Thermoplastic Composites Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The thermoplastic composites market is expected to grow at a CAGR of 7% from 2016 to 2024. This translates into a CAGR of 8.31% over the forecast period. The main reason for this growth is the increasing demand for lightweight and high-performance materials in various industries such as automobiles, aeronautics, and construction. Also, the manufacturers are looking for solutions to improve fuel efficiency and reduce CO2 emissions. Thermoplastic composites are an attractive solution due to their high strength-to-weight ratio and recyclability. The development of new resin systems and the improvement of manufacturing processes is also expected to further drive the market. The market is dominated by companies such as Toray Industries, BASF, and Hexcel. The strategic collaborations and the development of new products and processes also contribute to the high dynamics of the market. The thermoplastic composites market will continue to grow with the growing use of advanced materials in various applications.

Regional Market Size

Regional Deep Dive

The Thermoplastic Composites Market is expected to grow significantly across various regions. The increasing demand for lightweight materials in the automobile, aircraft and construction industries is driving the growth of the market. In North America, the market is characterized by advanced manufacturing and a strong focus on innovation, while in Europe, it is characterized by the focus on compliance and regulatory issues. Asia-Pacific is characterized by rapid urbanization and industrialization, which is driving the demand for thermoplastic composites. The Middle East and Africa are slowly embracing the use of these materials, mainly due to the development of the construction industry. Latin America is characterized by the exploration of opportunities in the renewable energy industry. Each region presents a unique set of opportunities and challenges, based on economic conditions, regulatory frameworks and technological developments.

Europe

• The European Union's Green Deal is pushing for the adoption of sustainable materials, leading to increased investments in thermoplastic composites for applications in wind energy and automotive sectors.
• Notable projects, such as the EU-funded 'Composites 4.0', aim to integrate digital technologies in the production of thermoplastic composites, enhancing efficiency and reducing waste.

Asia Pacific

• China's 'Made in China 2025' initiative is driving the adoption of advanced materials, including thermoplastic composites, in manufacturing sectors such as automotive and aerospace.
• Japan's Toray Industries is pioneering the development of high-performance thermoplastic composites, focusing on applications in the automotive industry to meet stringent fuel efficiency standards.

Latin America

• Brazil is investing in renewable energy projects, creating opportunities for thermoplastic composites in wind turbine manufacturing, which is gaining traction in the region.
• Local companies are beginning to collaborate with international firms to develop thermoplastic composite solutions tailored to the unique needs of the Latin American market.

North America

• The U.S. Department of Energy has launched initiatives to promote the use of thermoplastic composites in energy-efficient vehicles, encouraging manufacturers to innovate and adopt these materials.
• Companies like Toray Industries and BASF are investing heavily in R&D to develop advanced thermoplastic composite materials, focusing on enhancing performance and reducing costs.

Middle East And Africa

• The UAE's Vision 2021 is promoting the use of advanced materials in construction and infrastructure projects, leading to increased interest in thermoplastic composites for their lightweight and durable properties.
• Companies like Sika AG are exploring the use of thermoplastic composites in construction applications, driven by the region's rapid urbanization and infrastructure development.

Did You Know?

“Thermoplastic composites can be recycled multiple times without significant loss of performance, making them an environmentally friendly alternative to traditional materials.” — Composites World

Segmental Market Size

The thermoplastic composites market plays an important role in the overall market for materials, which is currently booming due to the increased demand for lightweight and high-performance materials across many industries. The shift towards fuel-efficient cars and the need for lightweight and durable components in the aviation industry are the two main growth drivers for this market. Also, the regulatory push towards greater resource efficiency makes thermoplastic composites more attractive, as they can be recycled more easily than traditional materials. In the aerospace industry, Boeing and Airbus are the market leaders, while carmakers like BMW and Ford are integrating the materials into their car designs. The most important applications are structural parts in cars and aircraft, and components for sports equipment. Also, developments in manufacturing technology such as 3D printing and the placement of fibres by injection moulding are driving the market. The thermoplastic composites market is a major area of innovation in the materials industry.

Future Outlook

From 2024 to 2032, the Thermoplastic Composites Market is expected to reach $31.3 billion from $28.7 billion, at a CAGR of 8.31%. This growth is due to the growing demand for lightweight and high-performance materials in various industries such as the automobile, aeronautics and construction. Thermoplastic composites are expected to penetrate deeper into these markets, with the penetration rate in the automobile industry reaching 25.0% in 2032, up from 15.0% in 2024. Also, the development of 3D printing and fiber placement is revolutionizing the production of thermoplastic composites, making them more available and cost-effective. And government support for sustainable materials and reducing the carbon footprint will accelerate the market. Also, the development of smart materials and the trend toward the circular economy will also affect the future landscape of the thermoplastic composites market, and will make it a key component of the transition to a more sustainable industry.