Know Worldwide specifications of the Global Thermoplastic Composites Market Size 2023-2033 | Top Key Players: LANXESS, LyondellBasell Industries Holdings BV, Mitsubishi Chemical Group Corporation, SABIC, SGL Carbon, Solvay, TechnoCompound GmbH, and Others

According to a research report published by Spherical Insights & Consulting, the Global Thermoplastic Composites Market Size is Expected to Grow from USD 37.43 Billion in 2023 to USD 78.55 Billion by 2033, at a CAGR of 7.69% during the forecast period 2023-2033.

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The thermoplastic composites market is the industry involving fiber reinforcement with a thermoplastic resin. Thermoplastic composites are plastic materials that can be molded and reshaped when heated and then solidified when cooled. The construction, automotive, and transportation sectors all make extensive use of these materials. The increasing need for electric cars to diminish carbon emissions is offering lucrative market growth opportunities for thermoplastic composites. The use of thermoplastic materials in critical components has grown as a result of the incorporation of advanced manufacturing technologies, especially in high-performance applications, thereby propelling market growth. The development of specialized grades of thermoplastic composites by the manufacturers as well as increasing demand for recyclable and environment-friendly materials in the packaging and consumer goods sector are driving the market growth. However, the increased cost of thermoplastic composites compared to thermoset resins is challenging the thermoplastic composites market.

The polyetherether segment held the largest market share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the resin, the global thermoplastic composites market is divided into polyamide, polypropylene, and others. Among these. thermoplastic composites are incredibly durable and possess exceptional environmental, fire, heat, and mechanical resistance, are in high demand in the automotive, medical, and aerospace & defense sectors.

The glass fiber segment held the largest market share in 2023 and is anticipated to witness a significant CAGR growth during the forecast period.

Based on the fiber, the global thermoplastic composites market is divided into glass fiber, carbon fiber, and others. Among these, the glass fiber segment held the largest market share in 2023 and is anticipated to witness a significant CAGR growth during the forecast period. A variety of forms of glass fiber are created such as chopped fibers, woven mat fiber, and random mat fiber based on the applications' needs. The widespread application of glass fiber in building, wind energy, and other industries is augmenting the market expansion.

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The aerospace & defense segment dominated the market with the largest market share and is expected to grow at a significant CAGR of 6.36 % during the forecast period.

Based on the end-use, the global thermoplastic composites market is divided into transportation, aerospace & defense, electrical & electronics, consumer goods, construction, wind energy, marine, and others. Among these, the aerospace & defense segment dominated the market with the largest market share and is expected to grow at a significant CAGR of 6.36 % during the forecast period. Because of their superior structural qualities, thermoplastic composites are regarded by the aerospace and defense industries as the ideal materials for producing aircraft parts. They are used in variety of aircraft frames, including the wings, fuselage, and interiors.

Europe is projected to hold the largest share of the global thermoplastic composites market over the forecast period.

Europe is projected to hold the largest share of the global thermoplastic composites market over the forecast period. The rising thermoplastic composites market in the automotive industry due to technological developments is propelling the market growth. Further, the increasing interest in thermoplastic polymer composites by OEMs due to their advantages such as high volume processability, recyclability, superior damage tolerance, and ability to produce complex shapes is driving the market.

Asia Pacific is predicted to grow at the fastest CAGR in the thermoplastic composites market over the forecast period. The significant domestic demand for thermoplastic composites in transportation, aerospace & defense, and consumer goods & electronics is propelling the market demand. In addition, the adoption of thermoplastic composites in the region's automotive sector for enhancing fuel efficiency and reducing vehicle weight is propelling the thermoplastic composites market.

Major key players in the thermoplastic composites market include Arkema SA, AVANCO Group, Avient Corporation, BASF SE, Celanese Corporation, Daicel Corporation, DSM, Hexcel Corporation, LANXESS, LyondellBasell Industries Holdings BV, Mitsubishi Chemical Group Corporation, SABIC, SGL Carbon, Solvay, TechnoCompound GmbH, and Others.

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Key Target Audience

Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Recent Developments

In April 2023, Solvay and GKN Aerospace signed an extension to their 2017 collaboration agreement. Under the agreement, both businesses are developing a joint thermoplastic composites (TPC) roadmap to explore new materials and manufacturing processes for aerospace structures, while jointly targeting future strategic high-rate programs.
Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global thermoplastic composites market based on the below-mentioned segments:

Global Thermoplastic Composites Market, By Resin
Polyamide
Polypropylene
Others

Global Thermoplastic Composites Market, By Fiber
Glass Fiber
Carbon Fiber
Others

Global Thermoplastic Composites Market, By End-use
Transportation
Aerospace & Defense
Electrical & Electronics
Consumer Goods
Construction
Wind Energy
Marine
Others

Global Thermoplastic Composites Market, Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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