Thermoplastic Composites Market Research Report Information By Resin Type (Polyamide, Polypropylene, Polyetheretherketone, Hybrid), By Fiber Type (Glass Fiber, Carbon Fiber, and Others), By Product Type (Short-fiber Thermoplastic (SFT), Long-fiber Thermoplastic (LFT), Continuous-fiber Thermoplastic (CFT), Glass Mat Thermoplastic (GMT)), By Application (Automotive & Transport, Aerospace & Defence, Construction & Architecture, Electricals & Electronics, Marine, Food & Beverages, Agricultural, Hospitality) and By Region - Forecast Till 2032

Global Thermoplastic Composite Market Overview

Thermoplastic Composites Market Size was valued at USD 28.90 billion in 2023. The Thermoplastic Composites industry is projected to grow from USD 31.29 Billion in 2024 to USD 59.26 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.31% during the forecast period (2024 - 2032).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

Thermoplastic Composite Market Trends

• 
  

  Growing focus on lightweight products in the automotive industry represents one of the major factors to boost market growth globally

  
  

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.

• 
  

  Growth in the adoption of thermoplastic composite in the aerospace industry

  
  

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.

In 2024, Daher, an aerostructures specialist and maker of the TBM series of turboprop singles, plans to test large thermoplastic composite components and pitch them for future commercial aircraft. Details emerge as Airbus prepares for the debut in the following years.

Lanxess (Cologne, Germany) will introduce new sustainable product versions to its Tepex thermoplastic composites range in 2022, including a totally bio-based composite material based on flax and polylactic acid.

Thermoplastic Composite Market Segment Insights

Thermoplastic Composite Resin Type Insights

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)

Thermoplastic Composite Fiber Type Industry Insights

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.

Thermoplastic Composite  Key Market Players & Competitive Insights

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.

Key Companies in the Thermoplastic Composite Market include

• BASF


• DowDuPont


• Lanxess


• SABIC


• DSM


• Celanese


• PolyOne


• Solvay


• Toray


• Teijin Limited


• Mitsubishi Chemical


• Arkema


• SGL Carbon


• Hexcel


• RTP Company

Thermoplastic Composite  Industry Developments

LANXESS announced the launch of a joint venture with Advent International on April 2023, which began operations on April 1, 2023. DSM’s Engineering Materials segment and LANXESS’ former High-Performance Materials business united to create the new JV. The joint venture is owned by LANXESS, which has approximately 40% stake, and Advent International, which holds around 60%.

April 2023: Solvay and GKN Aerospace announce the extension of their partnership agreement, where both companies’ efforts will be directed towards creating an integrated thermoplastic composites (TPC) roadmap for exploring innovative materials as well as manufacturing methods for aerospace structures and targeting future key high-rate programs together. In addition, Solvay is expected to remain GKN Aerospace’s approved TPC material supplier. GKN Aerospace TPC development initiatives are supported by Solvay’s PEKK composites and films.

Solvay and Leonardo launched a collaborative research laboratory aimed at advancing cutting-edge composite materials and manufacturing processes critical to the future of aviation in February 2021.

In this connection, The Toray Group announced in April that it would exhibit its TORAYCA carbon fiber products as well as various advanced composite materials during the SAMPE 2022 event. Toraicawill unveils applications of TORAYCA carbon fiber along with different types of thermoset/thermoplastic composite materials used in automotive, aerospace, industrial, sports & recreation domains this year.

Solvay completed its thermoplastic composites (TPC) manufacturing facility at its site in South Carolina in March 2021. Once it commences operation at full capacity, the new line will increase employment at the company’s twenty-seven thousand square feet facility by more than thirty positions.

The thermoplastic composite capabilities for performance-critical applications have been expanded by Toray Advanced Composites in Nijverdal (The Netherlands), while a next-generation high-heat laminate press has been introduced.

Thermoplastic Composite Market Segmentation

Thermoplastic Composite Resin Type Outlook

• Polyamide (PA)


• Polypropylene (PP)


• Polyetheretherketone (PEEK)


• Hybrid


• Others

Thermoplastic Composite Fiber Type Outlook

• Glass Fiber


• Carbon Fiber


• Others

Thermoplastic Composite Product Type Outlook

• Short-fiber Thermoplastic (SFT)


• Long-fiber Thermoplastic (LFT)


• Continuous-fiber Thermoplastic (CFT)


• Glass Mat Thermoplastic (GMT)

Thermoplastic Composite Application Outlook

• Automotive & Transport


• Aerospace & Defence


• Construction & Architecture


• Healthcare & Medical


• Household & Consumer Goods


• Electricals & Electronics


• Marine


• Food & Beverages


• Agricultural


• Hospitality


• Others

Thermoplastic Composite Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Russia
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia & Newzeland
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • Latin America