Thermoplastic Composites Market projected to grow by USD 8.6 billion from 2024-2028, driven by materials science and AI-powered advancements

NEW YORK, Oct. 1, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global thermoplastic composites market size is estimated to grow by USD 8.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.23%  during the forecast period. Advancements in materials science and manufacturing technologies is driving market growth, with a trend towards developments in thermoplastic composites industry. However, concerns associated with fiber-reinforced thermoplastic composites  poses a challenge. Key market players include Arkema Group., Avient Corp., BASF SE, Celanese Corp., Covestro AG, Daicel Corp., DuPont de Nemours Inc., Greene Tweed and Co., Hanwha Corp., Kingfa SCI. And TECH. Co. Ltd., Koninklijke DSM NV, Lanxess AG, Mitsubishi Chemical Group Corp., RTP Co., Saudi Basic Industries Corp., SGL Carbon SE, Solvay SA, Suprem SA, Toray Industries Inc., and Victrex Plc.

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Market Driver

Thermoplastic composites are finding extensive applications in various industries, including automotive, aerospace, and consumer goods. Apart from the automotive and electrical and electronics sectors, thermoplastic composites are increasingly used in consumer products such as toys, furniture, high-heat components, and gears for mechanism transmissions. To cater to the growing demand, vendors are expanding their manufacturing capabilities. For instance, Solvay has partnered with OEM 9T Labs AG to bring additively manufactured carbon fiber-reinforced plastic (CFRP) parts to mass production. Solvay will focus on developing carbon fiber-reinforced polyetheretherketone (CF/PEEK), CF-reinforced bio-based high-performance polyamides, and CF-reinforced polyphenylene sulfide (CF/PPS) composite materials. This collaboration will expand 9T Labs' portfolio of carbon fiber-reinforced materials. Furthermore, Solvay has also announced the completion of its new thermoplastic composites (TPC) manufacturing facility in South Carolina, US, which will add more than 30 positions at the 27,000-square-foot facility at full production capacity. Similarly, Toray has expanded its thermoplastic composite material capabilities for high-performance applications by introducing a next-generation high-heat laminate press at their Nijverdal (The Netherlands) facility. These expansions by key players in the market demonstrate their commitment to meeting the increasing demand for thermoplastic composites and will drive market growth during the forecast period. 

The Thermoplastic Composites market is experiencing significant growth in various industries, including Marine, Infrastructure, Building and Construction. These composites offer superior mechanical properties, environmental resistance, and insulation, making them ideal for these applications. Trends in the market include the use of Functional additives, Lightweight vehicles, and Recyclable materials. Thermoset composites are being replaced by Thermoplastic composites due to their Heat weldability and Thermoformability. Fiber composites, made from Reinforcing fibers like Carbon fiber, Glass fiber, and Aramid fibers, and Resins like Polyamide resin and Polypropylene, are in high demand. The Rail sector is also adopting these composites for their durability and cost-effectiveness. Density and CO2 emissions are key considerations in the Commercial industries, leading to increased demand for lightweight and fuel-efficient solutions. Electric vehicles, Hybrid vehicles, and Electric cars are also driving the market, as Thermoplastics and Polymers offer reduced weight and improved performance. CAFÉ emission standards further boost demand for these composites. Overall, the market for Composite materials is expected to grow, with continued innovation in raw materials and manufacturing processes. 

