Thermoplastic Composite Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers

Which drivers are expected to have the greatest impact on the over the thermoplastic composite market's growth?
The rising preference for electric vehicles is predicted to fuel the need for thermoplastic composites in the forthcoming years. This surge in electric vehicle demand can be attributed to their eco-friendliness and their role in reducing carbon emissions within the transportation sector. Thermoplastic composites, renowned for their superior strength, significantly contribute to reducing a vehicle's overall weight, reinforcing their suitability in vehicle component manufacturing. A recent report by RBSA Advisors in December 2021 suggests that India's electric vehicle market is on track to proliferate at a CAGR of 90% throughout this decade, escalating to a whopping $150 billion by 2030. Furthermore, the China Association of Automobile Manufacturers (CAAM) anticipates that the sale of new energy vehicles (NEVs) in China will surge to 3 million in 2021, up from 1.4 million in 2020. Consequently, this expanding electric vehicle market is set to expedite the production of electric vehicle constituents, driving up the demand for thermoplastic components in the predicted timeline.

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What is the future CAGR of the thermoplastic composite market, and how will it impact industry expansion?
The market size of thermoplastic composites has seen a robust increase in the past few years. It is projected to expand from $20.56 billion in 2024 to $21.96 billion in 2025, marking a compound annual growth rate (CAGR) of 6.8%. The surge in the historical period is a result of weight reduction in the automotive sector, the expansion of the aerospace industry, focus on sustainability and recycling, cost-effective production, and versatile design opportunities.

In the coming years, the market size of thermoplastic composites is predicted to experience robust growth, ballooning to a whopping $29.82 billion by 2029 with a compound annual growth rate (CAGR) of 7.9%. The upswing in this forecast period can be linked to factors such as the rise of renewable energy infrastructures, advancements in smart manufacturing technologies, expansion of e-mobility, urbanization and infrastructure advancements, as well as breakthroughs in aerospace. Noteworthy trends during this forecast period comprise of heightened adoption in the automotive sector, hybrid composite structures, usage of thermoplastic composites in 3D printing, streamlined manufacturing approaches like automated fiber placement (AFP), and tailored material formulations.

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What are the most significant trends transforming the thermoplastic composite market today?
The trend towards low-cost production technology is reshaping the thermoplastic composites market. Companies in this field are pumping more resources into research and development to push out new products equipped with superior technologies which can cater to the specific requirements of customers worldwide. Case in point is in January 2023 when Sumika Polymer Compounds, a thermoplastics manufacturer in the UK, allied with Hexagon's Manufacturing Intelligence division, a Swedish company dealing in digital reality solutions. Their objective was to assimilate sensor, software and autonomous technologies to digitize the efficiency of newer eco-friendly automotive-grade polypropylene (PP) composites. This will facilitate engineers in making components that are easily recyclable and significantly cut down the carbon footprint of future vehicles.

Which key market segments comprise the thermoplastic composite market and drive its revenue growth?
The thermoplastic composite market covered in this report is segmented -

1) By Product Type: Short Fiber Thermoplastics, Glass Mat Thermoplastics, Long Fiber Thermoplastics, Continuous Fiber Thermoplastics
2) By Fiber Type: Glass Fiber, Carbon Fiber, Other Fiber Types
3) By Resin Type: Polypropylene (PP), Polyamide (PA), ket*one (PEEK), Other Resin Types
4) By End-Use Industry: Transportation, Consumer goods & electronics, Wind Energy, Sports & Leisure, Construction, Aerospace & Defense, Other End Users

Subsegments:
1) By Short Fiber Thermoplastics: Glass Fiber Reinforced Thermoplastics, Carbon Fiber Reinforced Thermoplastics, Natural Fiber Reinforced Thermoplastics
2) By Glass Mat Thermoplastics: Thermoplastic Polyurethane (TPU) Glass Mat Composites, Polypropylene (PP) Glass Mat Composites, Other Glass Mat Composites
3) By Long Fiber Thermoplastics: Long Glass Fiber Reinforced Thermoplastics, Long Carbon Fiber Reinforced Thermoplastics, Long Natural Fiber Reinforced Thermoplastics
4) By Continuous Fiber Thermoplastics: Continuous Glass Fiber Thermoplastics, Continuous Carbon Fiber Thermoplastics, Continuous Aramid Fiber Thermoplastics

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What regions are at the forefront of thermoplastic composite market expansion?
Asia-Pacific was the largest region in the thermoplastic composite market in 2024, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic composite market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Who are the leading players fueling growth 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.

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What Is Covered In The Thermoplastic Composite Global Market Report?

•Market Size Forecast: Examine the thermoplastic composite market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the thermoplastic composite market for a structured understanding.
•Key Players Overview: Analyze major players in the thermoplastic composite market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the thermoplastic composite market.
•Segment Contributions: Evaluate how different segments drive overall growth in the thermoplastic composite market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the thermoplastic composite market.
•Industry Challenges: Identify potential risks and obstacles affecting the thermoplastic composite market.
•Competitive Landscape: Review strategic developments in the thermoplastic composite market, including expansions, agreements, and new product launches.

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