The penetration of thermoplastic composites is increasing due to the growing demand for materials which offers properties, such as light-weight, high strength, and longer shelf life. The thermoplastic composites market size is estimated to grow from USD 28.0 billion in 2019 to USD 36.0 billion by 2024, at a CAGR of 5.2% between 2019 and 2024. The increasing use of thermoplastic composites in aerospace & defense, consumer goods & electronics, and transportation application is bolstering the market.
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The thermoplastic composites market, by application, is segmented into transportation, aerospace & defense, consumer goods & electronics, construction, sports & leisure, wind energy, and others including medical, oil & gas, and marine. The market in the aerospace & defense application is projected to register the highest CAGR, in terms of value and volume, during the forecast period. Transportation is the largest application segment of the thermoplastic composites market, followed by consumer goods & electronics.
The thermoplastic composites market, by resin type, is segmented into polypropylene (PP), polyamide (PA), polyetheretherketone (PEEK), hybrid, and others. Polyamide is the most commonly used resin and captures the largest share in the thermoplastic composites market. The PEEK resin is projected to grow at the fastest rate owing to the increasing demand for lightweight and high strength components from the aerospace & defense and automotive industries.
The Thermoplastic Composites Market, by product type, is segmented into short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), continuous fiber thermoplastic (CFT), and glass mat thermoplastic (GMT). SFT holds the majority share in the thermoplastic composites market, whereas LFT is the fastest-growing segment owing to high demand for high strength thermoplastic composites for transportation application.
The thermoplastic composites market, by fiber, is segmented into glass, carbon, mineral, and others including basalt, aramid, and natural fibers. Glass is the most widely used type of fiber in the thermoplastic composites market and has a wide range of application in the electrical & electronics, automotive, consumer goods, and sports & leisure industries. Carbon fiber-reinforced thermoplastic composites are going to witness the highest CAGR due to high demand from the automotive and aerospace & defense industries.
By region, the thermoplastic composites market is segmented into five regions, namely, North America, APAC, Europe, MEA, and Latin America. APAC is the major consumer of thermoplastic composites and is expected to record the highest growth rate, in terms of value and volume, during the forecast period. The growth of end-use industries such as automotive, electrical & electronics, and consumer goods in the key countries of APAC such as China, India, and Japan is expected to drive the demand for thermoplastic composites in the next five years.