USD 25.61 Billion
Report ID:
SQMIG15E2548 |
Region:
Global |
Published Date: November, 2024
Pages:
162
|Tables:
123
|Figures:
72
Thermoplastic Composites Market size was valued at USD 25.61 Billion in 2023 and is poised to grow from USD 27.56 Billion in 2024 to USD 49.51 Billion by 2032, growing at a CAGR of 7.60% during the forecast period (2025-2032).
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.
Market snapshot - 2025-2032
Global Market Size
USD 25.61 Billion
Largest Segment
Glass Fiber
Fastest Growth
Carbon Fiber
Growth Rate
7.60% CAGR
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GGlobal Thermoplastic Composites Market is segmented into Resin Type, Fiber Type, Product Type, End-Use Industry, and region. By Resin Type, the market is classified into PA, PP, PEEK, Hybrid, and Others. Depending on the Fiber Type, it is categorized into Glass, Carbon, Mineral, and Others. Based on Product Type, the market is segmented into SFT, LFT, CFT, and GMT. According to End-Use Industry, the market is divided into Transportation, Aersopace & Defesne, Consumer & Electronic Goods, Sports & leisure, Construction, Wind Energy, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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.
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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High Adoption by Automotive Manufacturers
Growing Demand for Wind Energy
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.
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 2023 | USD 25.61 Billion |
Market size value in 2032 | USD 49.51 Billion |
Growth Rate | 7.60% |
Base year | 2024 |
Forecast period | 2025-2032 |
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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Table Of Content
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
Methodology
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.
Analyst Support
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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Thermoplastic Composites Market size was valued at USD 25.61 Billion in 2023 and is poised to grow from USD 27.56 Billion in 2024 to USD 49.51 Billion by 2032, growing at a CAGR of 7.60% during the forecast period (2025-2032).
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. 'Hexcel Corporation ', 'Celenase Corporation ', 'DOWDUPONT INC ', 'SOLVAY ', 'Toray Industries, Inc. ', 'SABIC ', 'Lanxess A.G. ', 'BASF SE ', 'Avient Corporation ', 'Sumitomo Chemical ', 'Covestro AG ', 'Victrex plc ', 'Technocompound gmbh ', 'SUPREM SA ', 'Kingfa SCI. & TECH. CO., LTD ', 'SBHPP ', 'DAICEL POLYMER LTD ', 'RTP company ', 'Ascend performance materials llc ', 'RTP Company '
Automotive companies are leading the adoption of thermoplastic composites as they try to reduce the weight of their vehicles to improve efficiency and reduce emissions. Growing popularity of electric vehicles will also boost the demand for thermoplastic composites in the automotive industry as focus on range extension increases.
Development of Bio-based Thermoplastic Composites: Thermoplastic composites companies are projected to focus on developing thermoplastic composites made from biodegradable and natural materials to capitalize on the sustainability trend. Growing efforts of reducing reliance on fossil fuels and increasing shift towards renewable energy will also favor sales of bio-based thermoplastic composites in the long run.
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.
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