Thermoplastic Composites Market
PUBLISHED: 2024 ID: SMRC26424
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Thermoplastic Composites Market

Thermoplastic Composites Market Forecasts to 2030 - Global Analysis By Product Type (Continuous-Fiber Thermoplastic (CFT), Glass Mat Thermoplastic (GMT), Long-Fiber Thermoplastic (LFT), Short-Fiber Thermoplastic (SFT) and Advanced Thermoplastic Composites (ATC)), Fiber Type, Resin Type, End User and By Geography

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4.9 (96 reviews)
Published: 2024 ID: SMRC26424

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Thermoplastic Composites Market is accounted for $20.2 billion in 2024 and is expected to reach $32.5 billion by 2030 growing at a CAGR of 8.2% during the forecast period. Thermoplastic composites are advanced materials composed of a thermoplastic polymer matrix reinforced with fibers such as glass, carbon, or aramid. These materials offer high strength to weight ratios, impact resistance and design flexibility. Thermoplastic composites can be reshaped and recycled through heating and cooling cycles, making them sustainable and suitable for a wide range of applications in the aerospace, automotive, and consumer goods industries.

According to NASA technical reports, thermoplastic composites are being developed and demonstrated for aerospace applications like cryogenic tanks and aircraft structures, offering weight savings and performance improvements over metals.

Market Dynamics:

Driver: 

Growing focus on sustainability and recyclability

The increasing global emphasis on environmental sustainability and the circular economy is driving the demand for thermoplastic composites. These materials offer excellent recyclability compared to thermoset composites, as they can be melted and remolded multiple times without significant degradation of properties. This allows for the recovery and reuse of valuable raw materials, reducing waste and environmental impact. The recyclability of thermoplastic composites aligns with the goals of many industries to minimize their carbon footprint and promote sustainable practices.

Restraint:

Higher cost compared to traditional materials

One of the main challenges facing the adoption of thermoplastic composites is their relatively higher cost compared to traditional materials like metals and plastics. The production of thermoplastic composites involves specialized raw materials, such as high-performance thermoplastic resins and reinforcing fibers, which can be more expensive than conventional alternatives. Additionally, the processing and manufacturing of thermoplastic composites often require advanced technologies and skilled labor, further contributing to higher costs. These cost considerations can limit the widespread use of thermoplastic composites, especially in price-sensitive applications and markets.

Opportunity:

Rising adoption in consumer goods

The consumer goods industry presents a significant growth opportunity for thermoplastic composites. These materials offer a combination of lightweight, durability, and design flexibility, making them attractive for various consumer products. Thermoplastic composites can be used to create high-performance sporting goods, such as golf clubs, tennis rackets, and bicycle frames, offering enhanced performance and user experience. In the electronics sector, thermoplastic composites are finding applications in housings, casings, and structural components, providing strength and aesthetic appeal. As consumer preferences shift towards more sustainable and innovative products, the demand for thermoplastic composites in this sector is expected to rise.

Threat:

Limited availability of recyclable infrastructure

While thermoplastic composites are inherently recyclable, the lack of widespread recycling infrastructure poses a threat to their effective end-of-life management. Unlike traditional materials like metals and plastics, which have established recycling streams, the recycling of thermoplastic composites is still in its nascent stages. The absence of proper collection, sorting, and processing facilities for these materials can hinder their circularity and lead to disposal in landfills or incineration.

Covid-19 Impact: 

The Covid-19 pandemic had a mixed impact on the thermoplastic composites market. While some end-use industries, such as automotive and aerospace, experienced a slowdown in demand due to travel restrictions and supply chain disruptions, others, like healthcare and packaging, witnessed increased demand for thermoplastic composite products. The pandemic also accelerated the trend towards sustainability and the use of environmentally friendly materials, which could potentially drive the adoption of thermoplastic composites in the long term.

The glass fiber segment is expected to be the largest during the forecast period

During the forecast period, the glass fiber segment is anticipated to lead the thermoplastic composites market. This dominance is attributed to glass fiber's widespread use across various industries, such as automotive, aerospace, and construction. Glass fiber-reinforced thermoplastic composites offer a compelling combination of high strength, lightweight, and cost-effectiveness, making them preferred materials for structural components and lightweight applications. Additionally, ongoing advancements in glass fiber technology further bolster its market position, driving its growth.

