Luton, Bedfordshire, United Kingdom, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Thermoplastic Composites Market.
The global Thermoplastic Composites Market Size is expected to grow at a 3.27% CAGR from 2023 to 2029. It is expected to reach above USD 33.5 billion by 2029 from USD 24.8 billion in 2022. The thermoplastic composites market is a rapidly growing industry that involves the use of polymer matrix materials combined with fibers, such as glass or carbon, to create strong, lightweight and durable products. These composites are used in a wide range of applications, including automotive and aerospace parts, consumer goods, and sporting equipment.
One of the major advantages of thermoplastic composites is their ability to be molded into a wide variety of shapes and sizes, which makes them highly versatile and adaptable to many different manufacturing processes. They are also highly durable and resistant to damage, which makes them ideal for use in high-stress environments.
Industry Developments
- In 2022- DuPont invested in enlarging the construction of Kapton® polyimide film and Pyralux® to meet the automotive and defense industry requirement.
- In 2022- DSM started a large-scale on-farm pilot for diminishing greenhouse gas emissions.
- In 2022- BASF SE launched Ultramid A3U44G6 DC OR, a color-stable polyamide for electro-mobility.
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Thermoplastic Composites Market Reports
In-depth industry statistics and market share insights of the Thermoplastic Composites sector for 2020, 2021, and 2022. The Thermoplastic Composites research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2029. Available to download is a free sample file of the Thermoplastic Composites report PDF.
The market for thermoplastic composites is expected to grow significantly over the coming years, driven by increasing demand for lightweight and high-strength materials in a variety of industries. The automotive industry, in particular, is expected to be a major driver of growth, as carmakers seek to reduce weight and improve fuel efficiency in their vehicles. Additionally, the aerospace industry is another major market for thermoplastic composites, as they are increasingly used in the manufacture of aircraft parts and components.
In terms of regional markets, Asia-Pacific is expected to see the most rapid growth in the coming years, driven by the expansion of the automotive and aerospace industries in countries such as China and India. North America and Europe are also significant markets for thermoplastic composites, with a growing emphasis on sustainability and eco-friendliness driving demand for lightweight and recyclable materials.
Overall, the thermoplastic composites market is expected to continue to grow rapidly in the coming years, driven by strong demand from a wide range of industries for lightweight, high-strength, and durable materials.
| Report Attribute | Details |
| Thermoplastic Composites Market size value in 2022 | USD 33.5 billion |
| Revenue forecast in 2029 | USD 24.8 billion |
| Growth rate | CAGR of 3.27 % from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Fibre Type; Resin Type; End-Use Industry & By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE |
| Key companies profiled | BASF SE, Celanese Corporation, SABIC, DowDuPont Inc., Koninklijke DSM N.V., Toray Indtries, Inc., Solvay, Lanxess AG, and others. |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Regional Insights
North America was the leading region for the global market in 2021, accounting for 29.00% of the total revenue. The region benefits from the presence of developed economies such as the United States and Canada, which support Thermoplastic Composites Market growth. Ongoing research and development activities in more sustainable and recyclable composite materials are expected to further boost the region's growth prospects. The demand for the product has also increased in regional end-use industries, including transportation, aerospace and defense, wind energy, and construction. Moreover, continuous R&D efforts by regional industry players to explore product application potential in various end-use industries are expected to drive growth in the region.
Additionally, the increased production of commercial aircraft, cargo jets, and defense aircraft in the U.S. is expected to drive product demand in the region. On the other hand, the Asia Pacific region is estimated to be the fastest-growing region from 2022 to 2030, owing to the well-established industries such as automotive, aerospace and defense, and construction in countries like China, India, and Japan. In China, the demand for electric vehicles (EVs) is growing, with new energy vehicle sales expected to account for 35% of overall new vehicle sales in the country by 2025, according to the China Association of Automobile Manufacturing (CAAM). This is anticipated to drive demand for the product in the region.
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Report Benefits
- Develop business strategies by understanding the trends shaping and driving the Thermoplastic Composites Market.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Thermoplastic Composites Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Key Market Segments: Thermoplastic Composites Market
By Fiber Type
- Glass
- Carbon
- Mineral
By Resin Type
- PA
- PP
- Peek
- Hybrid
By End-Use Industry
- Transportation
- Consumer Goods & Electronics
- Wind Energy
- Sports & Leisure
- Construction
- Aerospace & Defense
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East And Africa
Fiber Insights
In 2021, the glass fibers segment held the highest share of the global industry, contributing over 68.40% of the total revenue. Glass fiber-based thermoplastic composites have widespread applications in industries such as aerospace & defense, wind turbine blades, sporting goods, and automotive. These composites are produced using various manufacturing processes, such as screw-type injection molding and plunger. Glass fibers come in different forms, including random mat fiber, woven mat fiber, and chopped fibers, and can be modified with different materials based on specific application requirements.
End-use Insights
In 2021, the transportation segment held the largest market share of over 28.75% and is projected to grow steadily at a CAGR during the forecast period. This composite material is widely used in the manufacturing of durable yet lightweight components in various modes of transportation, including automobiles, trucks, trailers, buses, trains, subways, and motorcycles. The key advantage of these composites is that they possess the strength and stiffness of metals, but with a significantly lower weight, which contributes to the production of lightweight parts. The automotive industry is a significant consumer of this material, as manufacturers seek to enhance fuel efficiency by replacing heavy metals and steel with lightweight thermoplastic composites.
Frequently Asked Questions About This Report
- How big is the thermoplastic composites market?
- What is the thermoplastic composites market growth?
- Which segment accounted for the largest thermoplastic composites market share?
- Who are the key players in the thermoplastic composites market?
- What are the factors driving the thermoplastic composites market?
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