Thermoplastic Composite Market to Surpass $28.97 Billion by 2029 | Key Trends & Insights

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How Will the Thermoplastic Composite Market Grow by 2025 in Terms of Size and Growth?
The scale of the thermoplastic composite market has been expanding consistently in recent years. The market size is set to rise from $20.56 billion in 2024 to $21.55 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.8%. Factors contributing to this boost in the historic period include weight reduction measures in the automotive sector, expansion of the aerospace industry, sustainability and recycling initiatives, cost-effective manufacturing strategies, and design flexibility.

What Are the Estimated Growth Rates for the Thermoplastic Composite Industry Through 2029?
In the coming years, the market size of thermoplastic composites is projected to experience substantial growth, increasing to $28.97 billion by 2029 with a compound annual growth rate (CAGR) of 7.7%. This growth during the forecast period can largely be attributed to advancements in renewable energy infrastructure, smart manufacturing technologies, expansion of e-mobility, urbanization and infrastructure development, as well as aerospace innovations. Key trends for this forecast period include heightened adoption in the automotive sector, the development of hybrid composite structures, the use of thermoplastic composites in 3D printing, advanced manufacturing strategies like automated fiber placement (AFP), and the customization of material formulations.

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What Are the Strategic Drivers Boosting Thermoplastic Composite Market Performance?
The predicted surge in electric vehicle usage is anticipated to stimulate the market for thermoplastic composites in the future. Electric vehicles, known for their environmentally friendly nature and reduced carbon emissions, are expected to be more in demand within the next couple of years. The exceptional durability of thermoplastic composites and their contribution to the reduction of a vehicle's weight underlie their importance in vehicle component production. A recent article from RBSA Advisors reports that by 2030, India's electric vehicle market growth is projected at a CAGR of 90%, reaching $150 billion. Additionally, the China Association of Automobile Manufacturers (CAAM) predicts that new energy vehicle (NEV) sales will jump from 1.4 million in 2020 to 3 million in 2021. Therefore, the expansion of the electric vehicle market will drive increased production of their components and, consequently, push the demand for thermoplastic components higher during the foreseeable future.

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What Are the Segments in the Thermoplastic Composite Market?
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

What Are the Key Adoption Trends in the Thermoplastic Composite Market?
The growth of affordable production technology is a newly emerging trend in the thermoplastic composites market. More and more companies involved in thermoplastic composites are pouring resources into research and development, seeking to create cutting-edge products that cater to the specialized needs of clients all over the world. To illustrate, in January 2023, UK-based thermoplastic manufacturer Sumika Polymer Compounds entered a partnership with Hexagon's Manufacturing Intelligence division, a Swedish company offering digital reality solutions which combines sensor, software, and autonomous technologies. Their collaboration aims to digitalize the performance evaluation of new eco-friendly automotive-grade polypropylene (PP) compounds. This would equip engineers with the means to design components that are more easily recyclable and reduce the carbon footprint of future vehicles.

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Which Companies Lead the Competitive Landscape of the Thermoplastic Composite Industry?
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.

Where Are the Key Thermoplastic Composite Market Opportunities by Region?
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.

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