The polypropylene (PP) segment is expected to have the highest CAGR during the forecast period 

Due to its low cost, good mechanical properties, and excellent chemical resistance polypropylene (PP) segment is expected to have the highest CAGR during the forecast period. PP-based thermoplastic composites are lightweight, durable, and easily moldable, making them suitable for various applications. The automotive industry is a significant driver for the growth of polypropylene (PP) thermoplastic composites, as these materials are used in interior and exterior components, helping to reduce vehicle weight and improve fuel efficiency. The increasing demand for lightweight and cost-effective materials in industries such as packaging, consumer goods, and construction is expected to fuel the high growth rate of the segment.

Region with largest share:

North America, particularly the United States, has a well-established composites industry and a strong presence of key players in the thermoplastic composites market. The region's advanced technological capabilities, extensive research and development activities, and stringent regulations promoting the use of lightweight and fuel-efficient materials contribute to its dominant position. The region's mature manufacturing infrastructure and skilled workforce further support the growth of the thermoplastic composites market.

Region with highest CAGR:

The Asia Pacific region is expected to witness the highest growth rate in the thermoplastic composites market during the forecast period. The region's rapidly expanding automotive, electronics, and consumer goods industries are key drivers for this growth. Countries like China, Japan, and South Korea are major manufacturing hubs for these sectors, and the increasing adoption of lightweight and high-performance materials is fueling the demand for thermoplastic composites. Additionally, the growing focus on sustainability and the implementation of favorable government policies are expected to further accelerate market growth in the Asia Pacific region.

Key players in the market

Some of the key players in Thermoplastic Composites Market include Solvay S.A., BASF SE, Dow Chemical Company, Toray Industries, Inc., Celanese Corporation, Lanxess AG, SABIC, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, Teijin Limited, RTP Company, Owens Corning, TenCate Advanced Composites, Cytec Solvay Group, PolyOne Corporation, PlastiComp, Inc., A. Schulman, Inc., Ensinger GmbH and Quadrant AG.

Key Developments:

In April 2023, Solvay and GKN Aerospace have 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. In addition Solvay will remain a GKN Aerospace preferred supplier for TPC materials.

In February 2023, Toray Industries, Inc., announced that it has developed a technology that thermally welds carbon fiber reinforced plastics (CFRP) at high speed. This technology will enable high-rate production and weight savings of CFRP airframes.

In February 2022, Celanese Corp. (Irving, Texas, U.S.) has signed a definitive agreement to acquire a majority of the Mobility & Materials (M&M) business of DuPont (Wilmington, Del., U.S.) for $11.0 billion in cash, which will be added to Celanese’s Engineering Materials (EM) business. The transaction is expected to close around the end of 2022. Celanese will acquire numerous DuPont engineering thermoplastic brands and technologies, and customer and supplier contracts and agreements, as well as a global production network of 29 facilities, including compounding and polymerization plants, and around 5,000 employees.

Product Types Covered:
• Continuous-Fiber Thermoplastic (CFT)
• Glass Mat Thermoplastic (GMT)
• Long-Fiber Thermoplastic (LFT)
• Short-Fiber Thermoplastic (SFT)
• Advanced Thermoplastic Composites (ATC)

Fiber Types Covered:
• Glass Fiber
• Carbon Fiber
• Aramid Fiber
• Mineral Fiber
• Other Fiber Types

Resin Types Covered:
• Polyetheretherketone (PEEK)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyethylene
• Polyethylene Terephthalate (PET)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Other Resin Types

End Users Covered:
• Aerospace & Defense
• Automotive
• Construction
• Consumer Goods & Sports Equipment
• Electrical & Electronics
• Marine
• Medical
• Oil & Gas
• Sports & Leisure
• Wind Energy
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary     
      
2 Preface     
 2.1 Abstract    
 2.2 Stake Holders    
 2.3 Research Scope    
 2.4 Research Methodology    
  2.4.1 Data Mining   
  2.4.2 Data Analysis   
  2.4.3 Data Validation   
  2.4.4 Research Approach   
 2.5 Research Sources    
  2.5.1 Primary Research Sources   
  2.5.2 Secondary Research Sources   
  2.5.3 Assumptions   
      
3 Market Trend Analysis     
 3.1 Introduction    
 3.2 Drivers    
 3.3 Restraints    
 3.4 Opportunities    
 3.5 Threats    
 3.6 Product Analysis    
 3.7 End User Analysis    
 3.8 Emerging Markets    
 3.9 Impact of Covid-19    
      
