Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Thermoplastic Composite Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The comprehensive analysis of the Thermoplastic Composite market has recently been added to a leading industry research repository. This extensive report unveils critical insights into the market, driven by technological innovations and increased demand across various sectors.
The study emphasizes the significant surge in market size, expected to expand from $19.33 billion in 2023 to $20.7 billion in 2024, corresponding to a compound annual growth rate (CAGR) of 7.1%. This growth trajectory is propelled by the industries' relentless exploration of weight reduction techniques, especially in the automotive and aerospace sectors, coupled with an ongoing commitment to sustainability and effective resource utilization.
With an in-depth evaluation of market segments and a keen focus on emerging trends, the Thermoplastic Composite market is forecasted to further grow to $27.32 billion by 2028 at a CAGR of 7.2%. This forthcoming expansion is influenced by innovative manufacturing technologies, infrastructural advancements in urban settings, and groundbreaking developments within the aerospace industry. Market trends to watch include heightened utilization in automotive applications, adoption of hybrid composite structures, and the integration of 3D printing.
The report also identifies the electric vehicle market as a crucial catalyst propelling the demand for thermoplastic composites. Asautomakers emphasize environmental sustainability and carbon emission reductions, thermoplastic composites become increasingly vital due to their inherent strength and weight-saving attributes, essential in manufacturing lightweight components for electric vehicles.
Another highlighted sector is the construction industry, where thermoplastic composites are becoming increasingly commonplace due to their ability to enhance structural stability while allowing for ease in transportation and assembly of various construction elements.
Featuring notable market innovations, the report cites the introduction of low-friction, self-lubricating thermoplastic composite bearings as a significant step toward reducing mechanical system wear and tear. The market is witnessing strategic moves such as notable mergers and acquisitions intended to bolster product portfolios and enhance the global reach of major players.
Geographically, the Asia-Pacific region led the market in 2023 and is anticipated to maintain its pace as the fastest-growing region. The report includes a comprehensive regional analysis, offering insights into the performance and prospects of the Thermoplastic Composite market across North America, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
With meticulous research of factors shaping the industry, this multilayered study of the Thermoplastic Composite market confronts the challenges and opportunities in today's dynamic landscape, providing a crucial tool for stakeholders and market participants to navigate the market with confidence and strategic acumen.
For further information about the nuances of the Thermoplastic Composite market and its progressing dynamics, please refer to the full report analysis provided on our website.
A selection of companies mentioned in this report includes
- BASF SE
- AVANCO GmbH
- Avient Corporation
- Celanese Corporation
- Covestro AG
- Koninklijke DSM N.V.
- Lanxess AG
- Mitsubishi Chemical Corporation
- PPG Industries Inc.
- Saudi Basic Industries Corporation
- SGL Carbon SE
- Solvay SA
- Teijin Limited
- The Ensinger Group
- Toray Industries Inc.
- 3B-The Fibreglass Company
- Adherent Technologies Inc.
- Airborne International BV
- Arkema SA
- Composites One
- Dieffenbacher Group
- Fiberforge Corp.
- Hexcel Corporation
- Owens Corning
- PlastiComp Inc.
- PolyOne Corporation
- RTP Company
- Sintex-Wausaukee Composites Inc.
- Techmer PM LLC
- Tri-Mack Plastics Manufacturing Corporation
- Victrex PLC
- Web Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gzxcl6
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