Global Thermoplastic Composites Market Insights Forecasts to 2033

• The Global Thermoplastic Composites Market Size was Estimated at USD 37.43 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 7.69% from 2023 to 2033
• The Worldwide Thermoplastic Composites Market Size is Expected to Reach USD 78.55 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Thermoplastic Composites Market Size is anticipated to exceed USD 78.55 Billion by 2033, growing at a CAGR of 7.69% from 2023 to 2033. The growing demand for thermoplastic composites in aerospace & defense, construction, transportation, and electronics industries is driving the market growth for thermoplastic composites.

Market Overview

The thermoplastic composites market involves fiber reinforcement with a thermoplastic resin. Thermoplastic composites are plastic materials that can be molded and reshaped when heated and then solidified when cooled. The construction, automotive, and transportation sectors all make extensive use of these materials. Because thermoplastic composites can be recycled, processed quickly, molded and remolded, and survive at higher temperatures, the industry is expanding. Furthermore, heavy vehicles, rail coaches, and a variety of automotive components are made from thermoplastic components as these materials are lightweight and contribute to the reduction of car weight, which lowers CO2 emissions, improves vehicle fuel efficiency, and helps automakers meet fuel regulations including CAFÉ emission standards (54.5 mpg by 2025) set by environmental organizations. The increasing need for electric cars to diminish carbon emissions is offering lucrative market growth opportunities for thermoplastic composites.

Report Coverage

This research report categorizes the thermoplastic composites market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the thermoplastic composites market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the thermoplastic composites market.

Driving Factors

The use of thermoplastic materials in critical components has grown as a result of the incorporation of advanced manufacturing technologies, especially in high-performance applications, thereby propelling market growth. The development of specialized grades of thermoplastic composites by the manufacturers which is crucial for expanding 5G infrastructure and advanced electronic applications are promoting the market growth. Further, the growing need for recyclable and environment-friendly materials in the packaging and consumer goods sectors is propelling the market growth.

Restraining Factors

The increased cost of thermoplastic composites compared to thermoset resins is challenging the thermoplastic composites market.

Market Segmentation

The thermoplastic composites market share is classified into resin, fiber, and end-use.

• The polyetheretherketone segment holds the largest market share and is anticipated to grow at a CAGR of 6.12% during the forecast period.

Based on the resin, the thermoplastic composites market is classified into polyamide, polypropylene, polyetheretherketone, and others. Among these, the polyetheretherketone segment holds the largest market share and is anticipated to grow at a CAGR of 6.12% during the forecast period. Thermoplastic composites based on PEEK resin exhibit superior thermal stability in high-temperature applications and are resistant to chemicals and fatigue.

• The glass fiber segment holds the largest market share and is expected to grow at a significant CAGR during the forecast period.

Based on the fiber, the thermoplastic composites market is classified into glass fiber, carbon fiber, and others. Among these, the glass fiber segment holds the largest market share and is expected to grow at a significant CAGR during the forecast period. The extensive use of glass fiber in building, wind energy, transportation, consumer goods, and electronics industries is driving the market expansion in the glass fiber segment.  

• The aerospace & defense segment dominates the market with the largest market share and is expected to grow at a significant CAGR of 6.36 % during the forecast period.

Based on the end-use, the thermoplastic composites market is classified into transportation, aerospace & defense, electrical & electronics, consumer goods, construction, wind energy, marine, and others. Among these, the aerospace & defense segment dominates the market with the largest market share and is expected to grow at a significant CAGR of 6.36 % during the forecast period. As thermoplastic composites can tolerate extreme operating conditions like high temperatures, high stresses, shocks, and impact charges, they are used in a variety of aircraft frames, including the wings, fuselage, and interiors.

Regional Segment Analysis of the Thermoplastic Composites Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the thermoplastic composites market over the predicted timeframe.

Europe is anticipated to hold the largest share of the thermoplastic composites market over the predicted timeframe. The increasing interest in thermoplastic polymer composites by OEMs due to their advantages such as high volume processability, recyclability, superior damage tolerance, and ability to produce complex shapes is driving the market. The growing thermoplastic composites market in the automotive industry owing to the technological developments is propelling the market growth.

Asia Pacific is expected to grow at the fastest CAGR growth of the thermoplastic composites market during the forecast period. The adoption of thermoplastic composites in the region’s automotive sector for enhancing fuel efficiency and reducing vehicle weight is propelling the thermoplastic composites market. Further, the significant domestic demand for thermoplastic composites in transportation, aerospace & defense, and consumer goods & electronics is propelling the market demand.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the thermoplastic composites market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Arkema SA
• AVANCO Group
• Avient Corporation
• BASF SE
• Celanese Corporation
• Daicel Corporation
• DSM
• Hexcel Corporation
• LANXESS
• LyondellBasell Industries Holdings BV
• Mitsubishi Chemical Group Corporation
• SABIC
• SGL Carbon
• Solvay
• TechnoCompound GmbH
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2023, Solvay and GKN Aerospace signed an extension to their 2017 collaboration agreement. Under the agreement, both businesses are developing a joint thermoplastic composites (TPC) roadmap to explore new materials and manufacturing processes for aerospace structures, while jointly targeting future strategic high-rate programs.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the thermoplastic composites market based on the below-mentioned segments:

Global Thermoplastic Composites Market, By Resin

• Polyamide
• Polypropylene
• Polyetheretherketone
• Others

Global Thermoplastic Composites Market, By Fiber  

• Glass Fiber
• Carbon Fiber
• Others

Global Thermoplastic Composites Market, By End-use

• Transportation
• Aerospace & Defense
• Electrical & Electronics
• Consumer Goods
• Construction
• Wind Energy
• Marine
• Others

Global Thermoplastic Composites Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa