Thermoplastic Composites Market: Trends and Segmentation Analysis (2025-2034)

Overview

The thermoplastic composites market is witnessing significant growth, driven by the increasing demand across various industries such as automotive, aerospace, electrical and electronics, and construction. Thermoplastic composites offer a combination of high-performance properties, including lightweight, high strength, and resistance to chemicals, which makes them an ideal choice for applications where durability and performance are critical. The global thermoplastic composites market size was approximately USD 18.85 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 5.7% between 2025 and 2034. This will result in the market reaching a value of around USD 31.34 billion by 2034. The rapid expansion of industries such as automotive and aerospace, coupled with advancements in material science, is contributing significantly to the market's growth trajectory.

Market Size and Growth

The thermoplastic composites market is set for robust growth in the coming years. In 2024, the market size was valued at approximately USD 18.85 billion. This growing market is expected to expand at a CAGR of 5.7% from 2025 to 2034, leading to a projected market value of approximately USD 31.34 billion by 2034. Factors such as technological advancements, increasing demand for lightweight materials in industries, and growing awareness about the benefits of thermoplastic composites are driving this market expansion. The continuous demand for high-performance materials, especially in the automotive and aerospace sectors, is a key contributor to the positive growth of the market.

The automotive sector, in particular, has emerged as one of the primary drivers of the thermoplastic composites market. The growing need for fuel-efficient and lightweight vehicles has led to the adoption of thermoplastic composites in automotive manufacturing. Additionally, the aerospace sector is also utilizing these materials to reduce weight and improve the efficiency of aircraft. As industries continue to focus on innovation and sustainability, the demand for thermoplastic composites is expected to increase further, contributing to the market's growth in the forecast period.

Market Trends

The thermoplastic composites market is experiencing several key trends that are shaping its future. One of the most notable trends is the shift towards the use of advanced thermoplastic composites (ATC) and glass mat thermoplastics (GMT), which offer superior properties such as high strength-to-weight ratio, impact resistance, and better moldability. Additionally, the integration of carbon fibers into thermoplastic composites is becoming more popular due to the need for high-performance materials in industries like automotive and aerospace.

Another important trend in the market is the increasing adoption of sustainable materials and eco-friendly manufacturing processes. Thermoplastic composites are being developed with an emphasis on recyclability, reducing the environmental footprint of manufacturing operations. The development of recyclable thermoplastic composites is expected to gain traction as industries move towards more sustainable production methods.

Furthermore, the rising demand for lightweight, durable, and high-performance materials is influencing the growth of the thermoplastic composites market. With continuous advancements in resin and fiber technologies, manufacturers are able to produce more cost-effective and efficient composites, which is driving their adoption in various applications, including automotive, aerospace, electrical and electronics, and medical industries.

Industry Segmentation

Breakup by Resin Type

Thermoplastic composites are made from various resin types that influence their performance characteristics. The key resin types used in the thermoplastic composites market are:

Polypropylene (PP): Polypropylene is widely used in thermoplastic composites due to its cost-effectiveness, chemical resistance, and low density. It is often used in automotive applications and consumer goods.
Polyamide (PA): Polyamide-based thermoplastic composites are known for their high strength, durability, and heat resistance, making them suitable for automotive, aerospace, and industrial applications.
Polyether Ether Ketone (PEEK): PEEK-based composites offer exceptional thermal stability, chemical resistance, and strength, which are crucial for aerospace, automotive, and industrial applications where high performance is required.
Others: Other resins used in thermoplastic composites include polyphenylene sulfide (PPS) and polybutylene terephthalate (PBT), which are used in specific applications requiring high strength and thermal stability.

Breakup by Fibre Type

Thermoplastic composites also vary based on the fiber type used. The two primary fiber types are:

Glass Fibre: Glass fiber-reinforced thermoplastic composites are widely used due to their affordability, availability, and good mechanical properties. They are commonly used in automotive, construction, and electrical applications.
Carbon Fibre: Carbon fiber-reinforced thermoplastic composites offer high strength, low weight, and superior mechanical properties, making them ideal for high-performance applications in the aerospace, automotive, and sports industries.
Others: Other fiber types, such as natural fibers, are also being explored for use in thermoplastic composites, although they are not as prevalent as glass and carbon fibers.

