Thermoplastic Composites Market Poised for Strong 6.1% CAGR Growth Through 2027

According to the study, the global thermoplastic composites market was valued at $15.2 billion in 2019 and is projected to reach $22.8 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

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Market Drivers, Restraints & Opportunities

Key Growth Drivers:

- Rising demand across transportation sectors, particularly automotive and aerospace.

- Expanding applications in new industries, such as renewable energy and consumer goods.

Market Restraints:

- High raw material costs and processing complexity limit adoption in cost-sensitive sectors.

Opportunities Ahead:

- Growth of the electric vehicle (EV) market offers significant potential for lightweight, high-performance composites.

Key Segment Insights:-

By Fiber Type:

- Glass Fiber dominated the market with nearly two-thirds share in 2019, driven by its low cost, versatility, and compatibility with various resins.

- Mineral Fiber is projected to grow at the fastest CAGR of 6.3%, attributed to increasing demand for thermal insulation materials.

By Product Type:

- Glass Mat Thermoplastics (GMT) led the market in 2019 with over 80% share, and is anticipated to grow at a CAGR of 6.1%, fueled by demand in automotive, aerospace, and sports equipment.

- The Advanced Thermoplastic Composites (ATC) segment is also gaining traction with high-strength, lightweight applications.

Regional Highlights:

- Asia-Pacific dominated the market in 2019 and is forecasted to maintain its lead through 2027, with the fastest CAGR of 6.4%.

- Growth is driven by rising automotive production, urbanization, and electronics consumption.

- Europe and North America remain strong contributors, especially in the aerospace and defense sectors.

Leading Market Players:

- BASF SE
- Celanese Corporation
- DSM
- DuPont
- Hanwha
- LANXESS
- Mitsubishi Chemical Advanced Materials
- PPG Industries
- SABIC
- Solvay S.A.

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