Thermoplastic Composites Market Size to Be Valued at USD 60.35 Billion by 2032

The thermoplastic composites market size was valued at USD 29.41 billion in 2023 and is expected to be worth USD 31.60 billion in 2024. The market is projected to reach USD 60.35 billion by 2032, recording a CAGR of 8.4% during the forecast period.
Thermoplastic composites come under a wider category of composites; however, their characteristics differ from those of thermoset composites. These composites are highly versatile as they find use in a wide range of industries, from automotive to aerospace and consumer goods. They can also be reshaped and remolded numerous times when heat is applied, showcasing their great design flexibility. Features, such as durability, great strength-to-weight ratio, and high adaptability are expected to fuel the demand for these composites.

The COVID-19 pandemic had a mixed impact on the market as the demand for thermoplastic composites varied during this period. For instance, the automotive industry was the worst hit by the outbreak, which decreased production of new vehicles, thereby reducing the need for these composites. However, the healthcare industry was booming, which increased the demand for advanced medical devices, thereby fueling the product use.
Fortune Business Insights™ displays this information in a report titled, "Thermoplastic Composites Market, 2024-2032."

𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐏𝐃𝐅:
https://www.fortunebusinessinsights.com/enquiry/sample/thermoplastic-composites-market-110534

𝐋𝐈𝐒𝐓 𝐎𝐅 𝐊𝐄𝐘 𝐂𝐎𝐌𝐏𝐀𝐍𝐈𝐄𝐒 𝐏𝐑𝐎𝐅𝐈𝐋𝐄𝐃 𝐈𝐍 𝐓𝐇𝐄 𝐑𝐄𝐏𝐎𝐑𝐓:
• BASF SE (Germany)
• Celanese Corporation (U.S.)
• SABIC (Saudi Arabia)
• Toray Industry Inc. (Japan)
• Solvay (Belgium)
• LANXESS AG (Germany)
• Arkema (France)
• Avient Corporation (U.S.)
• Mitsubishi Chemical Group (Japan)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
Increasing Use in Automotive Sector Helped Glass Fiber-reinforced Polymer Dominate Market

Based on type, the market is classified into Glass Fiber-reinforced Polymer (GFRP), Carbon Fiber-reinforced Polymer (CFRP), and others. The Glass Fiber-reinforced Polymer (GFRP) segment captured the largest share of the global market in 2023. This type of thermoplastic composite is being extensively used in the automotive industry to produce parts, such as structural components, body panels, and bumpers.

Attractive Characteristics of Polyamide Resins to Boost Their Demand in Several Industries

Based on resin type, the market is classified into Polypropylene (PP), Polyamide (PA), Polyetherether(PEEK), and others. The polyamide resins segment is anticipated to dominate the thermoplastic composites market share as this type of resin is widely used in several industries due to its attractive characteristics. These include rigidity, great mechanical strength, superior resistance to chemicals, and high heat stability.

Rising Demand for Fuel-Efficient and Lightweight Vehicles Increases Product Adoption in Transport Industry

In terms of application, the market is segmented into transportation, construction, electrical & electronics, sports & leisure, and others. The transportation segment dominates the market as there is a high demand for lightweight and fuel-efficient vehicles, and thermoplastic composites play a key role in this regard.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, resin types, applications, and top market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.

𝑮𝒆𝒕 𝒂 𝑸𝒖𝒐𝒕𝒆:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/thermoplastic-composites-market-110534

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
Growing Product Demand from Automotive Industry to Fuel Market Progress

The automotive industry is expanding at a robust pace as new vehicle sales are rising every year, especially after the COVID-19 pandemic era. Moreover, an increasing number of customers are opting for fuel efficient vehicles, such as electric vehicles to reduce their carbon footprint. This factor has prompted automakers to increase their reliance on these composites as they can improve the fuel efficiency of vehicles, reduce their weight, and help manufacturers comply with strict emission regulations.
However, the high cost of raw materials used to manufacture these resins can hamper the thermoplastic composites market growth.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Asia Pacific Dominates Market Due to Robust Expansion of Automotive Industry

Asia Pacific is dominating the global market as the region's automotive industry is showing fast-paced growth every year. The increasing sales of electric vehicles in China and India is expected to propel the adoption of thermoplastic composites to produce lightweight components, which will make the vehicles more fuel efficient.
The market in North America is also showing promising growth owing to rising use of these resins in a wide range of industries, ranging from aerospace and automotive to sporting goods and consumer electronics.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
Key Companies to Focus On Capacity Expansion to Remain Dominant
Some of the leading companies operating in this market include Toray Industry Inc., SABIC, BASF SE, Solvay, and Celanese Corporation. These market players already have a vast distribution network and high-performing production plants across the world. They are now focusing on expanding their production capacity to cater to the ever-increasing demand for thermoplastic composites. This move will help them stay ahead of their competitors.

𝐍𝐨𝐭𝐚𝐛𝐥𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
March 2021: Solvay announced that it had completed the construction of its Thermoplastic Composites (TPC) manufacturing factory at its South Carolina site. After reaching the maximum operational capacity, the new line is expected to add more than 30 positions at the new plant, which covers 27,000 square feet.

𝑹𝒆𝒂𝒅 𝑴𝒐𝒓𝒆 𝑰𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏
https://www.fortunebusinessinsights.com/thermoplastic-composites-market-110534

𝑹𝒆𝒍𝒂𝒕𝒆𝒅 𝑹𝒆𝒑𝒐𝒓𝒕𝒔 -
Composites Market:
https://www.fortunebusinessinsights.com/composites-market-102295

Geocomposites Market:
https://www.fortunebusinessinsights.com/geocomposites-market-105292

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This release was published on openPR.