4 Porters Five Force Analysis     
 4.1 Bargaining power of suppliers    
 4.2 Bargaining power of buyers    
 4.3 Threat of substitutes    
 4.4 Threat of new entrants    
 4.5 Competitive rivalry    
      
5 Global Thermoplastic Composites Market, By Product Type     
 5.1 Introduction    
 5.2 Continuous-Fiber Thermoplastic (CFT)    
 5.3 Glass Mat Thermoplastic (GMT)    
 5.4 Long-Fiber Thermoplastic (LFT)    
 5.5 Short-Fiber Thermoplastic (SFT)    
 5.6 Advanced Thermoplastic Composites (ATC)    
      
6 Global Thermoplastic Composites Market, By Fiber Type     
 6.1 Introduction    
 6.2 Glass Fiber    
 6.3 Carbon Fiber    
 6.4 Aramid Fiber    
 6.5 Mineral Fiber    
 6.6 Other Fiber Types    
      
7 Global Thermoplastic Composites Market, By Resin Type     
 7.1 Introduction    
 7.2 Polyetheretherketone (PEEK)    
 7.3 Polyamide (PA)    
 7.4 Polycarbonate (PC)    
 7.5 Polyethylene    
 7.6 Polyethylene Terephthalate (PET)    
 7.7 Polypropylene (PP)    
 7.8 Polyvinyl Chloride (PVC)    
 7.9 Other Resin Types    
      
8 Global Thermoplastic Composites Market, By End User     
 8.1 Introduction    
 8.2 Aerospace & Defense    
 8.3 Automotive    
 8.4 Construction    
  8.4.1 Industrial Construction   
  8.4.2 Residential Construction   
   8.4.2.1 Single-Family Homes  
   8.4.2.2 Townhomes  
   8.4.2.3 Apartment Buildings  
  8.4.3 Commercial Construction   
   8.4.3.1 Retail  
   8.4.3.2 Hospitality  
   8.4.3.3 Office Buildings  
  8.4.4 Other Constructions  
 8.5 Consumer Goods & Sports Equipment    
 8.6 Electrical & Electronics    
 8.7 Marine    
 8.8 Medical    
 8.9 Oil & Gas    
 8.10 Sports & Leisure    
 8.11 Wind Energy    
 8.12 Other End Users    
      
9 Global Thermoplastic Composites Market, By Geography     
 9.1 Introduction    
 9.2 North America    
  9.2.1 US   
  9.2.2 Canada   
  9.2.3 Mexico   
 9.3 Europe    
  9.3.1 Germany   
  9.3.2 UK   
  9.3.3 Italy   
  9.3.4 France   
  9.3.5 Spain   
  9.3.6 Rest of Europe   
 9.4 Asia Pacific    
  9.4.1 Japan   
  9.4.2 China   
  9.4.3 India   
  9.4.4 Australia   
  9.4.5 New Zealand   
  9.4.6 South Korea   
  9.4.7 Rest of Asia Pacific   
 9.5 South America    
  9.5.1 Argentina   
  9.5.2 Brazil   
  9.5.3 Chile   
  9.5.4 Rest of South America   
 9.6 Middle East & Africa    
  9.6.1 Saudi Arabia   
  9.6.2 UAE   
  9.6.3 Qatar   
  9.6.4 South Africa   
  9.6.5 Rest of Middle East & Africa   
      
10 Key Developments     
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 10.2 Acquisitions & Mergers    
 10.3 New Product Launch    
 10.4 Expansions    
 10.5 Other Key Strategies    
      
11 Company Profiling     
 11.1 Solvay S.A.    
 11.2 BASF SE    
 11.3 Dow Chemical Company    
 11.4 Toray Industries, Inc.    
 11.5 Celanese Corporation    
 11.6 Lanxess AG    
 11.7 SABIC    
 11.8 Mitsubishi Chemical Holdings Corporation    
 11.9 Hexcel Corporation    
 11.10 Teijin Limited    
 11.11 RTP Company    
 11.12 Owens Corning    
 11.13 TenCate Advanced Composites    
 11.14 Cytec Solvay Group    
 11.15 PolyOne Corporation    
 11.16 RTP Company    
 11.17 PlastiComp, Inc.    
 11.18 A. Schulman, Inc.    
 11.19 Ensinger GmbH    
 11.20 Quadrant AG    
      
