Global Thermoplastic Composites Market Report and Forecast 2025-2034

Global Thermoplastic Composites Market Outlook

The global thermoplastic composites market size was approximately USD 18.85 billion in 2023. The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032, reaching a value of around USD 31.34 billion by 2032.

Key Trends in the Market

Thermoplastic composite materials are materials made by combining different types of plastics and can be modified for use in a variety of applications. They possess characteristics such as lightweight, superior strength, and low processing cost, which makes them highly valuable in different sectors as an alternative to metals.

• One of the major factors driving the thermoplastic composites market demand is constructive attributes such as low density, excellent durability, and superior environmental resistance of the material, which makes it preferable in various end-use sectors such as automotive, aerospace, and construction.

• The recyclability of thermoplastic composites is another prominent trend aiding the thermoplastic composites market growth. These composites are easy to melt and mould as compared to thermoset composites and can be further reused and recycled to reduce waste and promote sustainability.

• The surge in the incorporation of innovative production methods such as 3D modelling and computer-aided design (CAD), through which the composite parts can be designed in close collaboration with customers for increased precision, is favouring the thermoplastic composites market expansion.

• The growing application of thermoplastic composites in the mobility and transportation sectors is propelling the market demand. For example, in July 2022, AIMPLAS, a plastics technology centre, collaborated with the Valencian Regional Government’s Ministry of Innovation, Universities, Science and Digital Society to develop the VETERIA21 project, which aims to employ thermoplastic compositions and replace metals in electric vehicle battery casings.

Global Thermoplastic Composites Market Segmentation

Based on resin type, the market is segmented into polypropylene (PP), polyamide (PA), and polyether ether ketone (PEEK), among others. On the basis of fibre type, the market is divided into glass fibre, and carbon fibre, among others.

The market segmentation, based on product, includes glass mat thermoplastics (GMT) and advanced thermoplastic composites (ATC). On the basis of end use, the market is divided into automotive, aerospace and defence, electrical and electronics, construction, and medical, among others. The major regional markets for thermoplastic composites include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global thermoplastic composites market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Arkema S.A. 

• Solvay S.A. 

• SGL Carbon SE 

• Mitsubishi Chemical Group Corp. 

• Teijin Ltd. 

• Avient Corporation 

• Celanese Corporation 

• Toray Industries Inc. 

• Lanxess AG 

• Avanco GmbH

• Others

Market Share by End Use

As per the global thermoplastic composites market analysis, the aerospace and defence sector occupies a substantial market share, due to the growing applications of thermoplastic composites in structural and non-structural parts of aircraft, including clips, cleats, brackets, and floor panels. Developmental efforts by aerospace engineers in replacing metallic and thermoset composite parts with thermoplastic composite parts due to their cost-effectiveness and lightweight benefits also boost the market growth.

Market Share by Region

The Asia Pacific holds a significant portion of the global thermoplastic composites market share, due to rapid industrialisation. The popularity of thermoplastic composites in the region is increasing due to their demand in end-use sectors such as consumer goods and electronics, transportation, defence, and aerospace, among others. The growing production of electric vehicles in China is also expected to escalate the demand for thermoplastic composites in the coming years.

The rise in innovative product launches by market players in the region is also expected to support market growth. For example, in May 2023, Avient Corporation launched ComplÄ“t™ and OnForce™ long fibre reinforced thermoplastic composites in Asia as an ideal alternative to metals, due to their stiffness, strength, and extremely lightweight.

Competitive Landscape

SGL Carbon SE is a global specialist in graphite and fibre composite materials that has more than 29 high-performing sites in North America, Europe, and Asia. It provides services and solutions in various sectors, including automotive, aerospace, solar, and wind energy, and manufacturers of semiconductors, LEDs, and lithium-ion batteries.

Mitsubishi Chemical Group Corp. is a global leader in high-performing thermoplastics. It was founded in 1933 and is headquartered in Tokyo, Japan. It has developed a high-performing carbon fibre composite material that is impregnated with engineering plastics.

Avient Corporation specialises in polymer formulations, colour and additive systems, and packaging solutions. It deals in multiple products, including advanced composites, engineered polymer solutions, long fibre technology, and thermoplastic elastomers, among others.

Other global thermoplastic composites market players include Arkema S.A., Solvay S.A., Teijin Ltd., Celanese Corporation, Toray Industries Inc., Lanxess AG, and Avanco GmbH, among others.

Key Highlights of the Report