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Market Challenges

• The production of high-quality thermoplastic composites involves the careful dispersion of reinforcement fibers, such as flax, jute, hemp, sisal, and wood chips or particles, into thermoplastic resins like PP and PE. This process requires a significant investment in time and skilled labor. Uniform fiber dispersion is crucial to prevent agglomeration, which affects the final product's quality. However, challenges persist, including high manufacturing costs, limited plastic behavior, and low transverse shear strength. These factors may hinder the growth of the global thermoplastic composites market during the forecast period.
• The Thermoplastic Composites market is experiencing significant growth in various industries, including Construction, Sports, Consumer Products, and Automotive. OEMs in these sectors are turning to thermoplastic composites for their lightweight, high-performance properties. In Construction, thermoplastic composites offer design freedom and moisture insensitivity for interiors and exteriors. In Sports, they are used for making lightweight, durable, and cost-effective components for vehicle panels, windmill blades, and sports goods. However, challenges remain. Maintenance costs and carbon emissions limits are driving the need for fuel-efficient vehicles, making thermoplastic composites an attractive alternative to aluminum, wood, and steel. In the Automotive industry, carbon dioxide emissions and fuel economy are key concerns. Thermoplastic composites offer improved mechanical performance, corrosion resistance, and thermal properties. The Glass Fibers category, including chopped fibers, woven mat fiber, and random mat fiber, are popular choices for their chemical resistance, processability, and recyclability. In the Aerospace & Military sector, thermoplastic composites offer heat resistance, stiffness, and stability for aircraft structures. Wind energy applications benefit from their thermal insulation and lightweight properties. Despite these advantages, challenges such as fragility and stability must be addressed to fully realize the potential of thermoplastic composites. Polyamide, a common thermoplastic material, offers excellent mechanical performance, chemical resistance, and moisture insensitivity. Injection molding procedures are commonly used for manufacturing thermoplastic composites, making them a cost-effective solution for mass production. Overall, the Thermoplastic Composites market is poised for growth, offering a sustainable and cost-effective alternative to traditional materials in various industries.

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Segment Overview 

This thermoplastic composites market report extensively covers market segmentation by

1. Product 
• 1.1 Short fiber thermoplastics
• 1.2 Long fiber thermoplastics
• 1.3 Continuous fiber thermoplastics
• 1.4 Glass mat thermoplastics
2. End-user 
• 2.1 Aerospace and defense
• 2.2 Consumer goods and electronics
• 2.3 Automotive
• 2.4 Construction
• 2.5 Others
3. Resin Type
• 3.1 Polyamide
• 3.2 Polypropylene
• 3.3 Polyetheretherketone
• 3.4 Hybrid
• 3.5 Others
4. Fiber Type
• 4.1 Glass fiber
• 4.2 Carbon fiber
• 4.3 Mineral fiber
• 4.4 Others
5. Geography 
• 5.1 APAC
• 5.2 North America
• 5.3 Europe
• 5.4 South America
• 5.5 Middle East and Africa

1.1 Short fiber thermoplastics-  Thermoplastic composite fibers known as Short Fiber Thermoplastics (SFTs) are less than 1 mm in length and are manufactured by blending fibers into molten thermoplastics. Commonly used fibers include glass and carbon fibers, which offer superior properties such as high tensile strength, excellent toughness, and long shelf life. SFTs are widely used in various industries, including electrical and electronic, automotive, oilfield, chemical process, and defense, due to their ease of processing, effective techniques, and ability to recycle scrap. These thermoplastics can be processed using methods like injection molding, spraying with thermodurcissable resins, or extrusion techniques. SFTs are cost-effective and highly efficient engineering materials, suitable for conventional injection molding machines, and can be compounded using a thermoplastic polymer in a compounding extruder via the melt-blending process. Owing to their versatility and desirable mechanical properties, the SFT market is expected to grow significantly during the forecast period.

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Research Analysis

Thermoplastics, a type of polymer, are known for their ability to be melted and reformed multiple times without undergoing chemical decomposition. In the realm of composite materials, thermoplastics offer several advantages over their thermoset counterparts. Reinforcing fibers such as carbon, glass, and aramid are added to enhance the mechanical properties of thermoplastics, resulting in lightweight and strong composite materials. Additives are incorporated to improve various characteristics, including environmental resistance and insulation. Thermoplastic composites, specifically structural polymer composites, exhibit impressive density, making them suitable for applications in automotive, aerospace, and construction industries. These composites are heat weldable and thermoformable, enabling easy processing and fabrication. They are also recyclable, making them an eco-friendly alternative to traditional materials. Polyamide resin is a popular choice for thermoplastic composites due to its excellent mechanical properties and versatility. Overall, thermoplastic composites provide a balance of properties that make them a preferred choice for various industries.

