Thermoplastic Composites Market Size (2024 - 2029)

The thermoplastic composites market is projected to experience growth over the forecast period, driven by increasing demand from the construction sector and rising investments in aerospace and defense applications. However, challenges such as the declining automotive industry and the lingering effects of the COVID-19 pandemic may hinder market expansion. The Asia-Pacific region holds the largest market share and is expected to maintain its dominance throughout the forecast period.

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Market Size of Thermoplastic Composites Industry

Thermoplastic Composites Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 5.06 %
Fastest Growing Market Middle East and Africa
Largest Market Asia Pacific
Market Concentration Low

Major Players

Thermoplastic Composites Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thermoplastic Composites Market Analysis

The Thermoplastic Composites Market size is estimated at 4.68 Million tons in 2024, and is expected to reach 5.99 Million tons by 2029, growing at a CAGR of 5.06% during the forecast period (2024-2029).

The COVID-19 pandemic, on a global scale, has forced automakers, wind turbine manufacturers, and aircraft manufacturers to shut down their operations, lowering the demand for composites in 2020. The pandemic impacted almost every aspect of the composites industry, from product demand to workforce development to the acceleration or deceleration of trends that were already underway when it struck. Customers and their own temporary production stop reduced the production levels, and demand reductions have all had a significant impact on production processes.

  • In the medium term, the major factors driving the market studied are the increasing demand from the construction industry and increasing investments in aerospace and defense applications.
  • On the flip side, the declining automotive industry and the negative impact of the COVID-19 pandemic are likely to restrain the market growth.
  • Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.

Thermoplastic Composites Industry Segmentation

Thermoplastic composites usually consist of a fiber reinforcement with a thermoplastic resin. These materials are extensively used in the automotive, transportation, and construction industries.

The thermoplastic composites market is segmented by resin type, fiber type, product type, end-user industry, and geography. By resin type, the market is segmented into polypropylene, polyamide, polyetheretherketone, and other resin types. By fiber type, the market is segmented into glass fiber, carbon fiber, and other fiber types. By product type, the market is segmented into short fiber thermoplastic, long fiber thermoplastic, continuous fiber thermoplastic, and glass mat thermoplastic. By end-user industry, the market is segmented into aerospace and defense, electrical and electronics, automotive, construction, medical, and other end-user industries. The report also covers the market size and forecasts for the thermoplastic composites market in 15 countries across major regions. For each segment, market sizing and forecasts are done in volume (kilotons).

Resin Type
Polypropylene (PP)
Polyamide (PA)
Polyetheretherketone (PEEK)
Other Resin Types
Fiber Type
Glass Fiber
Carbon Fiber
Other Fiber Types
Product Type
Short Fiber Thermoplastic (SFT)
Long Fiber Thermoplastic (LFT)
Continuous Fiber Thermoplastic (CFT)
Glass Mat Thermoplastic (GMT)
End-user Industry
Aerospace and Defense
Electrical and Electronics
Automotive
Construction
Medical
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Thermoplastic Composites Market Size Summary

The thermoplastic composites market is poised for significant growth over the forecast period, driven by increasing demand from the construction and aerospace sectors. The automotive industry, in particular, is a major end-user, with the need for lightweight and low CO2 emission vehicles propelling the adoption of thermoplastic composites. These materials are favored for their high toughness and lightweight properties, making them ideal for various automotive applications such as seat frames and battery trays. Despite challenges posed by the COVID-19 pandemic, which temporarily disrupted production and reduced demand, the market is expected to recover and expand, with Asia-Pacific leading the charge due to its robust automotive and construction industries.

China stands out as a key player in the Asia-Pacific region, being the largest manufacturer and consumer of thermoplastic composites. The country's automotive market continues to grow, supported by stable advancements in its electronics sector and a booming construction industry. China's strategic initiatives, such as the 14th Five-Year Plan, aim to integrate digital technologies into construction processes, further boosting demand for thermoplastic composites. The global market remains partially fragmented, with major companies like LANXESS, Solvay, BASF SE, Toray Industries Inc., and Arkema SA actively shaping the industry's landscape through strategic partnerships and innovations.

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Thermoplastic Composites Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Automotive Industry

      2. 1.1.2 Rising Consumption in the Construction Industry

    2. 1.2 Restraints

      1. 1.2.1 High Cost of Raw Materials and Challenges to Form Thermoplastic Composites

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Resin Type

      1. 2.1.1 Polypropylene (PP)

      2. 2.1.2 Polyamide (PA)

      3. 2.1.3 Polyetheretherketone (PEEK)

      4. 2.1.4 Other Resin Types

    2. 2.2 Fiber Type

      1. 2.2.1 Glass Fiber

      2. 2.2.2 Carbon Fiber

      3. 2.2.3 Other Fiber Types

    3. 2.3 Product Type

      1. 2.3.1 Short Fiber Thermoplastic (SFT)

      2. 2.3.2 Long Fiber Thermoplastic (LFT)

      3. 2.3.3 Continuous Fiber Thermoplastic (CFT)

      4. 2.3.4 Glass Mat Thermoplastic (GMT)

    4. 2.4 End-user Industry

      1. 2.4.1 Aerospace and Defense

      2. 2.4.2 Electrical and Electronics

      3. 2.4.3 Automotive

      4. 2.4.4 Construction

      5. 2.4.5 Medical

      6. 2.4.6 Other End-user Industries

    5. 2.5 Geography

      1. 2.5.1 Asia-Pacific

        1. 2.5.1.1 China

        2. 2.5.1.2 India

        3. 2.5.1.3 Japan

        4. 2.5.1.4 South Korea

        5. 2.5.1.5 ASEAN Countries

        6. 2.5.1.6 Rest of Asia-Pacific

      2. 2.5.2 North America

        1. 2.5.2.1 United States

        2. 2.5.2.2 Canada

        3. 2.5.2.3 Mexico

      3. 2.5.3 Europe

        1. 2.5.3.1 Germany

        2. 2.5.3.2 United Kingdom

        3. 2.5.3.3 France

        4. 2.5.3.4 Italy

        5. 2.5.3.5 Rest of Europe

      4. 2.5.4 South America

        1. 2.5.4.1 Brazil

        2. 2.5.4.2 Argentina

        3. 2.5.4.3 Rest of South America

      5. 2.5.5 Middle East and Africa

        1. 2.5.5.1 Saudi Arabia

        2. 2.5.5.2 South Africa

        3. 2.5.5.3 Rest of Middle East and Africa

Thermoplastic Composites Market Size FAQs

The Thermoplastic Composites Market size is expected to reach 4.68 million tons in 2024 and grow at a CAGR of 5.06% to reach 5.99 million tons by 2029.

In 2024, the Thermoplastic Composites Market size is expected to reach 4.68 million tons.

Thermoplastic Composites Market Report Snapshots

Thermoplastic Composites Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)