The Thermoplastic Composite Global Market Report 2023 by The Business Research Company, provides thermoplastic composite market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Thermoplastic Composite Global Market Report 2023, the market size is expected to grow from $18.01 billion in 2022 to $19.22 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the thermoplastic composite market is expected to grow to $24.29 billion in 2027 at a CAGR of 6.0%.
The growth in demand for electric vehicles is expected to boost the demand for thermoplastic composites during the forecast period. The demand for electric vehicles is expected to increase in the next few years as they are environment-friendly and contribute towards fewer carbon emissions in the transportation industry. Thermoplastic composites provide excellent strength and play a significant role in the reduction of the overall weight of vehicles, which makes them useful in the production of vehicle components.
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The thermoplastic composite market is segmented:
1) By Product Type: Short Fiber Thermoplastics, Glass Mat Thermoplastics, Long Fiber Thermoplastics, Continuous Fiber Thermoplastics
2) By Fiber Type: Glass Fiber, Carbon Fiber, Other Fiber Types
3) By Resin Type: Polypropylene (PP), Polyamide (PA), Polyetheretherketone (PEEK), Other Resin Types
4) By End-Use Industry: Transportation, Consumer goods & electronics, Wind Energy, Sports & Leisure, Construction, Aersopace & Defense, Other End Users
The development of low-cost production technology is the new trend in the thermoplastic composites market. The companies operating in thermoplastic composites are increasingly investing in R&D for the development of new products with advanced technologies to meet the technical demands of specific end customers across the globe. For instance, in February 2022, SABIC, a global leader in the chemical industry, announced a partnership with Dongfeng Motors, a China-based truck manufacturer, for the development of a novel plastic composite hybrid solution to produce a strong, lightweight truck-mounted toolbox. Furthermore, in April 2019, Saudi Arabia-based firm SABIC announced the development of the most advanced and versatile thermoplastic materials to meet the modern-day demand of the aerospace industry.
The thermoplastic composite market report table of contents includes:
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