Thermoplastic Composites Market Size, Share & Industry Analysis, By Fiber Type (Glass Fiber-reinforced Polymer, Carbon Fiber-reinforced Polymer, and Others), By Resin Type (Polypropylene (PP), Polyamide (PA), Polyetheretherketone (PEEK), and Others), By Application (Transportation, Construction, Electrical & Electronics, Sports & Leisure, and Others), and Regional Forecast, 2024-2032

The global thermoplastic composites market size was valued at USD 31.6 billion in 2024. The market is projected to grow from USD 34.0 billion in 2025 to USD 60.4 billion by 2032, exhibiting a CAGR of 8.4% during the forecast period of 2024-2032. Asia Pacific dominated the Thermoplastic Composites Market with a market share of 40.22% in 2023.

Thermoplastic composites fall under the broader composites category but are set apart by their thermoplastic matrix. In contrast to thermoset composites, these composites can be reshaped and remolded when heat is applied without going through any chemical changes. This characteristic makes the product highly recyclable and suitable for multiple applications. They are frequently used in the automotive, aerospace, and sporting goods industries, among others, due to their excellent strength-to-weight ratio, durability, and adaptability in design and manufacturing processes.

The impact of the COVID-19 pandemic on various industries, including those dependent on thermoplastic resin, was significant. The effects were observed across different areas, such as disruptions in the supply chain and changes in product demand. The demand for products underwent fluctuations as a result of the outbreak. In one respect, industries, such as aerospace experienced a notable decrease in their growth due to global travel restrictions, which reduced the need for new aircraft. This, in turn, reduced the demand for materials used in their manufacturing. Conversely, there was an uptick in the demand for thermoplastic composites within the medical sector as they were utilized in the fabrication of medical equipment and supplies, such as ventilators and Personal Protective Equipment (PPE).

Global Thermoplastic Composites Market Key Takeaways

Market Size & Forecast:

• 2024 Market Size: USD 31.6 billion
• 2025 Market Size: USD 34.0 billion
• 2032 Forecast Market Size: USD 60.4 billion
• CAGR: 8.4% from 2024–2032

Market Share:

• Asia Pacific dominated the thermoplastic composites market with a 40.22% share in 2023, driven by robust growth in the automotive industry, particularly in China, where lightweight materials are increasingly adopted to meet stringent emission regulations.
• By fiber type, Glass Fiber-reinforced Polymer (GFRP) is expected to retain the largest market share in 2025, supported by its high usage in transportation applications such as body panels, bumpers, and structural automotive components.

Key Country Highlights:

• China: A booming automotive sector and regulatory push for emission reduction are driving the demand for lightweight thermoplastic composites across transportation and construction.
• United States: Aerospace and automotive industries are rapidly integrating thermoplastic composites due to performance advantages and sustainability goals.
• Germany: As a leading automotive component producer, Germany is seeing high demand for polyamide-based thermoplastic composites in innovative and efficient vehicle manufacturing.
• India: Rising vehicle production and infrastructure development are contributing to increased use of thermoplastic composites in automotive and construction sectors.
• Brazil & UAE: Growing adoption in the automotive and construction industries is supporting market growth in Latin America and the Middle East & Africa.

Thermoplastic Composites Market Trends

Growing Product Demand for Electric Vehicle Application to Boost Market Growth

The market is expected to experience significant growth in the future, driven by the increasing demand for Electric Vehicles (EVs). Due to their lightweight nature, high strength, and ability to be easily molded into complex shapes, thermoplastic resin products are widely utilized in EVs. The thermoplastic composites industry is also expected to grow due to increasing consumer demand, advancements in technology, and supportive policies, primarily driven by the expanding electric vehicle market. These lightweight and adaptable materials are being more widely incorporated into EV production as automakers seek to take advantage of this trend.

