Thermoplastic Composites Market Updates

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.