Thermoplastic Composite Market Size based on consumption was at 6,841.5 Thousand Tons in 2021. The Thermoplastic Composite industry is projected to grow from 7,318.9 Thousand Tons in 2022 to 13,297.8 Thousand Tons by 2030, exhibiting a compound annual growth rate (CAGR) of 6.26% during the forecast period (2022 - 2030). The increasing demand for lightweight products on account of rapid urbanization and increased consumer spending across the globe are driving the market growth.
 Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Numerous factors drive the market demand in the global market. Increasing demand for thermoplastic composites in the transportation industry drives the market demand all across the globe during the forecasted period. As it results in lower emissions of CO2 and ensures the efficiency of vehicles. It also increases the shelf life of the vehicles. Increasing use of these composites in high-performance vehicle components like under-hood components, appearance grade components, roof components, door modules, front and end modules, and instrumental panels drive the market demand in the thermoplastic composites market. Thereby, an increasing focus on lightweight automotive products is anticipated to promote the global demand for thermoplastic composites market products over the forecast period.
The newly developed thermoplastic composites are blessed with lower weight, an indefinite shelf life, low moisture absorption, excellent thermal stability and chemical resistance, high toughness and damage tolerance, solvent resistance, and low dielectric constant. Armed with such qualities thermoplastic composites are set to change the aerospace industry. Thereby, the increasing adoption of thermoplastic composite material in the aerospace industry is anticipated to increase the global demand for thermoplastic composites market products over the forecast period.
The Thermoplastic Composite Market segmentation, based on resin type, the global market has been divided into Polyamide (PA), Polypropylene (PP), Polyetheretherketone (PEEK), Hybrid, and Others. In 2021, the polyamide (PA), segment accounted for the larger share of 34.85% with respect to the Thermoplastic Composite Market volume. It was around 2,384.3 thousand tons in 2021 and is expected to reach 2,700.8 thousand tons by 2023. This is primarily owing to the surging demand for thermoplastic composites in various end-use industries. The growing consumption of thermoplastic composite owing to the rise in population is accelerating the growth of thermoplastic composite during the forecast period.
Figure 2: Thermoplastic Composite Market, by Resin Type, 2021 & 2023 (Thousand Tons)
Based on Fiber Type, the global thermoplastic composite industry has been segmented into glass fiber, carbon fiber, and others. In 2021, by volume, the glass fiber segment dominated the global market with a share of 84.06%. The growing consumption of glass fiber across industries with improved mechanical, thermal, and barrier properties is fueling the growth of the glass fiber sector.
The second fastest-growing segment in the thermoplastic composite industry is carbon fiber. The rise in population is growing construction activities across regions and is eventually expected to play a key role in the thermoplastic composite market.
Figure 3: Thermoplastic Composite Market, by Fiber Type, 2021 & 2030 (Thousand Tons)
By Region, the study segments the market into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The Asia-Pacific thermoplastic composite market accounted for 41.93% of the market share in terms of volume. China has captured the major share followed by Japan, India, and Korea.
Further, the major countries studied are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 4: Thermoplastic Composite Market Share by Region 2021 and 2030 (THOUSAND TONS)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Europe thermoplastic composite market has captured the 26.32% of the market share based on volume. This is due to the increasing demand for sustainable products. Moreover, the German thermoplastic composite market held the largest market share, and the France thermoplastic composite market was the fastest-growing market in the European region.
North America's thermoplastic composite market accounts for the third-largest market share due to the increasing rising automotive and aerospace investment in the region. Further, the US thermoplastic composite market held the largest market share, and the Canadian thermoplastic composite market also holds a significant market share in the North American region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the thermoplastic composite market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the thermoplastic composite industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global thermoplastic composite industry to benefit clients and expand the thermoplastic composite market sector is to manufacture locally to reduce operating costs. In recent years, thermoplastic composite has come up with various features with some of the most significant benefits.
In February 2021, Solvay and Leonardo announced the launch of a joint research lab dedicated to the development of novel composite materials and production processes critical for the future of the aerospace industry.
In June 2020 Solvay announced its five-year material supply agreement with Leonardo for programs across its Aerostructures, Aircraft, Helicopters, and Electronics divisions. Solvay will provide a broad range of market-leading and innovative materials, including thermoset composites CYCOM 977-2 and CYCOM 970, thermoplastic composites APC and APC-2, and SURFACEMASTER 905 adhesives. In addition to material supply, Solvay will partner with Leonardo in multiple R&D initiatives targeting the development of new materials and process technologies.
In September 2019 Solvay announced that it is expanding its thermoplastic composites capacity with a new production line at its US facility in Anaheim, California, underscoring its commitment to meeting strong demand growth from aerospace customers for this high-performance material and Solvay’s proprietary and unique technology.
In June 2019 Mitsubishi Advanced Chemical Materials acquired Advanced Polymer Technologies (US) to enhance its technological advancement in the engineering plastics business. This acquisition will help the company to offer better solutions to the aerospace & defense, medical, and electrical & electronics industries.
In May 2019 Polyone Corporation launched new thermoplastic composite products at CHINAPLAS 2019. It introduced Complet LFT formulations, which is a thermoplastic composite with PEEK and PP as base resin, to meet highly demanding design and performance requirements.
Thermoplastic Composite Resin Type Outlook
Thermoplastic Composite Fiber Type Outlook
Thermoplastic Composite Product Type Outlook
Thermoplastic Composite Application Outlook
Thermoplastic Composite Regional Outlook
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