Thermoplastic Composites Market Size Worth $62.62 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Oct. 4, 2022 /PRNewswire/ -- The global thermoplastic composites market size is expected to reach USD 62.62 billion by 2030, registering a CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the rising product demand in the aerospace and automotive industries as well as exponential growth in the construction industry. Thermoplastic composites are used in the construction of residential buildings, infrastructure, and water utilities. Properties, such as excellent strength, toughness, and ability to be recycled & remoulded, make thermoplastic composites an ideal choice for the manufacturing of construction applications.
Key Industry Insights & Findings from the report:
- The Polyetheretherketone (PEEK) thermoplastic composites resin segment is expected to grow at a significant CAGR over the forecast period. This resin is used in applications, such as aerospace, biomedical, high-temperature electrical, structural and automotive, and helps in manufacturing parts that are lightweight and strong.
- The glass segment accounted for the maximum revenue share in 2021. The product is widely used for the production of thermoplastic composites as it is considered more cost-effective as compared to carbon fiber.
- Glass fiber is a fiber-reinforced polymer composite that has properties including low density, easy processing, and high strength. Fiber glass-based thermoplastic composites are widely used in automotive, aerospace, construction, and sporting goods.
- The transportation application segment dominated the industry in 2021. Thermoplastic composites find applications in automotive, trucks, trailers, buses, trains, subways, and motorcycles.
- These industries utilize thermoplastic composites for the manufacturing of strong and lightweight components replacing the usage of metal. The material has the stiffness and strength of metals but is comparatively lighter, which aids in manufacturing lightweight parts.
Read 115 page market research report for more Insights, "Thermoplastic Composites Market Size, Share & Trends Analysis Report By Resin (PA, PP), By Fiber (Carbon, Glass), By Product (SFT, LFT), By End-use (Transportation, Aerospace & Defense), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Thermoplastic Composites Market Growth & Trends
Moreover, the material is used for the production of storage tanks, lightweight structures, window frames, utility poles, railings, pipes, panels, and doors. The automotive industry is one of the key application segments. Manufacturers are focusing on increasing fuel efficiency, for which they are replacing metals and steel with lightweight thermoplastic composites. For instance, carbon fiber weighs one-fifth of steel, hence, it aids in reducing the overall weight of the vehicle. According to the European Commission, the carbon emission cap target for cars is to reach 95 grams per kilometer from 130 grams per kilometer by 2024, which is expected to increase the demand for thermoplastic composites in car manufacturing.
Furthermore, the product is also used to manufacture fuel-efficient vehicles by substituting wood, steel, and aluminum. The mixing of thermoplastic composites results in the formation of hybrid materials with superior structural properties. This material is used in the manufacturing of components for the aerospace industry. In addition, different properties of thermoplastic composites including superior strength, surface texture, weather-resistant finish, and insubstantial weight are expected to boost their demand in the aerospace industry. Manufacturers opt for resin type based on cost and environmental considerations. The industry is witnessing the development of low-cost manufacturing technologies for the production of thermoplastic composites.
Companies are investing heavily in R&D as well as supporting the research work conducted for technological development. For instance, Toray Group is offering various technologies for Hi-Rate Composite Aircraft Manufacturing (HiCAM) project. North America is expected to grow at a steady CAGR over the forecast period. Stringent regulations in North American countries, such as EPA emission restrictions and vehicle emission reduction programs, are expected to boost the demand for thermoplastic composites in the region. High disposable income and the presence of suitable infrastructure, supportive government initiatives, and major automobile manufacturers, such as Chrysler, Tesla, Ford, and Cadillac, are expected to augment the region's growth over the forecast period.
Thermoplastic Composites Market Segmentation
Grand View Research has segmented the global thermoplastic composites market on the basis of resin, fiber, product, end-use, and region:
Thermoplastic Composites Market - Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)
- Polyamide (PA)
- Polypropylene (PP)
- Polyetheretherketone (PEEK)
- Others
Thermoplastic Composites Market - Fiber Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)
- Glass Fiber
- Carbon Fiber
- Others
Thermoplastic Composites Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)
- Short Fiber Thermoplastic (SFT)
- Long Fiber Thermoplastic (LFT)
- Others
Thermoplastic Composites Market - End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)
- Transportation
- Aerospace & Defense
- Electrical & Electronics
- Consumer Goods
- Construction
- Wind Energy
- Marine
- Others
Thermoplastic Composites Market - Regional Outlook (Volume, Kilotons; Revenue USD Million, 2021 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
- UAE
List of Key Players of Thermoplastic Composites Market
- Hexcel Corp.
- Celanese Corp.
- Toray Advanced Composites
- Solvay
- LANXESS
- Avient Corp.
- SGL Carbon
- Mitsubishi Chemical Corp.
- Arkema
- AVANKO Group
- Teijin Ltd.
- Owens Corning
- DSM
- Cutting Dynamic, Inc.
- Tri-Mack Plastic Manufacturing Corp.
Check out more related studies published by Grand View Research:
- Hybrid Composites Market - The global hybrid composites market size is anticipated to reach USD 1.4 billion by 2027 registering a CAGR of 13.4%, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing product demand in the manufacturing of wind energy components.
- Ceramic Matrix Composites Market - The global ceramic matrix composites market size is expected to reach USD 8.94 billion by 2030, expanding at a compound annual growth rate (CAGR) of 12.9% during the forecast period, according to a new report by Grand View Research Inc. Increasing demand for ceramic matrix composites is being driven by their superior properties, such as high-temperature stability, reduced weight, and high strength.
- Advanced Composites Market - The global advanced composites market size is expected to reach USD 70.2 billion by 2030, as per a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. Growing demand for the products in the wind energy sector and aerospace and defense industry is expected to drive the market growth over the forecasted period. The market is growing at a notable pace owing to the rising penetration of carbon and glass fiber composites in the aerospace and defense industry and industries such as renewable power generation, healthcare, and electronics. Moreover, industrialization in emerging markets such as China, India, and Japan further propel the growth of the market.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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