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Thermoplastic Composites Market Growth Factors

Increasing Demand from Automotive Industry to Drive Market Growth

The market is experiencing rapid growth, largely driven by the automotive sector. Automakers are embracing thermoplastic resin as a means to reduce vehicle weight, enhance fuel efficiency, and meet strict emissions regulations, such as CAFE standards. Even a modest 10% reduction in vehicle weight can result in a 5-7% fuel saving. The use of thermoplastic composites in automotive applications is driven by their high-volume processability, recyclability, exceptional damage tolerance, and ability to fabricate complex shapes. Notably, specific automotive components utilizing these composites comprise instrument panels, front-end modules, door modules, roof components, appearance-grade parts, and under-hood components. In a nutshell, it is the automotive industry's pursuit of lightweight, durable, and recyclable materials to boost fuel efficiency and cut emissions that are fueling the swift expansion of the market. Automakers are progressively integrating these advanced materials across a broad spectrum of vehicle components, thereby positively impacting the market’s growth.

RESTRAINING FACTORS

High Raw Material Prices to Restrain Market Growth

The high cost of raw materials can significantly limit the thermoplastic composites market growth. These composites are mainly composed of thermoplastic resins, which are much more expensive than thermoset resins. These high raw material costs make up a considerable portion of the overall production expenses, resulting in higher prices of the finished products and reducing their commercial viability for various applications. Apart from expensive raw materials, specialized equipment and techniques are essential for the processing and manufacturing of thermoplastic composites, and these are quite costly. This further increases the final product costs, presenting a challenge for Original Equipment Manufacturers (OEMs) within the supply chain.

Thermoplastic Composites Market Segmentation Analysis

By Fiber Type Analysis

Glass Fiber-reinforced Polymer Dominated Market Owing to Increasing Use in Transportation Application

Based on fiber type, the market is classified into Glass Fiber-reinforced Polymer (GFRP), Carbon Fiber-reinforced Polymer (CFRP), and others.

The Glass Fiber-reinforced Polymer (GFRP) segment captured the largest share of the global market in 2023 and is expected to experience substantial growth due to its increased usage in transportation applications. This product is widely utilized in the automotive industry for making parts, such as body panels, bumpers, and structural components due to its lightweight and high-strength characteristics. This aids manufacturers in reducing the vehicle weight, enhancing fuel efficiency, and meeting strict emission regulations. The segment held 70% of the market share in 2024.

The Carbon Fiber-reinforced Polymer (CFRP) segment is projected to experience significant growth in the coming years. CFRP is a composite material recognized for its exceptional strength-to-weight ratio and is employed in various applications across industries, such as aerospace, sports equipment, and more.

By Resin Type Analysis

Polyamide Resin Segment to Dominate Market Owing to Its Excellent Properties

Based on resin type, the market is classified into Polypropylene (PP), Polyamide (PA), Polyetheretherketone (PEEK), and others.

The polyamide resins segment is projected to dominate the thermoplastic composites market share due to their outstanding characteristics, such as high mechanical strength, rigidity, heat stability, chemical resistance, and durability. These features make polyamide-based thermoplastic resins well-suited for a variety of applications in automotive, aerospace, electronics, and consumer goods industries. Nylon, also referred to as polyamides, can be strengthened with glass or carbon fibers to further enhance its mechanical properties, making it ideal for high-performance applications. The flexibility and compatibility of polyamide resins with various manufacturing processes, including injection molding and extrusion, also contribute to their widespread use in the market. This segment is set to gain 52% of the market share in 2025.

The Polypropylene (PP) segment will also experience notable growth during the forecast period. Polypropylene acts as a matrix that can be combined with glass fibers, carbon fibers, or other materials to enhance the strength, durability, and other physical properties of the composite material. This combination makes the resulting composite suitable for a wide range of uses, including in the construction, transportation, and electronics industries, among others. This segment is expected to document a considerable CAGR of 8.30% during the forecast period (2024-2032).

By Application Analysis

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Transportation Segment Dominates Market Due to Increased Product Adoption with Superior Properties

In terms of application, the market is segmented into transportation, construction, electrical & electronics, sports & leisure, and others.

