Global Thermoplastic Composites Market to Grow at 5.3% During 2024-2032, Propelled by Significant Growth of Automotive Industry

December 09, 2021 | Chemical & Materials

The latest report by IMARC Group, titled “Thermoplastic Composites Market Report by Fiber Type (Glass Fiber, Carbon Fiber, and Others), Product (Glass Mat Thermoplastics (GMT), Advanced Thermoplastic Composites (ATC)), Resin Type (Polypropylene (PP), Polyamide (PA), Polyether ether ketone (PEEK), and Others), End User Industry (Automotive, Aerospace and Defense, Oil and Gas, Construction, Medical, and Others), and Region 2024-2032,” finds that the global thermoplastic composites market reached a value of US$ 18.3 Billion in 2023. Thermoplastic composites (TMC) are advanced materials that have evolved from structural polymer composites. They are formed by combining a resin matrix, armature and operational additives in a hot-melt impregnation process. They are also thermoformable, heat-weldable, and recyclable in nature. TMCs exhibit high thermal and oxidative stability, enhanced toughness, solvent resistance, low dielectric constant, and increased impact resistance. In recent years, they have gained prominence as they provide greater component robustness, excellent formability, corrosion resistance, high strength, and extended shelf life compared to thermostat composites.

Global Thermoplastic Composites Market Trends: 

The market is primarily driven by the significant growth of the automotive industry. This can be accredited to the growing demand for lightweight materials that reduce the overall weight and enhance fuel efficiency in vehicles. Apart from this, TMC is utilized to minimize the total weight and corrosion in the aircraft structure in the aerospace industry. In addition, the rising concerns regarding environmental pollution and carbon dioxide (CO2) emissions have resulted in the adoption of TMCs to develop electric vehicles (EVs). Furthermore, various research and development (R&D) activities have led to the introduction of cost-effective and innovative solutions, thereby creating opportunities for the leading key players. Looking forward, the market value is expected to reach US$ 29.6 Billion by 2032, exhibiting a CAGR of 5.3% during the forecast period (2024-2032).

Market Summary: 

  • Based on the fiber type, the market has been segmented into glass, carbon, and other fibers.
  • On the basis of the product, the market has been classified into glass mat thermoplastics (GMT) and advanced thermoplastic composites (ATC).
  • The market has been categorized based on the resin type into polypropylene (PP), polyamide (PA), polyether ether ketone (PEEK), and others.
  • On the basis of the end user industry, the market has been segregated into automotive, aerospace and defense, oil and gas, construction, medical, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Arkema S.A., Avient Corporation, BASF SE, Celanese Corporation, DuPont de Nemours Inc., Hexcel Corporation, Koninklijke DSM N.V., Lanxess AG, Mitsubishi Chemical Advanced Materials (Mitsubishi Chemical Holdings Corporation), PPG Industries Inc., SABIC (Saudi Arabian Oil Co.) and Solvay S.A.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Fiber Type, Product, Resin Type, End User Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Arkema, Avient Corporation, BASF SE, Celanese Corporation, DuPont de Nemours Inc., Hexcel Corporation, Koninklijke DSM N.V., Lanxess AG, Mitsubishi Chemical Advanced Materials (Mitsubishi Chemical Holdings Corporation), PPG Industries Inc., SABIC (Saudi Arabian Oil Co.) and Solvay
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Thermoplastic Composites Market to Grow at 5.3% During 2024-2032, Propelled by Significant Growth of Automotive Industry
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