Report ID:
SQMIG15E2542 |
Region:
Global |
Published Date: October, 2024
Pages:
162
|Tables:
123
|Figures:
72
Global Thermoplastic Composites Market size was valued at USD 31.64 Billion in 2022 and is poised to grow from USD 34.2 Billion in 2023 to USD 59 Billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).
Thermoplastic composites have emerged as a highly popular material in multiple industries as demand for lightweight components increases. Advancements in material technologies and growing investments in the development of novel thermoplastic composites are also expected to drive market growth in the future. Rising use of thermoplastic composites in aerospace and defense industry and automotive industry will also benefit market development across the study period and beyond. Rising awareness regarding the benefits of thermoplastic composites use and increasing demand for high-performance materials around the world are also estimated to create new opportunities for thermoplastic composite companies in the long run. On the contrary, high production costs, limited performance in high temperatures, and lack of standardization are slated to be key restraints for thermoplastic composite companies in the future.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Global Thermoplastic Composites Market is segmented based on Fiber, Product, Resin, End Use Industry, and Region. Based on the Fiber, the market is segmented into Glass Fiber, Carbon Fiber, and Others. Based on Resin, the market is segmented into Polyamide (PA), Polypropylene (PP), Polyetheretherketone (PEEK), and Others. Based on Product, the market is segmented into Short Fiber Thermoplastic (SFT), Long Fiber Thermoplastic (LFT), and Others. Based on End Use Industry, the market is segmented into Transportation, Aerospace & Defense, Electrical & Electronics, Consumer Goods, Construction, Wind Energy, Marine, and Others. Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Analysis by Fiber
Glass fiber is projected to account for a dominant share of the global thermoplastic composites demand outlook. High application scope of glass fiber-based thermoplastic composites in multiple industry verticals ranging from aerospace and defense to sporting goods manufacturing. Better thermal conductivity, extreme strength, high heat resistance, less fragility, low weight, and less stiffness are some key characteristics of thermoplastic composites that help this segment maintain its dominant market share in the future. Growing investments in the development of novel glass fiber technologies and materials are also expected to create new business scope for thermoplastic composites companies going forward.
On the other hand, the demand for carbon fiber thermoplastic composites is projected to surge at an impressive pace over the coming years. Growing awareness regarding the benefits of carbon fiber composites and their growing application scope across multiple industry verticals is forecasted to help this segment bring in more revenue going forward. High emphasis on weight reduction in automotive industry and growing demand for high-performance materials are also expected to boost sales of carbon fiber composites in the long run.
Analysis by Resin
Polyamide is projected to account for a major share of the global thermoplastic composites market. This dominance can be directly attributed to the excellent characteristics of polyamide resin such as mechanical performance, corrosion resistance, chemical inertness, and abrasion performance. Moreover, polyamides are easily synthesizable from one or two monomers making them one of the most affordable resins for thermoplastic composites production. The use of polyamide resin allows manufacturers to create high-performance materials at an affordable cost thereby driving the overall sales of thermoplastic composites around the world.
Meanwhile, the demand for polypropylene thermoplastic composites is projected to rise at a significant pace across the forecast period and beyond. High moisture resistance and incredible versatility are key factors that are helping this segment generate more revenue as compared to other types of revenue for the future. Flame resistance, UV light resistance, hydrolytic stability, creep resistance, and other characteristics of polypropylene resin are helping it become one of the most widely used resins for thermoplastic composites production in the long run.
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North America is forecasted to spearhead the global thermoplastic composite demand outlook owing to surging demand for composites and high-performance materials. Rising investments in the development of new materials and rapid adoption of advanced material technologies are also helping North America stay abreast of competition on a global level. Canada and the United States are estimated to be the most opportune markets for thermoplastic composite companies operating in this region. Robust investments in aerospace and defense industry in this region will also create new business scope for thermoplastic composite providers in the long run.
On the other hand, the demand for thermoplastic composites in the Asia Pacific region is slated to increase at a notable pace through 2031. Rapid industrialization and urbanization in this region are key contributors to rising sales of thermoplastic composites. The presence of a robust manufacturing base in countries such as China and India makes them highly opportune markets for thermoplastic composite companies in this region. Increasing automotive manufacturing activity and the growing use of composites to comply with emission and weight reduction regulations will also boost the demand for thermoplastic composites in the Asia-Pacific going forward.
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Drivers
High Adoption by Automotive Manufacturers
Growing Demand for Wind Energy
Restraints
High Production Costs
Limited Performance in High Temperature Applications
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Reducing the costs of production and making thermoplastic composites more affordable is slated to be the prime focus of all thermoplastic composites manufacturers. Developing custom thermoplastic composites for industry-specific applications will also create opportunities for thermoplastic composites providers in the future. Collaborations to fast-track the development of low-cost thermoplastic composites could also emerge as a popular strategy for thermoplastic composites market players in the long run.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high demand for lightweight high-performance materials and rising use of thermoplastic composites in aerospace and automotive industries are projected to drive market growth in the future. On the contrary, the high costs of production and limited performance in high temperatures are slowing down sales of thermoplastic composites. Rapid urbanization and industrialization are helping Asia Pacific emerge as the fastest-expanding market for thermoplastic composites companies in the world. Development of bio-based thermoplastic composites will also create new opportunities for thermoplastic composites providers in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 31.64 Billion |
Market size value in 2031 | USD 59 Billion |
Growth Rate | 8.1% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Thermoplastic Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermoplastic Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermoplastic Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thermoplastic Composites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15E2542
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