The Thermoplastic Composites Market Size was valued at USD 28,902.7 Million in 2023. The Thermoplastic Composites Market industry is projected to grow from USD 31,298.6 Million in 2024 to USD 59,260.3 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.31% during the forecast period (2024 - 2032).
The Thermoplastic Composites market is witnessing substantial growth owing to its rising usage across various industries including aerospace, automotive, consumer goods, and many more. The increasing adoption of Thermoplastic Composites is due to its unique attributes such as recyclability, weldability, enhanced toughness, and wear resistance, that makes it a very crucial component of several applications such as carbon fiber and glass fibers. The growing market for automobiles and expanding consumer goods sector are creating significant opportunities for the Thermoplastic Composites market, which will further positively influence its market demand in the estimated timeframe. Furthermore, increasing demand for high performance and innovative parts and components are acting as major driving factors for the market. However, the competition from alternative materials may hamper the market growth of thermoplastic composites.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The aircraft industry has seen a significant increase in the use of thermoplastic composite materials in recent years. The primary factors are their benefits, which include long storage life, strong resistance to physical and chemical degradation, quick production rate, and recyclability. Thermoplastic composites have become popular in many aircraft applications as a lightweight building material. Furthermore, a range of research and development (R&D) endeavours have been executed to expand its application and enhance its potential within the aerospace sector.
The aerospace segment is expected to be the largest end-user of thermoplastic composites during this period, driven by the increasing demand for lightweight and fuel-efficient aircraft. The aerospace industry is experiencing a period of robust growth and transformation, fuelled by several key factors. These include a surge in air travel, a growing middle class in emerging markets, and increasing demand for more fuel-efficient and environmentally friendly aircraft. This anticipated growth is driving a significant uptake in advanced materials, particularly thermoplastic composites, which offer numerous advantages over traditional materials like metals.
Global governments are imposing more strict limitations of greenhouse emissions and consumers are leaning towards eco-sensitive transport via air or road, thus demanding green cars. In response, a relentless pursuit for lighter aerodynamic designs with low fuel consumption is underway and this is where thermoplastic composites come into play for sustainability.
The EU has set gradually stringent CO2 emission regulations for automobiles. By 2030, new vehicles must emit 37.5% less CO2 than in 2021, and vans must meet a 31% reduction target. This is driving automakers to implement lightweight materials like thermoplastic composites in their vehicles to achieve these targets. Also, the International Civil Aviation Organization (ICAO) has formed a Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), planning to control or curb CO2 emissions from international aviation at 2020 levels. By enabling significant weight reduction in aircraft, thermoplastic composites contribute to the industry's efforts to comply with CORSIA and mitigate its environmental impact.
Thermoplastic composites can take advantage of this trend and reduce weight, satisfying the needs of recycling. Increased environmental consciousness, strict exhaust standards for cars and trucks and more demanding fuel efficiency regulations as well as the demand for advanced product properties have become some of the forces behind this move. With these opportunities in mind, leading firms such as BASF and Solvay are now exploiting them by developing new products like recycled-content thermoplastic composites and high-performance polyamide compounds that incorporate post-industrial recycled content. These advances highlight the potential of thermoplastic composites to offer sustainability while maintaining high performance, thus increasing their attractiveness across various sectors.
The automotive industry is one of the largest consumers of materials and seeks light weight alternatives to enhance fuel consumption and reduce emissions. Consequently, there are opportunities for thermoplastic composites in such an instance since 6–8% fuel economy can be achieved through a 10% reduction in vehicle weight, as stated by the U.S. Department of Energy.
The Thermoplastic Composites Market segmentation, based on Resin Type has been segmented as Polyamide, Polypropylene , PEEK, Hybrid , Others. Among these, the Polyamide segment is projected to dominate the Thermoplastic Composites Market revenue through the projected period. Polyamide, also known as nylon, is a versatile thermoplastic resin commonly used in thermoplastic composites. It exhibits excellent mechanical properties, including high strength and toughness, making it ideal for applications that require durability and impact resistance. Its ability to withstand high impact makes it ideal for automotive, aerospace, and industrial applications.
Based on Fiber Type, the Thermoplastic Composites Market is segmented as Glass Fiber, Carbon Fiber, Others. Out of which the Glass Fiber segment dominated base year market and is also projected to dominate the Thermoplastic Composites Market revenue through the projected period. Glass fiber is one of the most commonly used reinforcement fibers in thermoplastic composites. It is made from fine strands of glass that are woven together to form a strong and lightweight material. Glass fiber composites offer excellent strength, stiffness, and impact resistance, making them suitable for a wide range of applications. They are widely used in industries such as automotive, aerospace, construction, and consumer goods.
The Thermoplastic Composites Market segmentation, based on product Type has been segmented as SFT, LFT,CFT, GMT. Among these, the SFT segment is projected to dominate the Thermoplastic Composites Market revenue through the projected period. Short-fiber thermoplastic composites are made by incorporating short fibers, typically less than 1 mm in length into a thermoplastic matrix. These short fibers, such as glass or carbon, are randomly dispersed throughout the matrix during the manufacturing process. Short-fiber thermoplastic composites offer improved mechanical properties, such as increased strength, stiffness, and impact resistance, compared to the neat thermoplastic resin.
