Thermoplastic Composites Market Report and Forecast 2024-2032

According to the report, the global thermoplastic composites market reached a value of USD 25.82 billion in 2023. Aided by the escalating demand across various industries for materials that combine light weight with high performance, the market is projected to further grow at a CAGR of 4.9% between 2024 and 2032 to reach a value of USD 39.77 billion by 2032.

Thermoplastic composites consist of a thermoplastic polymer matrix reinforced with fibres such as glass, carbon, or aramid, offering a unique blend of strength, durability, and recyclability. Unlike thermoset composites, thermoplastic composites can be remelted and reshaped, providing significant advantages in terms of manufacturing flexibility and end-of-life recyclability. These materials are increasingly sought after in sectors such as automotive, aerospace, construction, and consumer goods, where they contribute to energy efficiency, performance enhancement, and environmental sustainability.

The automotive industry is a primary driver of the thermoplastic composites market growth, as manufacturers strive to meet stringent fuel efficiency standards and reduce carbon emissions through lightweighting. Thermoplastic composites enable the production of lighter, stronger components that can significantly decrease vehicle weight, thereby improving fuel economy and reducing environmental impact. Similarly, in the aerospace sector, these materials are utilised to fabricate components that reduce the weight of aircraft, leading to enhanced fuel efficiency and lower operating costs.

The construction industry also influences the thermoplastic composites market outlook, where their resistance to corrosion, high strength-to-weight ratio, and ease of installation make them ideal for applications ranging from piping and facades to modular construction elements. Additionally, the growing focus on sustainability and circular economy principles is pushing the demand for recyclable and reusable materials, further propelling the adoption of thermoplastic composites.

According to the thermoplastic composites market analysis, technological advancements in the manufacturing processes and material formulations of thermoplastic composites are key factors contributing to the market's growth. Innovations in 3D printing, automation, and composite technology are making these materials more accessible and cost-effective for a broader range of applications. Moreover, the development of new thermoplastic resins and reinforcement fibres is expanding the performance capabilities of these composites, opening up new market opportunities.

Market Segmentation

The market can be divided based on resin type, fibre type, product, end use, and region.

Market Breakup by Resin Type

• Polypropylene (PP)
• Polyamide (PA)
• Polyether Ether Ketone (PEEK)
• Others

Market Breakup by Fibre Type

• Glass Fibre
• Carbon Fibre
• Others

Market Breakup by Product

• Glass Mat Thermoplastics (GMT)
• Advanced Thermoplastic Composites (ATC)

Market Breakup by End Use

• Automotive
• Aerospace and Defence
• Electrical and Electronics
• Construction
• Medical
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global thermoplastic composites market. Some of the major players explored in the report are as follows:

• Arkema S.A.
• Solvay S.A.
• SGL Carbon SE
• Mitsubishi Chemical Group Corp.
• Teijin Ltd.
• Avient Corporation
• Celanese Corporation
• Toray Industries Inc.
• Lanxess AG
• Avanco GmbH
• Others

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