On January 12, 2024, the Research And Markets website released the Global Strategic Business Report on Thermoplastic Composites. According to the report, the global thermoplastic composites market is projected to be $26.3 billion in 2022, and by 2030, the market is expected to reach $46 billion. The analysis period from 2022 to 2030 anticipates a compound annual growth rate (CAGR) of 7.2% in this sector.
In the key driving factors of the market, the increasing focus of the automotive industry on fuel-efficient vehicles has led to a growing demand for lightweight thermoplastic composite materials. The rise in the production and application of electric vehicles is also favorable for the demand for thermoplastic elastomers in electric cars. Given the promising outlook for automotive production, the growth prospects for thermoplastic composite materials in the automotive industry are optimistic.
In the aerospace sector, the increasing emphasis on lightweighting and reducing fuel costs is beneficial for the market growth of thermoplastic composites. Some aircraft interior manufacturers are increasingly relying on composite materials, and there are potential opportunities for thermoplastic composites in the eVTOL and UAM markets.
In terms of fiber reinforcement types, short fiber thermoplastic plastics are expected to be one of the largest submarkets, with a projected compound annual growth rate (CAGR) of 6.9%. By the end of 2030, the market size for short fiber thermoplastic plastics is expected to reach $25.7 billion. The long fiber thermoplastic plastics market is expected to have a CAGR of 8% from 2022 to 2030.
On a global regional basis, the thermoplastic composites market in the United States is projected to be $7.2 billion in 2022. China, as the world's second-largest economy, is expected to reach a market size of $7.6 billion by 2030, with a CAGR of 9.2% during the analysis period from 2022 to 2030. Other noteworthy markets include Japan and Canada, with expected growth rates of 5.3% and 6.3%, respectively, during the 2022-2030 period. In Europe, Germany's CAGR is estimated to be around 7%. Led by countries like Australia, India, and South Korea, the Asia-Pacific region is anticipated to reach a market size of $6.7 billion by 2030.
Currently, key players in the global thermoplastic composite materials market include Asahi Kasei Plastics North America, BASF SE, Celanese Corporation, Daicel Polymer Ltd., Dieffenbacher GmbH Maschinen-und Anlagenbau, Hanwha Azdel, JNC Corporation, Kingfa Sci. & Tech. Co., Ltd., Koninklijke Ten Cate BV, Lanxess AG, PlastiComp, PolyOne Corporation, PPG Fiber Glass, Quadrant AG, Royal DSM NV, RTP Company, SABIC (Saudi Basic Industries Corporation), Solvay SA, Suprem SA, TechnoCompound GmbH, Teijin Ltd., Victrex PLC, and others.