The Global Thermoplastic Composites Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Thermoplastic Composites Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.
The report also highlights limiting factors and regional industrial presence that may impact market growth trends beyond the forecast period of 2032. The market research aims to gain a complete understanding of the industry’s potential and provide information that will help companies to make informed decisions. The Thermoplastic Composites Market Report is an impressive 100+ page document that includes a comprehensive table of contents, a list of figures, tables and graphs, as well as a comprehensive analysis.
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Forecast Growth Projected:
The global thermoplastic composites market size was valued at USD 29.41 billion in 2023. The market is projected to grow from USD 31.60 billion in 2024 to USD 60.35 billion by 2032, exhibiting a CAGR of 8.4% during the forecast period of 2024-2032.
List of the Key Players in the Thermoplastic Composites Market:
The major players in the market are
- BASF SE (Germany)
- Celanese Corporation (U.S.)
- SABIC (Saudi Arabia)
- Toray Industry Inc. (Japan)
- Solvay (Belgium)
- LANXESS AG (Germany)
- Arkema (France)
- Avient Corporation (U.S.)
- Mitsubishi Chemical Group (Japan)
Competitors Landscape:
The realm of Thermoplastic Composites Market is rife with cutthroat competition and fragmentation, a result of the considerable presence of both global conglomerates and domestic contenders. Industry insiders situated in diverse geographical regions are formulating and executing effective strategies to exploit unexplored opportunities and extend their business outreach. In this highly aggressive environment, prominent players are aggressively pursuing tactics to enhance their market share through various channels.
Segmentation:
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Rising Use in Transportation Drives Demand for Glass Fiber-Reinforced Polymer (GFRP)
Based on type, the thermoplastic composites market is segmented into Glass Fiber-Reinforced Polymer (GFRP), Carbon Fiber-Reinforced Polymer (CFRP), and others. In 2023, the GFRP segment led the market, primarily due to its growing application in the transportation sector. The transportation industry’s increasing focus on producing lightweight vehicles is boosting the demand for GFRP, as it offers an ideal balance of strength and weight reduction.
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Dominance of Polyamide Resins Due to Their Versatile Applications
Based on resin type, the market is divided into Polypropylene (PP), Polyamide (PA), Polyetheretherketone (PEEK), and others. Polyamide resins are expected to dominate the market due to their extensive use across various industries such as automotive, electronics, consumer goods, and aerospace. Their versatility and favorable properties make them a preferred choice in numerous high-performance applications.
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Growth in Thermoplastic Composites Usage Driven by Rising Demand for Lightweight, Fuel-Efficient Vehicles
In terms of application, the market is categorized into transportation, construction, electrical & electronics, sports & leisure, and others. The transportation segment is leading the market, spurred by growing consumer demand for lightweight, fuel-efficient vehicles. This shift is encouraging manufacturers to increasingly adopt thermoplastic composites to meet performance and sustainability goals.
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.
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