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

Report Overview

The global thermoplastic composites market size was estimated at USD 32.21 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. The industry is expected to be driven by the rising demand for thermoplastic composites in various end-use industries, such as aerospace and defense, construction, transportation, and electronics. The manufacturers of thermoplastic composites are also investing in the expansion of product offerings as well as in the innovation of new grades of the material, especially for aerospace applications in a bid to cater to the growing demand from the aerospace & defense industry.

For instance, in 2021, Solvay and Leonardo established a joint research lab for the development of thermoplastic composites for aerospace applications. Thermoplastic composites are also expected to witness growth opportunities owing to the ongoing exponential growth in the construction sector. The composites are used in the construction of residential buildings, infrastructure, and water utilities. The exceptional properties of thermoplastic composites, such as excellent strength & toughness along with the ability of the material to be recycled & remolded make it an ideal choice for the manufacturing of construction products.

The demand for thermoplastic composites in the U.S. is expected to grow due to the development of end-use industries, such as aerospace and defense. The presence of global manufacturers in the aerospace sector, such as The Boeing Company, and also the presence of part fabricators of composites coupled with increasing investment in the defense sector is expected to augment the industry growth during the forecast period.Thermoplastic composites are used in the automotive industry for manufacturing various components, such as under-hood, roof components, appearance grade components, instrumental panels, door modules, and front & end modules.

These composites also aid in the manufacturing of lightweight as well as fuel-efficient vehicles. Thus, car manufacturers are shifting from metals to thermoplastic composites on account of manufacturing fuel-efficient vehicles. In addition, the rising demand for manufacturing lightweight as well as less CO2-emitting vehicles has driven the demand for thermoplastic composites in the automotive industry. Moreover, stringent regulations by various governments, including the European government, regarding the reduction of carbon emissions by cars have compelled manufacturers to use thermoplastic composites, which has led to rising product usage in transportation applications.

Thermoplastic composites are relatively costlier when compared to thermoset composites and can be melted when in contact with heat. Manufacturers are also producing low-quality thermoplastic composites, which can melt as well as degrade when exposed to ultraviolet lights or sunlight for an extended period. Furthermore, most thermoplastic composites when exposed to high-stress levels tend to fracture. These disadvantages of the material are expected to act as a challenge to the growth of the industry.

Resin Insights

The polyamide resin segment accounted for the largest revenue share ofmore than 55.35% in 2021 and is expected to grow at a significant CAGR over the forecast period. Superior mechanical performance, corrosion resistance, chemical inertness, abrasion performance, and thermal properties are the factors increasing the usage of polyamide in thermoplastic composite production. In addition, the material helps in getting high performance at a reasonable cost. The Polypropylene(P segment is expected to registerasignificant CAGR over the forecast period.Polypropylene is considered an economical material and finds application in various commercial and industrial areas, such as the automotive sector, industrial applications, consumer goods, medical sector, and textile.

Polypropylene is not sensitive to moisture, which makes them an ideal choice for the application in which moisture is the issue. This is expected to increase its usage in the production of thermoplastic composites. Furthermore, a few characteristics of polypropylene, such as hard or soft, light or heavy, opaque or transparent, and conductive or insulation, depend upon the process of production of the material. Polyetherimide is a versatile thermoplastic material, which finds application in many industries, such as medical & health care, electronics, automotive, aerospace, pharmaceutical, and household goods. Typical methods, such as injection molding, extrusion, thermoforming, and compression molding could be used for the processing of polyetherimide. Moreover, this material also offers superior properties including minimal smoke output, flame resistant, UV light resistance, hydrolytic stability, creep resistance, and high weather ability.

Fiber Insights

The glass fibers segment dominated the global industry in 2021 and accounted for the maximum share of more than 68.40% of the overall revenue. The glass fiber-based thermoplastic composites find applications in many end-use industries including aerospace & defense, wind turbine blades, sporting goods, and automotive. Furthermore, the glass fiber thermoplastic composites are prepared using manufacturing processes, such as screw-type injection molding and plunger.The glass fibers are available in different forms including random mat fiber, woven mat fiber, and chopped fibers. It is developed by adding different materials, as per the requirement of the application.

The properties of glass fiber include low weight, less stiffness, less fragility, good thermal conductivity, high heat resistance, dimensional stability, chemical resistance, and extreme strength. Furthermore, glass fibers are much cheaper than carbon fiber, which is driving its demand. Carbon fiber-based thermoplastic composites have gained much attention owing to their easy processability as well as the convenience of recycling. They are used in a wide range of end-use industries including wind energy, sporting goods, aerospace, infrastructure, automotive, marine, and building & construction. Furthermore, the material is used as the replacement of metal and aluminum in many applications owing to its low weight and high strength-to-weight ratio.

