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2023 Global Thermoplastic Composite Market Size, Share, Growth And Industry Report 2032
Thermoplastic Composite Market Report
Thermoplastic Composite Market Size, Growth Rate, And Forecast
The global thermoplastic composite market size grew from $18.01 billion in 2022 to $19.22 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The thermoplastic composite market size is expected to grow to $24.29 billion in 2027 at a CAGR of 6.0%.
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Thermoplastic Composite Market Drivers
The growth in demand for electric vehicles is expected to boost the demand for thermoplastic composites during the forecast period. The demand for electric vehicles is expected to increase in the next few years as they are environment-friendly and contribute towards fewer carbon emissions in the transportation industry. Thermoplastic composites provide excellent strength and play a significant role in the reduction of the overall weight of vehicles, which makes them useful in the production of vehicle components. According to the article published by RBSA Advisors in December 2021, the Indian electric vehicle market is estimated to grow at a CAGR of 90% this decade, touching $150 billion by 2030. Moreover, according to the China Association of Automobile Manufacturers (CAAM), new energy vehicle (NEV) sales in China are likely to rise to 3 million in 2021 from 1.4 million in 2020. Hence, the growing market for electric vehicles will accelerate the production of electric vehicle components and contribute to growth in demand for thermoplastic components during the forecast period.
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Thermoplastic Composite Market Segments
•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), Other Resin Types
•By End-Use Industry: Transportation, Consumer goods & electronics, Wind Energy, Sports & Leisure, Construction, Aersopace & Defense, Other End Users
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Thermoplastic Composite Market Key Players
Major competitors in the thermoplastic composite market include BASF SE, Celanese Corporation, SABIC, Solvay, Lanxess AG, Mitsubishi Chemical Advanced Materials, Koninklijke DSM N.V., Toray Industries.
The Business Research Company's "Global Thermoplastic Composite Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Thermoplastic Composite Market Include:
1. Executive Summary
2. Thermoplastic Composite Market Characteristics
3. Thermoplastic Composite Market Trends And Strategies
4. Thermoplastic Composite Market - Macro Economic Scenario
5. Thermoplastic Composite Market Size And Growth
……
26. Africa Thermoplastic Composite Market
27. Thermoplastic Composite Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Thermoplastic Composite Market
29. Thermoplastic Composite Market Future Outlook and Potential Analysis
30. Appendix
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