Breakup by Product

Thermoplastic composites are categorized into the following products:

Glass Mat Thermoplastics (GMT): GMTs are lightweight, impact-resistant, and offer excellent moldability. They are commonly used in automotive applications for interior and exterior parts.
Advanced Thermoplastic Composites (ATC): ATCs are used in high-performance applications due to their superior mechanical properties, heat resistance, and low weight. They are used in aerospace, automotive, and industrial applications.

Breakup by End Use

The end-use applications for thermoplastic composites are diverse and continue to grow across multiple industries:

Automotive: The automotive industry is a significant consumer of thermoplastic composites due to the increasing demand for lightweight and fuel-efficient vehicles.
Aerospace and Defence: Thermoplastic composites are used in the aerospace sector to reduce weight and improve the performance of aircraft, as well as in defense applications for their strength and durability.
Electrical and Electronics: In the electrical and electronics industries, thermoplastic composites are used for their insulating properties and lightweight nature.
Construction: Thermoplastic composites are gaining traction in the construction industry for applications such as pipes, roofing materials, and insulation.
Medical: The medical sector is increasingly adopting thermoplastic composites for medical devices and implants due to their biocompatibility and strength.
Others: Other end-use industries for thermoplastic composites include sports, consumer goods, and industrial applications.

Breakup by Region

The thermoplastic composites market is also segmented by region, with the following key regions driving growth:

North America: The United States and Canada are major markets for thermoplastic composites, driven by the automotive, aerospace, and defense sectors.
Europe: The United Kingdom, Germany, France, and Italy are leading consumers of thermoplastic composites in Europe, especially in the automotive and aerospace industries.
Asia Pacific: China, Japan, India, ASEAN countries, and Australia are key markets in the Asia Pacific region, with significant demand from the automotive and electrical sectors.
Latin America: Brazil, Argentina, and Mexico are emerging markets for thermoplastic composites in Latin America, particularly in automotive and construction applications.
Middle East and Africa: The Middle East and Africa, including Saudi Arabia, the UAE, Nigeria, and South Africa, are increasingly adopting thermoplastic composites for construction, automotive, and aerospace applications.

Major Competitors

The thermoplastic composites market is highly competitive, with several major players driving innovation and market expansion. Some of the key competitors include:

Arkema S.A.: A leading player in the thermoplastic composites market, Arkema focuses on high-performance polymers and resins.
Solvay S.A.: Solvay is known for its advanced thermoplastic composite solutions, particularly in the aerospace and automotive sectors.
SGL Carbon SE: Specializing in carbon fiber products, SGL Carbon is a key player in the thermoplastic composites market, focusing on high-performance materials.
Mitsubishi Chemical Group Corp.: Mitsubishi Chemical offers a wide range of thermoplastic composites for automotive, aerospace, and industrial applications.
Teijin Ltd.: Teijin is a leader in carbon fiber-reinforced thermoplastic composites, focusing on lightweight and high-strength solutions.
Avient Corporation: Avient is a key player in the thermoplastic composites market, providing innovative solutions for various industries.
Celanese Corporation: Celanese manufactures advanced thermoplastic composites for applications in automotive, electronics, and industrial sectors.
Toray Industries Inc.: Toray is a major producer of carbon fiber-reinforced thermoplastic composites, focusing on automotive and aerospace applications.
Lanxess AG: Lanxess provides high-performance thermoplastic composite solutions, particularly for the automotive and electronics industries.
Avanco GmbH: Avanco is a key player in the thermoplastic composites market, focusing on the development of advanced composite materials.

These companies are continuously innovating to meet the growing demand for lightweight, high-performance materials in various industries, contributing to the overall growth and development of the thermoplastic composites market.