Market Research Overview

Thermoplastic composites are a type of composite material made from thermoplastic polymers, reinforcing fibers, and additives. These materials offer several advantages over traditional thermoset composites, including design freedom, processability, recyclability, and improved mechanical properties. Thermoplastics are known for their thermal properties, such as heat resistance and moisture insensitivity, making them ideal for various industries. Carbon fiber, glass fiber, and aramid fibers are commonly used as reinforcing materials in thermoplastic composites. Resins like polyamide and polypropylene are often used as binders. The resulting composite materials are used in various sectors, including aerospace & military, automobiles, construction, sports, and consumer products. Thermoplastic composites are used to manufacture structural parts, interiors, and exteriors of aircraft, vehicle panels, and aircraft structures. They also find applications in windmill blades, sports goods, and thermal insulation. The lightweight and stiff nature of these materials make them suitable for use in the rail sector and infrastructure. The use of thermoplastic composites offers several benefits, such as reduced maintenance costs, improved fuel efficiency, and lower carbon emissions. They are also more recyclable than thermoset composites and have better processability. The density of these materials is lower than that of metals like aluminum, steel, and wood, making them ideal for lightweight vehicles and structures. Functional additives are often used to enhance the properties of thermoplastic composites, such as chemical resistance, stability, and mechanical performance. Thermoplastic composites are also heat weldable and thermoformable, making them versatile materials for various applications. In the automotive industry, the increasing demand for fuel-efficient vehicles and stricter CAFÉ emission standards have led to the widespread adoption of thermoplastic composites in vehicle manufacturing. These materials offer significant weight reduction, improved fuel economy, and reduced carbon emissions compared to traditional materials like aluminum and steel. In the construction industry, thermoplastic composites are used for insulation, waterproofing, and structural applications. They offer excellent environmental resistance and mechanical properties, making them ideal for use in infrastructure and building and construction. In the wind energy sector, thermoplastic composites are used to manufacture windmill blades due to their high strength-to-weight ratio and excellent thermal properties. They also offer improved processability and recyclability compared to traditional materials. In the sports industry, thermoplastic composites are used to manufacture sports equipment, such as skis, snowboards, and bicycles, due to their excellent mechanical properties and lightweight nature. They also offer improved design freedom and processability compared to traditional materials. In the marine industry, thermoplastic composites are used to manufacture boat hulls and other structural components due to their excellent chemical resistance and moisture insensitivity. They also offer improved processability and recyclability compared to traditional materials. In the rail sector, thermoplastic composites are used to manufacture train interiors, exteriors, and structural components due to their excellent mechanical properties, chemical resistance, and moisture insensitivity. They also offer improved processability and recyclability compared to traditional materials. In summary, thermoplastic composites are a versatile and high-performance material used in various industries, including aerospace & military, automobiles, construction, sports, consumer products, wind energy, marine, and rail. They offer several advantages over traditional materials, such as improved mechanical properties, processability, recyclability, and reduced maintenance costs. The increasing demand for lightweight, fuel-efficient, and environmentally friendly materials is driving the growth of the thermoplastic composites market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Short Fiber Thermoplastics
• Long Fiber Thermoplastics
• Continuous Fiber Thermoplastics
• Glass Mat Thermoplastics
• End-user
• Aerospace And Defense
• Consumer Goods And Electronics
• Automotive
• Construction
• Others
• Resin Type
• Polyamide
• Polypropylene
• Polyetheretherketone
• Hybrid
• Others
• Fiber Type
• Glass Fiber
• Carbon Fiber
• Mineral Fiber
• Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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SOURCE Technavio