How Has The Thermoplastic Composite Market Size Evolved and What Are The Predictions For Growth In The Coming Years?
The thermoplastic composite market has seen robust growth in recent years, growing from $20.56 billion in 2024 to $21.96 billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. This growth can be linked to factors such as weight reduction in automotive, aerospace industry growth, sustainability and recycling, cost-effective manufacturing, and design flexibility.
The upcoming years promise significant growth for the thermoplastic composite market, with predictions pointing at a rise to $29.82 billion in 2029 at a CAGR of 7.9%. Trends such as increased adoption in automotive, hybrid composite structures, 3D printing with thermoplastic composites, advanced manufacturing processes like automated fiber placement (afp), and custom material formulations are expected to drive growth over the forecast period.
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What Are The Key Drivers For The Thermoplastic Composite Market Growth?
The soaring demand for electric vehicles is anticipated to spur the demand for thermoplastic composites. These composites, thanks to their excellent strength and weight reduction properties, are essential for the production of vehicle components, effectively boosting the electric vehicle market.
Increased sales in new energy vehicles, especially in expanding markets like India and China, will also contribute substantially to the growth of demand for thermoplastic composites over the forecast period.
What Are The Main Segments Within The Global Thermoplastic Composite Market?
• By Product Type: Short Fiber Thermoplastics; Glass Mat Thermoplastics; Long Fiber Thermoplastics; Continuous Fiber Thermoplastics
• By Fiber Type: Glass Fiber; Carbon Fiber; Other Fiber Types
• By Resin Type: Polypropylene (PP); Polyamide (PA); Polyetheretherketone (PEEK); Other Resin Types
• By End-Use Industry: Transportation; Consumer goods & electronics; Wind Energy; Sports & Leisure; Construction; Aerospace & Defense; Other End Users
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Which Are The Major Companies Operating In The Thermoplastic Composite Market?
Major companies operating in the thermoplastic composite market include BASF SE, 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, Hexcel Corporation, Owens Corning, RTP Company, Techmer PM LLC, Tri-Mack Plastics Manufacturing Corporation, Victrex PLC, Web Industries Inc.
What Trends Are Shaping The Thermoplastic Composite Market Landscape?
The development of low-cost production technology is a burgeoning trend in the thermoplastic composites market, with companies pumping resources into R&D for new products with advanced technologies. For instance, UK-based Sumika Polymer Compounds, in partnership with Hexagon’s Manufacturing Intelligence division, has been working on sustainable automotive-grade polypropylene (PP) compounds that are more recyclable and offer a lower carbon footprint for future vehicles.
Which Region Is Expected To Experience The Fastest growth In The Thermoplastic Composite Market?
Asia-Pacific was the largest region in the global thermoplastic composite market in 2024, and it is predicted to be the fastest-growing region during the forecast period. This comprehensive report also covers Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Thermoplastic Composite Market Report 2025 Offer?
Thermoplastic composites are materials that combine a thermoplastic matrix with reinforcement materials like short, long, or continuous glass fibers or carbon fibers. These composites hold several advantages, including short cycle times, flexibility in the production process, recycling opportunities, and others. The Thermoplastic Composite Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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