The thermoplastic composites market size was valued at USD 29.41 billion in 2023 and is expected to be worth USD 31.60 billion in 2024. The market is projected to reach USD 60.35 billion by 2032, recording a CAGR of 8.4% during the forecast period.
Source: https://www.fortunebusinessinsights.com/thermoplastic-composites-market-110534
Thermoplastic composites are a part of a broader category of composites, but what sets them apart is their thermoplastic matrix. These composites are quite different from thermoset composites. They are flexible enough to be reshaped and remolded multiple times when heat is applied without experiencing any chemical changes. They are a versatile product, having usage in several industries, such as aerospace, sporting goods, and automotive. Such wide-ranging applications will have a positive impact on the market’s growth.
Fortune Business Insights™ displays this information in a report titled, “Thermoplastic Composites Market, 2024-2032.”
Segmentation:
Rising Use in Transportation Applications Increased Demand for Glass Fiber-reinforced Polymer (GFRP)
Based on type, the market is classified into Glass Fiber-reinforced Polymer (GFRP), Carbon Fiber-reinforced Polymer (CFRP), and others. The Glass Fiber-reinforced Polymer (GFRP) segment dominated the market in 2023 owing to increasing use of this type of thermoplastic composites in transportation applications. The transport industry is seeking to create lightweight vehicles, which will increase the use of GFRP.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, resin types, applications, and top market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Rising Product Use in Electric Vehicles to Bolster Market Growth
The sales of electric vehicles are on the rise as more customers are becoming aware of the harmful effects of using fossil-fueled vehicles on the environment, and want to reduce their carbon footprint. This factor has boosted the demand for lightweight components to reduce the vehicle’s overall weight. This is expected to increase the use of thermoplastic composites in electric vehicles to decrease their weight and make them more fuel efficient.
Regional Insights:
High Product Demand from Domestic Vehicle Industry Helps Asia Pacific Dominate Global Market
Asia Pacific is holding a dominant global thermoplastic composites market share as there is a high demand for these resins across the region’s automotive industry. These composites play a key role in reducing a vehicle’s weight and increasing its fuel efficiency.
