Thermoplastic Composite Market Report 2025

This Thermoplastic Composite report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The thermoplastic composite market size has grown strongly in recent years. It will grow from $20.56 billion in 2024 to $21.96 billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to weight reduction in automotive, aerospace industry growth, sustainability and recycling, cost-effective manufacturing, design flexibility,

The thermoplastic composite market size is expected to see strong growth in the next few years. It will grow to $29.82 billion in 2029 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to renewable energy infrastructure, smart manufacturing technologies, e-mobility expansion, urbanization and infrastructure development, aerospace innovations. Major trends in the forecast period include increased adoption in automotive, hybrid composite structures, 3D printing with thermoplastic composites, advanced manufacturing processes like automated fiber placement (afp), customized material formulations.

The growth in 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 contribute towards fewer carbon emissions 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 vehicle components. For instance, in January 2024, according to a report published by Kelley Blue Book, a US-based Cox Automotive company, in 2023, a record 1.2 million car buyers in the United States chose electric vehicles, which accounted for 7.6% of the entire U.S. vehicle market, up from 5.9% in 2022.Hence, the growing market for electric vehicles will accelerate the production of electric vehicle components and contribute to growth in demand for thermoplastic components during the forecast period.

The growth of the thermoplastic composites market will be propelled by the increasing activities in the construction industry. The construction industry, encompassing the planning, design, and construction of structures, utilizes thermoplastic composites for the fabrication of beams, columns, and panels. These composites enhance structural integrity while reducing weight, facilitating easier transportation and assembly. For example, in June 2023, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, privately owned home starts in the United States showed a seasonally adjusted annual pace of 1,631,000, indicating a 21.7% increase from the revised April 2023 prediction of 1,340,000. Home completions in May 2023 reached 1,518,000 on a seasonally adjusted yearly basis, marking a 5% increase from May 2022 and a 9.5% rise from the revised April 2023 estimate of 1,386,000. Thus, the burgeoning construction industry is expected to contribute significantly to the growth of the thermoplastic composites market.

A novel trend in the thermoplastic composites market is the development of low-cost production technology. Companies operating in this market are increasingly investing in research and development to create new products using advanced technologies. For instance, in January 2023, Sumika Polymer Compounds collaborated with Hexagon’s Manufacturing Intelligence division to develop new sustainable automotive-grade polypropylene (PP) compounds. This collaboration aims to digitize the performance of these compounds, enabling engineers to design components with improved recyclability and a lower carbon footprint for future vehicles.

Prominent players in the thermoplastic composites market focus on product innovation, as seen in the introduction of low-friction thermoplastic composite bearings. These self-lubricating components, made from a blend of thermoplastic materials reinforced with various additives, are designed to minimize friction and wear in mechanical systems. In August 2022, Trelleborg Sealing Solutions launched the HiMod Advanced Composite Bearing Plus, featuring a low-friction modified polyetheretherketone (PEEK) layer. This innovation aims to enhance performance, durability, and reliability in various industrial applications.

A strategic move in February 2022 the industry involved the acquisition of StyLight thermoplastic composite materials from INEOS Styrolution by Ensinger Group. The Germany-based Ensinger Group aims to expand its product portfolio and strengthen its global presence in the thermoplastic composites market through this acquisition.

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.

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 analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the thermoplastic composite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The term 'thermoplastic composite' denotes a material composed of a thermoplastic matrix combined with reinforcing materials, such as short, long, or continuous glass fibers or carbon fibers. The manufacturing processes for these composites include injection molding, compression molding, tape placement, winding, and thermoforming. The advantages associated with thermoplastic composites encompass short cycle times, flexibility in the production process, and recycling opportunities, among others.

The primary types of thermoplastic composites include short fiber thermoplastics, glass mat thermoplastics, long fiber thermoplastics, and continuous fiber thermoplastics. The market for short fiber thermoplastics involves the sale of composites containing fibers less than 1 mm long. These composites are particularly suitable for injection molding using traditional molding machines. Various fiber types, including glass fiber, carbon fiber, and others, are used in combination with resin types such as polypropylene (PP), polyamide (PA), polyetheretherketone (PEEK), and others. These thermoplastic composites find applications across diverse industries, including transportation, consumer goods and electronics, wind energy, sports and leisure, construction, aerospace and defense, and other end-user sectors.

The thermoplastic composite market research report is one of a series of new reports that provides thermoplastic composite market statistics, including thermoplastic composite industry global market size, regional shares, competitors with a thermoplastic composite market share, detailed thermoplastic composite market segments, market trends and opportunities, and any further data you may need to thrive in the thermoplastic composite industry. This thermoplastic composite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The thermoplastic composite market consists of sales of thermoplastic composite components, including resin matrices, operational derivatives, and armatures. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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