Thermoplastic Composites Market Expanding At A CAGR Of 7.8% For The Forecast Period From 2022 To 2030

Posted by Neha Bora on August 2nd, 2023

San Francisco, 2 Aug 2023: The Report Thermoplastic Composites Market Size, Share & Trends Analysis Report By Resin (PA, PP), By Fiber (Carbon, Glass), By Product (SFT, LFT), By End-use (Transportation, Aerospace & Defense), By Region, And Segment Forecasts, 2022 - 2030

The global thermoplastic composites market size is expected to reach USD 62.62 billion by 2030, registering a CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the rising product demand in the aerospace and automotive industries as well as exponential growth in the construction industry. Thermoplastic composites are used in the construction of residential buildings, infrastructure, and water utilities. Properties, such as excellent strength, toughness, and ability to be recycled & remolded, make thermoplastic composites an ideal choice for the manufacturing of construction applications.

Moreover, the material is used for the production of storage tanks, lightweight structures, window frames, utility poles, railings, pipes, panels, and doors. The automotive industry is one of the key application segments. Manufacturers are focusing on increasing fuel efficiency, for which they are replacing metals and steel with lightweight thermoplastic composites. For instance, carbon fiber weighs one-fifth of steel, hence, it aids in reducing the overall weight of the vehicle. According to the European Commission, the carbon emission cap target for cars is to reach 95 grams per kilometer from 130 grams per kilometer by 2024, which is expected to increase the demand for thermoplastic composites in car manufacturing.

Furthermore, the product is also used to manufacture fuel-efficient vehicles by substituting wood, steel, and aluminum. The mixing of thermoplastic composites results in the formation of hybrid materials with superior structural properties. This material is used in the manufacturing of components for the aerospace industry. In addition, different properties of thermoplastic composites including superior strength, surface texture, weather-resistant finish, and insubstantial weight are expected to boost their demand in the aerospace industry. Manufacturers opt for resin type based on cost and environmental considerations. The industry is witnessing the development of low-cost manufacturing technologies for the production of thermoplastic composites.

Companies are investing heavily in R&D as well as supporting the research work conducted for technological development. For instance, Toray Group is offering various technologies for Hi-Rate Composite Aircraft Manufacturing (HiCAM) project. North America is expected to grow at a steady CAGR over the forecast period. Stringent regulations in North American countries, such as EPA emission restrictions and vehicle emission reduction programs, are expected to boost the demand for thermoplastic composites in the region. High disposable income and the presence of suitable infrastructure, supportive government initiatives, and major automobile manufacturers, such as Chrysler, Tesla, Ford, and Cadillac, are expected to augment the region’s growth over the forecast period.

Access Research Report of Thermoplastic Composites Market @ https://www.grandviewresearch.com/industry-analysis/thermoplastic-composites-market-report

Thermoplastic Composites Market Report Highlights

• The Polyetheretherketone (PEEK) thermoplastic composites resin segment is expected to grow at a significant CAGR over the forecast period. This resin is used in applications, such as aerospace, biomedical, high-temperature electrical, structural and automotive, and helps in manufacturing parts that are lightweight and strong
• The glass segment accounted for the maximum revenue share in 2021. The product is widely used for the production of thermoplastic composites as it is considered more cost-effective as compared to carbon fiber
• Glass fiber is a fiber-reinforced polymer composite that has properties including low density, easy processing, and high strength. Fiber glass-based thermoplastic composites are widely used in automotive, aerospace, construction, and sporting goods
• The transportation application segment dominated the industry in 2021. Thermoplastic composites find applications in automotive, trucks, trailers, buses, trains, subways, and motorcycles
• These industries utilize thermoplastic composites for the manufacturing of strong and lightweight components replacing the usage of metal. The material has the stiffness and strength of metals but is comparatively lighter, which aids in manufacturing lightweight parts

Thermoplastic Composites Market Report Scope

List of Key Players of Thermoplastic Composites Market

• Hexcel Corp.
• Celanese Corp.
• Toray Advanced Composites
• Solvay
• LANXESS
• Avient Corp.
• SGL Carbon
• Mitsubishi Chemical Corp.
• Arkema
• AVANKO Group
• Teijin Ltd.
• Owens Corning
• DSM
• Cutting Dynamic, Inc.
• Tri-Mack Plastic Manufacturing Corp.

Access Press Release of Thermoplastic Composites Market @ https://www.grandviewresearch.com/press-release/global-thermoplastic-composites-market