The transportation segment dominates the market. The use of thermoplastic composites in this sector has become prominent, primarily due to the increasing demand for lightweight and fuel-efficient vehicles. Thermoplastic resins are most widely utilized in the automotive industry, constituting a substantial portion of the total market. Car manufacturers are progressively integrating these materials to lessen the vehicle weight and enhance fuel efficiency, aiming to comply with rigorous emission standards. This segment is anticipated to capture 38% of the market share in 2025.

The construction sector segment will also experience favorable growth over the forecast period. The product is gaining popularity in construction due to its lightweight properties, making handling and installation easier. This characteristic is especially advantageous in applications, such as building facades, roofing, and structural components, where reducing weight can improve the overall building efficiency. This segment is expected to display a significant CAGR of 8.70% during the forecast period (2024-2032).

REGIONAL INSIGHTS

By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific market value stood at USD 11.8 billion in 2023 and USD 12.8 billion in 2024. Asia Pacific dominates the market and will register a higher CAGR over the forecast period. The region, led by China, is the largest and fastest-growing market for thermoplastic composites due to strong demand from the domestic automotive industry. The Chinese market is poised to be worth USD 1.1 billion in 2025. The region's automotive sector is rapidly adopting these composites to enhance fuel efficiency and reduce the vehicle weight, which is crucial for meeting stringent emission regulations. India is expected to gain USD 1.9 billion in 2025, while Japan is set to be valued at USD 1.5 billion in the same year.

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North America is the second leading region expected to reach USD 9.0 billion in 2025, documenting a significant CAGR of 7.90% during the forecast period (2024-2032). The product use in North America is expanding significantly, driven by various industries that leverage its unique properties. The North American market for thermoplastic composites is experiencing robust growth, driven by applications in aerospace, automotive, and other industries. The region's emphasis on lightweight materials for improved performance and sustainability is expected to continue fueling the product’s demand in the coming years. The U.S. market is anticipated to hold USD 7.1 billion in 2025.

Europe is the third largest market expected to be valued at USD 8.3 billion in 2025. Significant growth is expected in the global market from Europe during the forecast period. Germany is one of the main countries contributing to the global production of automotive components. Italy is set to grow with a valuation of USD 1.6 billion in 2025. The country's rapid growth in the automotive industry, which is attributed to production excellence, innovations in mobility, and an increase in consumers' spending capacity, will positively influence the regional market. Germany is poised to gain USD 2.1 billion in 2025, while France is likely to hold USD 1.1 billion in the same year.

The Middle East & Africa is the fourth largest market likely to reach USD 1.7 billion in 2025. The forecast period is projected to witness a positive pace of growth in Latin America and the Middle East & Africa. The market’s growth in these regions has been positively impacted by the growing adoption of thermoplastic composites in the automotive and construction industries. The UAE market is set to stand at USD 0.65 billion in 2025.

KEY INDUSTRY PLAYERS

Key Players Adopted Popular Expansion Strategies to Maintain Market Dominance

In terms of the competitive landscape, the market represents the presence of emerging and established companies. BASF SE, Celanese Corporation, SABIC, Toray Industry Inc., and Solvay are the key players in this market. These organizations possess substantial production capabilities and are manufacturing for industry-specific applications. They are also expanding their manufacturing capacity and sales & distribution network across the globe by adopting popular business expansion strategies, such as partnerships, mergers, and acquisitions.

LIST OF TOP THERMOPLASTIC COMPOSITES COMPANIES:

• 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)

KEY INDUSTRY DEVELOPMENTS:

• April 2023: Solvay and GKN Aerospace announced that they were extending their partnership agreement. As part of the agreement extension, both companies will collaborate on developing a comprehensive roadmap for Thermoplastic Composites (TPC) to explore new materials and manufacturing methods for aircraft structures.
• February 2021: Solvay and Leonardo established a joint research facility with the goal of promoting state-of-the-art composite materials and manufacturing techniques essential for the future of aviation.

REPORT COVERAGE

The report provides a detailed analysis of the market. It focuses on key aspects, such as leading companies, types, compositions used to produce these products, and product applications. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, it encompasses several factors contributing to the market's growth.

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Report Scope & Segmentation