Wilmington, Delaware, United States, March 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The thermoplastic composites market was valued at US$ 14.3 Billion in 2020 and the global market is anticipated to reach US$ 27 Billion by 2031. According to predictions, the global market will grow at a CAGR of 6% between 2021 and 2031. Consumers have increased their demand for thermoplastic composite materials that are easier to process, less expensive, and possess better mechanical properties in the market
The trend of innovation is sweeping the global business community. Due to their resistance to corrosion and ability to withstand extreme conditions, thermoplastic composites are getting more popular in the market. Designing lighter parts with thermoplastic composites can be achieved owing to their excellent properties, including formability, corrosion resistance, and strength.
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As airline passengers have increased steadily over the past decade, the commercial aerospace industry has seen rapid growth in the market. With aircraft manufacturers looking for ways to speed up production in order to address order backlogs, thermoplastic composites may offer a solution.
Companies are investing in thermoplastic composite manufacturing processes to increase production rates, reduce processing costs, and understand and improve technology. According to the New Policies Scenario developed by the IEA, worldwide electric vehicle sales will reach 125 million in 2030. EV30@30 anticipates that 70% of all vehicles sold in China in 2030 will be electric vehicles. In addition, approximately 50% of all vehicles sold in Europe are electric, 29% in India, 30% in Canada, and 37% in Japan.
Key Findings of Market Report
- With the increasing demand for glass fibers, thermoplastic composites will enjoy high demand during the forecast period.
- Automotive component manufacturers are expected to benefit from a growing demand for lightweight automotive components.
- Electric vehicles are expected to steadily increase in popularity as they reduce emissions and contribute to greener transportation.
- Manufacturing composites with low-cost technologies are becoming more prevalent.
- The growing popularity of thermoplastic composites in construction is anticipated to drive the market.
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Global Thermoplastic Composites: Growth Drivers
- A growing focus on continuous fiber-reinforced thermoplastic composites and inter-material competition are changing the industry dynamics.
- With low costs and increasing customization options, demand for thermoplastic composites is expected to grow in the market. With various environmental concerns, EV production is likely to gain traction in the coming years, particularly in China, Europe, and the United States.
- In the coming years, the market for smartphones, OLED TVs, portable devices, cables, and telecommunications equipment is expected to grow as per capita income and applications in the defense and aerospace industries expand. As a result, thermoplastic composites are expected to be in greater demand.
- In recent years, stringent eco-legislation in several countries has compelled auto manufacturers to use composite materials for the development of their vehicles. As emission regulations become more stringent, automobile manufacturers aim to reduce the weight of vehicles to lower carbon dioxide emissions. Moreover, the green vehicle movement is expected to further drive the market for thermoplastic composites in various regions.
- New opportunities for thermoplastic composites are expected to emerge in the near future with the development of sustainable and potentially green composite materials and the use of thermoplastic composites in solar and wind energy applications.
Global Thermoplastic Composites: Regional Landscape
- Global industry analysis indicates that Asia Pacific thermoplastic composites will lead the global market.
- China and India are expected to be the fastest-growing regions between 2021 and 2031 owing to the growing popularity of electric vehicles.
- As various aerospace and automotive manufacturers are present in developed economies like the United States and Canada, thermoplastic composites are expected to grow in demand.
- Over the forecast period, the region is expected to see high research and development activity in more sustainable and recyclable composite materials.
- Stringent environmental laws in Europe forced automakers to rely on composite materials for their cars.
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Global Thermoplastic Composites Market: Key Players
Major players are acquiring, merging, and forming alliances to consolidate their market positions. The market has seen several recent developments as it enters a competitive phase.
- In February 2023, Boeing extended its long-term agreement with ATC Manufacturing for various thermoplastic composite components. In addition to the 737, 767, 787, 777, and 77X, ATC Manufacturing provides components for every Boeing program currently in production.
- In January 2023, 9T Labs (Zürich, Switzerland) developed a cost-competitive and automated manufacturing process to manufacture composite parts using Additive Fusion Technology (AFT). With 9T Labs' Fibrify design software, the workflow starts with the design and analysis of the component.
Global Thermoplastic Composites Market: Segmentation
Resin Type
- PA
- PP
- PEEK
- Hybrid
- Others (PBS and PBT)
Fiber Type
- Carbon
- Glass
- Mineral
- Others (Polymer)
Product Type
- Short Fiber Thermoplastics
- Glass Mat Thermoplastics
- Long Fiber Thermoplastics
- Continuous Fiber Thermoplastics
Application
- Automotive & Transportation
- Oil & Gas
- Aerospace
- Agriculture
- Marine
- Construction
- Electrical & Electronics
- Others (Defense)
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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