Report on how AI is driving market transformation- The global thermoplastic composites market size is estimated to grow by USD 8.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.23% during the forecast period. Advancements in materials science and manufacturing technologies is driving market growth, with a trend towards developments in thermoplastic composites industry. However, concerns associated with fiber-reinforced thermoplastic composites poses a challenge. Key market players include Arkema Group., Avient Corp., BASF SE, Celanese Corp., Covestro AG, Daicel Corp., DuPont de Nemours Inc., Greene Tweed and Co., Hanwha Corp., Kingfa SCI. And TECH. Co. Ltd., Koninklijke DSM NV, Lanxess AG, Mitsubishi Chemical Group Corp., RTP Co., Saudi Basic Industries Corp., SGL Carbon SE, Solvay SA, Suprem SA, Toray Industries Inc., and Victrex Plc.
Thermoplastic composites are finding extensive applications in various industries, including automotive, aerospace, and consumer goods. Apart from the automotive and electrical and electronics sectors, thermoplastic composites are increasingly used in consumer products such as toys, furniture, high-heat components, and gears for mechanism transmissions. To cater to the growing demand, vendors are expanding their manufacturing capabilities. For instance, Solvay has partnered with OEM 9T Labs AG to bring additively manufactured carbon fiber-reinforced plastic (CFRP) parts to mass production. Solvay will focus on developing carbon fiber-reinforced polyetheretherketone (CF/PEEK), CF-reinforced bio-based high-performance polyamides, and CF-reinforced polyphenylene sulfide (CF/PPS) composite materials. This collaboration will expand 9T Labs’ portfolio of carbon fiber-reinforced materials. Furthermore, Solvay has also announced the completion of its new thermoplastic composites (TPC) manufacturing facility in South Carolina, US, which will add more than 30 positions at the 27,000-square-foot facility at full production capacity. Similarly, Toray has expanded its thermoplastic composite material capabilities for high-performance applications by introducing a next-generation high-heat laminate press at their Nijverdal (The Netherlands) facility. These expansions by key players in the market demonstrate their commitment to meeting the increasing demand for thermoplastic composites and will drive market growth during the forecast period.
The Thermoplastic Composites market is experiencing significant growth in various industries, including Marine, Infrastructure, Building and Construction. These composites offer superior mechanical properties, environmental resistance, and insulation, making them ideal for these applications. Trends in the market include the use of Functional additives, Lightweight vehicles, and Recyclable materials. Thermoset composites are being replaced by Thermoplastic composites due to their Heat weldability and Thermoformability. Fiber composites, made from Reinforcing fibers like Carbon fiber, Glass fiber, and Aramid fibers, and Resins like Polyamide resin and Polypropylene, are in high demand. The Rail sector is also adopting these composites for their durability and cost-effectiveness. Density and CO2 emissions are key considerations in the Commercial industries, leading to increased demand for lightweight and fuel-efficient solutions. Electric vehicles, Hybrid vehicles, and Electric cars are also driving the market, as Thermoplastics and Polymers offer reduced weight and improved performance. CAFÉ emission standards further boost demand for these composites. Overall, the market for Composite materials is expected to grow, with continued innovation in raw materials and manufacturing processes.
Market Challenges
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- The production of high-quality thermoplastic composites involves the careful dispersion of reinforcement fibers, such as flax, jute, hemp, sisal, and wood chips or particles, into thermoplastic resins like PP and PE. This process requires a significant investment in time and skilled labor. Uniform fiber dispersion is crucial to prevent agglomeration, which affects the final product’s quality. However, challenges persist, including high manufacturing costs, limited plastic behavior, and low transverse shear strength. These factors may hinder the growth of the global thermoplastic composites market during the forecast period.
- The Thermoplastic Composites market is experiencing significant growth in various industries, including Construction, Sports, Consumer Products, and Automotive. OEMs in these sectors are turning to thermoplastic composites for their lightweight, high-performance properties. In Construction, thermoplastic composites offer design freedom and moisture insensitivity for interiors and exteriors. In Sports, they are used for making lightweight, durable, and cost-effective components for vehicle panels, windmill blades, and sports goods. However, challenges remain. Maintenance costs and carbon emissions limits are driving the need for fuel-efficient vehicles, making thermoplastic composites an attractive alternative to aluminum, wood, and steel. In the Automotive industry, carbon dioxide emissions and fuel economy are key concerns. Thermoplastic composites offer improved mechanical performance, corrosion resistance, and thermal properties. The Glass Fibers category, including chopped fibers, woven mat fiber, and random mat fiber, are popular choices for their chemical resistance, processability, and recyclability. In the Aerospace & Military sector, thermoplastic composites offer heat resistance, stiffness, and stability for aircraft structures. Wind energy applications benefit from their thermal insulation and lightweight properties. Despite these advantages, challenges such as fragility and stability must be addressed to fully realize the potential of thermoplastic composites. Polyamide, a common thermoplastic material, offers excellent mechanical performance, chemical resistance, and moisture insensitivity. Injection molding procedures are commonly used for manufacturing thermoplastic composites, making them a cost-effective solution for mass production. Overall, the Thermoplastic Composites market is poised for growth, offering a sustainable and cost-effective alternative to traditional materials in various industries.
Source: Thermoplastics LLC