Product Insights

The Short Fiber Thermoplastic (SFT) segment accounted for the maximum share of more than 81.35% of the overall revenue in 2021 and is projected to expand further at a significant CAGR over the forecast period. The product type is widely used for applications where few factors, such as toughness, high volume production, scrap recycling, and longer shelf life, are desired. Furthermore, SFT finds application in various end-use industries, such as defense, chemical process, electrical & electronics, oilfield, and automotive.The environmental impact of the product could be reduced via both closed- and open-loop recycling processes.

This enables manufacturers in reducing the usage of new resources as well as aid in limiting the consumption of energy and release of CO2 while their production process. Furthermore, injection molding is considered the most cost-effective method for the production of SFT. The long fiber thermoplastic segment is expected to register the fastest CAGR over the forecast period.A wide range of fibers and polymers is available in the market for the preparation of the matrix. This allows changing the properties of the product according to the application requirement. Furthermore, the long fiber thermoplastic is also manufactured via an injection molding process, yet, achieves higher mechanical performance as compared to SFT.

End-use Insights

The transportation segment accounted for the largest share of more than 28.75% of the overall revenue in 2021. The segment is expected to grow further at a steady CAGR over the forecast period. The material finds application in automobiles, 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. 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. The aerospace & defense segment is expected to account for a significant share by 2030 owing to the rising demand for lightweight and durable raw materials in the industry. The material aids in reducing the overall weight of planes, helicopters, and space shuttles, thus allowing them to travel farther on less fuel; thereby, providing a solution for improved fuel and cost efficiency.The material is replacing metals in aircraft parts as it possesses the same strength offered by metals and does not add extra weight to the structures. It is used to manufacture commercial aircraft, jets, military aircraft, and satellites. The manufacturers produce wings, tails, and interior parts of the aircraft using thermoplastic composites.

Regional Insights

North America accounted for the highest revenue share of 29.00% of the global revenue in 2021. The presence of developed economies, such as the U.S. and Canada,supports the North America regional marketgrowth. High research & development activities in more sustainable and recyclable composite materials are expected to drive the region further over the forecast period. The product demand has witnessed a rise in regional end-use industries, such as transportation, aerospace & defense, wind energy, and construction.Furthermore, continuous R&D efforts by regional industry players to explore product application potential in various end-use industries are expected to drive the region’s growth.

In addition, the increased production of commercial aircraft, cargo jets, and defense aircraft in the U.S. is expected to boost product demand. Asia Pacific is estimated to be the fastest-growingregion from 2022 to 2030 owing to the established industries, such as automotive, aerospace & defense, and construction, in countries like China, India, and Japan. Furthermore, in China, Electric Vehicles (EVs) are witnessing growing demand. According to the China Association of Automobile Manufacturing (CAAM), new energy vehicle sale is expected to mark a share of 35% of overall new vehicle sales in the country in 2025. This is expected to increase the product demand in the region.

Key Companies & Market Share Insights

Manufacturers, such as Hexcel Corp. and Solvay, are integrated across the two stages of the value chain, i.e., they are engaged in the production of raw materials including carbon fiber, glass fibers, PEEK, and polyamide as well as captively consume these raw materials for manufacturing thermoplastic composites. Moreover, these aid companies in regulating the quality of raw materials, which ensures premium quality end products. It also helps in mitigating the effects of price volatility and disruption in the supply chain. A lot of companies in this industry provide customized solutions for suitable requirements from end-use industries, such as automotive and aerospace, to gain a competitive edge. Some of the prominent companies operating in the global thermoplastic composites market include:

• 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.

Thermoplastic Composites Market Report Scope

Global Thermoplastic Composites Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global thermoplastic composites market report on the basis of resin, fiber, product, end-use, and region:

• Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

  • Polyamide (PA)

  • Polypropylene (PP)

  • Polyetheretherketone (PEEK)

  • Others

• Fiber Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

  • Glass Fiber

  • Carbon Fiber

  • Others

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

  • Short Fiber Thermoplastic (SFT)

  • Long Fiber Thermoplastic (LFT)

  • Others

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

  • Transportation

  • Aerospace & Defense

  • Electrical & Electronics

  • Consumer Goods

  • Construction

  • Wind Energy

  • Marine

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Spain

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • UAE