The global thermoplastic composite market will meet the rapid growth, China's annual growth rate of 9.2%

On January 12, 2024, the website of Research And Markets released the Thermoplastic Composites - Global Strategic Business Report, according to which, The global thermoplastic composites market is expected to be $26.3 billion in 2022, and by 2030, the market size in this field is expected to reach $46 billion, growing at a CAGR of 7.2% during the 2022-2030 analysis period. CFRT

In the key drivers of the market, as the focus of the automotive industry is increasingly shifting to fuel-efficient vehicles, the demand for lightweight thermoplastic composites is increasing, while the increase in electric vehicle applications and production is conducive to the demand for thermoplastic elastomers in electric vehicles, and given the encouraging outlook for automotive production, the growth prospects for thermoplastic composites for the automotive industry are good. In the aerospace sector, the increasing focus on lightweight and fuel cost reduction is also conducive to the market growth of thermoplastic composites, with some aircraft interior manufacturers increasingly relying on composites, and thermoplastic composites have potential opportunities in the eVTOL and UAM markets.

By reinforced fiber type, short-fiber thermoplastics will be one of the largest market segments, with an expected CAGR of 6.9%, and the short-fiber thermoplastics market will reach $25.7 billion by the end of 2030. The long fiber thermoplastics market is expected to grow at a compound annual growth rate of 8% between 2022 and 2030.

By global region, the US thermoplastic composites market is expected to be $7.2 billion in 2022. China, the world's second largest economy, is expected to have a market size of $7.6 billion by 2030, with a CAGR of 9.2% over the analysis period from 2022 to 2030. Other markets to watch include Japan and Canada, which are expected to grow by 5.3% and 6.3%, respectively, over the 2022-2030 period. In Europe, Germany's compound annual growth rate is expected to be about 7 per cent. Led by countries such as Australia, India and South Korea, the market in the Asia-Pacific region is expected to reach $6.7 billion by 2030.

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