According to Fortune Business Insights the global thermoplastic composites market was valued at USD 29.41 billion in 2023 and is projected to grow from USD 31.60 billion in 2024 to USD 60.35 billion by 2032, registering a compound annual growth rate (CAGR) of 8.4% during the 2024–2032 forecast period.
Thermoplastic composites come under a wider category of composites; however, their characteristics differ from those of thermoset composites. These composites are highly versatile as they find use in a wide range of industries, from automotive to aerospace and consumer goods. They can also be reshaped and remolded numerous times when heat is applied, showcasing their great design flexibility. Features, such as durability, great strength-to-weight ratio, and high adaptability are expected to fuel the demand for these composites.
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Drivers and Restraints:
Growing Product Demand from Automotive Industry to Fuel Market Progress
The automotive industry is expanding at a robust pace as new vehicle sales are rising every year, especially after the COVID-19 pandemic era. Moreover, an increasing number of customers are opting for fuel efficient vehicles, such as electric vehicles to reduce their carbon footprint. This factor has prompted automakers to increase their reliance on these composites as they can improve the fuel efficiency of vehicles, reduce their weight, and help manufacturers comply with strict emission regulations.
However, the high cost of raw materials used to manufacture these resins can hamper the thermoplastic composites market growth.
List of the Key Players in the Thermoplastic Composites Market:
BASF SE (Germany)
Celanese Corporation (U.S.)
SABIC (Saudi Arabia)
Toray Industry Inc. (Japan)
Solvay (Belgium)
LANXESS AG (Germany)
Arkema (France)
Avient Corporation (U.S.)
Mitsubishi Chemical Group (Japan)
Competitors Landscape:
The realm of Thermoplastic Composites Market is rife with cutthroat competition and fragmentation, a result of the considerable presence of both global conglomerates and domestic contenders. Industry insiders situated in diverse geographical regions are formulating and executing effective strategies to exploit unexplored opportunities and extend their business outreach. In this highly aggressive environment, prominent players are aggressively pursuing tactics to enhance their market share through various channels.
Thermoplastic Composites Market Segmentation:
Increasing Use in Automotive Sector Helped Glass Fiber-reinforced Polymer Dominate Market
Based on type, the market is classified into Glass Fiber-reinforced Polymer (GFRP), Carbon Fiber-reinforced Polymer (CFRP), and others. The Glass Fiber-reinforced Polymer (GFRP) segment captured the largest share of the global market in 2023. This type of thermoplastic composite is being extensively used in the automotive industry to produce parts, such as structural components, body panels, and bumpers.
Attractive Characteristics of Polyamide Resins to Boost Their Demand in Several Industries
Based on resin type, the market is classified into Polypropylene (PP), Polyamide (PA), Polyetheretherketone (PEEK), and others. The polyamide resins segment is anticipated to dominate the thermoplastic composites market share as this type of resin is widely used in several industries due to its attractive characteristics. These include rigidity, great mechanical strength, superior resistance to chemicals, and high heat stability.
Rising Demand for Fuel-Efficient and Lightweight Vehicles Increases Product Adoption in Transport Industry
In terms of application, the market is segmented into transportation, construction, electrical & electronics, sports & leisure, and others. The transportation segment dominates the market as there is a high demand for lightweight and fuel-efficient vehicles, and thermoplastic composites play a key role in this regard.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, resin types, applications, and top market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
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