List of Tables      
1 Global Thermoplastic Composites Market Outlook, By Region (2022-2030) ($MN)     
2 Global Thermoplastic Composites Market Outlook, By Product Type (2022-2030) ($MN)     
3 Global Thermoplastic Composites Market Outlook, By Continuous-Fiber Thermoplastic (CFT) (2022-2030) ($MN)     
4 Global Thermoplastic Composites Market Outlook, By Glass Mat Thermoplastic (GMT) (2022-2030) ($MN)     
5 Global Thermoplastic Composites Market Outlook, By Long-Fiber Thermoplastic (LFT) (2022-2030) ($MN)     
6 Global Thermoplastic Composites Market Outlook, By Short-Fiber Thermoplastic (SFT) (2022-2030) ($MN)     
7 Global Thermoplastic Composites Market Outlook, By Advanced Thermoplastic Composites (ATC) (2022-2030) ($MN)     
8 Global Thermoplastic Composites Market Outlook, By Fiber Type (2022-2030) ($MN)     
9 Global Thermoplastic Composites Market Outlook, By Glass Fiber (2022-2030) ($MN)     
10 Global Thermoplastic Composites Market Outlook, By Carbon Fiber (2022-2030) ($MN)     
11 Global Thermoplastic Composites Market Outlook, By Aramid Fiber (2022-2030) ($MN)     
12 Global Thermoplastic Composites Market Outlook, By Mineral Fiber (2022-2030) ($MN)     
13 Global Thermoplastic Composites Market Outlook, By Other Fiber Types (2022-2030) ($MN)     
14 Global Thermoplastic Composites Market Outlook, By Resin Type (2022-2030) ($MN)     
15 Global Thermoplastic Composites Market Outlook, By Polyetheretherketone (PEEK) (2022-2030) ($MN)     
16 Global Thermoplastic Composites Market Outlook, By Polyamide (PA) (2022-2030) ($MN)     
17 Global Thermoplastic Composites Market Outlook, By Polycarbonate (PC) (2022-2030) ($MN)     
18 Global Thermoplastic Composites Market Outlook, By Polyethylene (2022-2030) ($MN)     
19 Global Thermoplastic Composites Market Outlook, By Polyethylene Terephthalate (PET) (2022-2030) ($MN)     
20 Global Thermoplastic Composites Market Outlook, By Polypropylene (PP) (2022-2030) ($MN)     
21 Global Thermoplastic Composites Market Outlook, By Polyvinyl Chloride (PVC) (2022-2030) ($MN)     
22 Global Thermoplastic Composites Market Outlook, By Other Resin Types (2022-2030) ($MN)     
23 Global Thermoplastic Composites Market Outlook, By End User (2022-2030) ($MN)     
24 Global Thermoplastic Composites Market Outlook, By Aerospace & Defense (2022-2030) ($MN)     
25 Global Thermoplastic Composites Market Outlook, By Automotive (2022-2030) ($MN)     
26 Global Thermoplastic Composites Market Outlook, By Construction (2022-2030) ($MN)     
27 Global Thermoplastic Composites Market Outlook, By Industrial Construction (2022-2030) ($MN)     
28 Global Thermoplastic Composites Market Outlook, By Residential Construction (2022-2030) ($MN)     
29 Global Thermoplastic Composites Market Outlook, By Commercial Construction (2022-2030) ($MN)     
30 Global Thermoplastic Composites Market Outlook, By Consumer Goods & Sports Equipment (2022-2030) ($MN)     
31 Global Thermoplastic Composites Market Outlook, By Electrical & Electronics (2022-2030) ($MN)     
32 Global Thermoplastic Composites Market Outlook, By Marine (2022-2030) ($MN)     
33 Global Thermoplastic Composites Market Outlook, By Medical (2022-2030) ($MN)     
34 Global Thermoplastic Composites Market Outlook, By Oil & Gas (2022-2030) ($MN)     
35 Global Thermoplastic Composites Market Outlook, By Sports & Leisure (2022-2030) ($MN)     
36 Global Thermoplastic Composites Market Outlook, By Wind Energy (2022-2030) ($MN)     
37 Global Thermoplastic Composites Market Outlook, By Other End Users (2022-2030) ($MN)     
      
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.      

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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