The Thermoplastic Composites Market Size was estimated at 26.42 (USD Billion) in 2022 The Thermoplastic Composites Industry is expected to grow from 27.79 (USD Billion) in 2023 to 43.8 (USD Billion) by 2032. The Thermoplastic Composites Market CAGR (growth rate) is expected to be around 5.19% during the forecast period (2024 - 2032).
The growing popularity of thermoplastic composites for manufacturing lightweight vehicle components propels the global market. The global penetration of electric vehicles, increasing applications of thermoplastic composites in various end-use industries and rising disposable income are key factors driving the global market growth. The use of thermoplastic composites in automobiles, transportation, construction, aerospace & defense, electronics, and other industries is increasing. Because of their excellent recyclable properties, thermoplastic composites are gaining popularity. Companies in the global thermoplastic composites market should accelerate product development and capitalize on revenue opportunities to gain a competitive advantage. Furthermore, market participants are broadening their service offerings to gain a competitive advantage.
On a global scale, the COVID-19 pandemic has forced wind turbine manufacturers, automakers, and aircraft manufacturers to close their doors, reducing demand for composites in 2020. The pandemic impacted almost every aspect of the composites industry, from product demand to workforce development to the acceleration or deceleration of trends already in place when the pandemic struck. Customers and their temporary production halt all had a significant impact on production processes. However, by properly strategizing according to market needs, the Thermoplastic Composites Market is expected to recover from this global pandemic by the end of the third quarter of the following year.
Market segmentation:
Thermoplastic Composites Market Segmentation Insights
Thermoplastic Composites Market Application Outlook
Automotive
Aerospace
Consumer Goods
Construction
Electrical and Electronics
Thermoplastic Composites Market Fiber Type Outlook
Glass Fiber
Carbon Fiber
Natural Fiber
Aramid Fiber
Thermoplastic Composites Market Matrix Type Outlook
Polypropylene
Polycarbonate
Polyamide
Polyethylene
Thermoplastic Composites Market Manufacturing Process Outlook
Injection Molding
Compression Molding
Extrusion
Thermoforming
Thermoplastic Composites Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
Regional analysis:
The Global Thermoplastic Composites Market is divided into North America, Asia-Pacific, Europe, and the Rest of the World.
The Asia-Pacific accounts for a sizable portion of the global thermoplastic composites market, owing to rising demand for thermoplastic compounds from various end-use industries such as electrical & electronics, construction, automotive, and aerospace. The major countries driving thermoplastic composites demand are China and India. Rapid urbanization, the popularity of electric vehicles, increased production of lightweight vehicles, and the growing presence of key Asia-Pacific manufacturers are all driving market growth. As China is one of the largest producers of electric vehicles, the country accounts for a significant share of the Asia-Pacific thermoplastic composites market. Due to rising demand from various end users, key market players in the thermoplastic composites market are investing in and expanding their production capacity.
Key Thermoplastic Composites Companies Players.
Solvay, General Electric, Covestro, Toray Industries, DSM, Hexcel, LANXESS, Celanese, SABIC, Hexion, 3M, Mitsubishi Chemical, BASF, Kraton, Teijin
Recent developments:
- Solvay and Leonardo announced the establishment of a joint research lab dedicated to developing novel composite materials and manufacturing processes critical to the aerospace industry’s future in February 2021.
- Solvay announced a five-year material supply agreement with Leonardo in June 2020 for programs in the helicopter, Aircraft, Aerostructures, and Electronics divisions. Solvay will collaborate with Leonardo on several R&D initiatives to develop new materials and process technologies, in addition to material supply.
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