The Thermoplastic Composites Market segmentation, based on Application has been segmented as Aerospace & Défense, Automotive & Transportation, Consumer Goods, Other. Among these, the Aerospace & Défense segment is projected to dominate the Thermoplastic Composites Market revenue through the projected period. Thermoplastic composites have gained significant popularity in the aerospace and defense industry due to their exceptional strength-to-weight ratio, durability, and resistance to harsh environments. They are used in various applications, including aircraft structures, interior components, and defense equipment. Thermoplastic composites offer weight savings, allowing for increased fuel efficiency and payload capacity.
Based on Region, the Thermoplastic Composites Market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia-Pacific Thermoplastic Composites Market held the maximum market share and is also expected to account for a significant revenue share during the forecast period. Asia Pacific is a rapidly growing market for thermoplastic composites, driven by the region's booming automotive, aerospace, and construction industries. The increasing demand for lightweight materials in the automotive sector, along with the region's growing middle class and rising disposable income, fuels the adoption of thermoplastic composites in Asia Pacific.
Key market players are emphasizing significantly on R&D for increasing their product offerings, which will further help the Thermoplastic Composites Market to grow considerably. Market players are adopting several business development strategies such as acquisitions, mergers, collaborations, and partnerships to enhance their market presence and acquire a larger customer base. To survive in the competitive market, industry players must provide cost effective products.
The Thermoplastic Composites Market is very competitive with market players trying to develop unique and innovative products and solutions, which could render the competitors’ offerings obsolete. The competitive environment is likely to grow further owing to rising technological advancements. Some of the key players operating in the Thermoplastic Composites Market are BASF SE, Toray Advanced Composites, Arkema, LANXESS, Celanese Corporation, Hexcel Corporation, SABIC, Avient Corporation, SGL Carbon, Solvay. To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.
BASF SE: BASF SE is one of the leading chemical manufacturers in the world. It operates through eleven divisions that are grouped into six segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care and agricultural solutions. It further manages 52 global and regional business units and develops strategies for 72 strategic business units. Company’s products find applications in a wide array of industries such as automotive, agriculture, construction, electrical & electronics, packaging, paints & coatings, textile and paper & pulp, among others. BASF has presence in around 91 countries and facilitates the manufacturing of its products through 239 production sites spread worldwide. The company focuses substantially on research and development and had R&D spending of around USD 2.45 billion in 2022. With a strong customer base, BASF caters to around 82,000 customers from numerous sectors globally. The company primarily operates in Europe and has an active presence in the Americas, Asia-Pacific, Middle East & Africa.
Toray Advanced Composites: Toray Advanced Composites is a subsidiary of the Toray Group and specializes in the development and production of advanced thermoset and thermoplastic composite materials for the manufacturing of lightweight structures for applications in industries including aerospace, automotive, space, consumer goods and industries such as oil & gas. The Toray Group is committed to technological innovation with a strong emphasis on research and development. The company is renowned for its expertise in creating advanced materials, particularly synthetic fibers, films, and carbon fibers.
The types of products offered by the Toray Advanced Composites include thermoplastic, thermoset, composite tooling materials, adhesives & core and compression molded parts. Toray Advanced Composites has a long heritage of combining state-of-the-art materials technology with world-class technical expertise for delivering a customer-centric business model. The company facilitates the manufacturing of its products through its production and operation facilities in North America, Europe, and Asia.
January 2042: SGL Carbon has achieved carbon fiber production with a 50% reduced footprint by implementing climate-friendly manufacturing processes. By utilizing renewable energy during production, the carbon footprint of SGL fiber can be significantly reduced compared to conventional fiber production. This will help the company to expand its portfolio og thermoplastic composites made with carbon fiber.
April 2023: LANXESS and private equity investor Advent International (“Advent”) have completed the formation of their engineering materials joint venture. The new joint venture is the result of combination of DSM’s Engineering Materials business and LANXESS’s former High Performance Materials business.In this joint venture, LANXESS holds about 40% and Advent about 60 %.
| Attribute/Metric | Details |
| Market Size 2023 | USD 28,902.7 Million |
| Market Size 2024 | USD 31,298.6 Million |
| Market Size 2032 | USD 59,260.3 Million |
| Compound Annual Growth Rate (CAGR) | 8.31% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Forecast Units | Value (USD Million) and Volume (Kilotons) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin Type, Fiber Type, Product Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa and Latin America |
| Countries Covered | US, Canada, Germany, France, UK, Italy, Spain, Russia, China, India, Japan, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa |
| Key Companies Profiled | BASF SE, Toray Advanced Composites, Arkema, LANXESS, Celanese Corporation, Hexcel Corporation, SABIC, Avient Corporation, SGL Carbon, Solvay |
| Key Market Opportunities | · Rising Demand for Recycled and Lightweight Materials · Innovation Led by Technological Advancements for Low-cost Carbon Fiber Composites |
| Key Market Dynamics | · Increasing Demand in Aerospace Industry · Increasingly stringent environmental regulations and fuel efficiency standards |
Thermoplastic Composites Market Highlights:
Frequently Asked Questions (FAQ) :
US$ 28,902.7 Million
8.31%
Asia Pacific
BASF SE, Toray Advanced Composites, Arkema, LANXESS, Celanese Corporation, Hexcel Corporation, SABIC, Avient Corporation, SGL Carbon, Solvay
Polyamide
Glass Fiber
SFT
Aerospace & Défense
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