a CAGR of 90% this decade touching $150 billion by 2030. Moreover, According to The China Association of Automobile Manufacturers (CAAM), New energy vehicles (NEV) sales in China are likely to rise to 3 million in 2021 from 1.4 million in 2020. Hence, the growing market for electric vehicles will accelerate the production of electric vehicles components and contributed to growth in demand for thermoplastic components during the forecast period.
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Global Thermoplastic Composite Market Segments
The global thermoplastic composite market is segmented:
By Product Type: Short Fiber Thermoplastics, Glass Mat Thermoplastics, Long Fiber Thermoplastics, Continuous Fiber Thermoplastics
By Fiber Type: Glass Fiber, Carbon Fiber, Other Fiber Types
By Resin Type: Polypropylene (PP), Polyamide (PA), Polyetheretherketone (PEEK), Other Resin Types
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.
Thermoplastic Composite Global Market Report 2022provides market size and growth forecasts for the global thermoplastic composite market, global thermoplastic composite market share, thermoplastic composite market segments and geographies, thermoplastic composite market competitive landscape including leading competitors’ revenues, profiles and market shares. The thermoplastic composite market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Thermoplastic Composite Industry Playersinclude BASF SE, Celanese Corporation, SABIC, Solvay, Lanxess AG, Mitsubishi Chemical Advanced Materials, Koninklijke DSM N.V., Toray Industries, Inc., SGL Carbon, AVANCO GmbH, Teijin Limited, PPG Industries Inc., Covestro AG, The Ensinger Group, and Avient Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
