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Thermoplastic Composite Market 2024 - By Share, Size, Growth Analysis And Forecast To 2033
Thermoplastic Composite Market
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According to The Business Research Company's, The thermoplastic composite market size has grown strongly in recent years. It will grow from $19.33 billion in 2023 to $20.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to weight reduction in automotive, aerospace industry growth, sustainability and recycling, cost-effective manufacturing, design flexibility, .
The thermoplastic composite market size is expected to see strong growth in the next few years. It will grow to $27.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to renewable energy infrastructure, smart manufacturing technologies, e-mobility expansion, urbanization and infrastructure development, aerospace innovations.. Major trends in the forecast period include increased adoption in automotive, hybrid composite structures, 3d printing with thermoplastic composites, advanced manufacturing processes like automated fiber placement (afp), customized material formulations.
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Market Drivers and Trends:
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.
The development of low-cost production technology is a new trend in the thermoplastic composites market. The companies operating in thermoplastic composites are increasingly investing in research and development for the development of new products with advanced technologies to meet the technical demands of specific end customers across the globe. For instance, in January 2023, Sumika Polymer Compounds, a UK-based manufacturer of thermoplastics, partnered with Hexagon's Manufacturing Intelligence division, a Sweden-based provider of digital reality solutions, combining sensor, software, and autonomous technologies to digitize the performance of new sustainable automotive-grade polypropylene (PP) compounds, enabling engineers to design components that are more recyclable and offer a lower carbon footprint for future vehicles.
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Major Key Players of the Market:
BASF SE, AVANCO GmbH, 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, Fiberforge Corp., Hexcel Corporation, Owens Corning, PlastiComp Inc., PolyOne Corporation, RTP Company, Sintex-Wausaukee Composites Inc., Techmer PM LLC, Tri-Mack Plastics Manufacturing Corporation, Victrex PLC, Web Industries Inc.
Thermoplastic Composite Market 2024 Key Insights:
• The thermoplastic composite market size is expected to see strong growth in the next few years. It will grow to $27.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rising Electric Vehicle Demand Drives Surge In Thermoplastic Composites Market
• Low-Cost Production Technology Pioneered In Thermoplastic Composites Market Through Collaborative
• Asia-Pacific was the largest region in the thermoplastic composite market in 2023, and it is expected to be the fastest-growing region in the forecast period
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