PUBLISHER: Grand View Research | PRODUCT CODE: 1133334
PUBLISHER: Grand View Research | PRODUCT CODE: 1133334
The global thermoplastic composites market size is expected to reach USD 62.62 billion by 2030, registering a CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the rising product demand in the aerospace and automotive industries as well as exponential growth in the construction industry.Thermoplastic composites are used in the construction of residential buildings, infrastructure, and water utilities. Properties, such as excellent strength, toughness, and ability to be recycled & remolded, make thermoplastic composites an ideal choice for the manufacturing of construction applications.
Moreover, the material is used for the production of storage tanks, lightweight structures, window frames, utility poles, railings, pipes, panels, and doors. The automotive industry is one of the key application segments. Manufacturers are focusing on increasing fuel efficiency, for which they are replacing metals and steel with lightweight thermoplastic composites. For instance, carbon fiber weighs one-fifth of steel, hence, it aids in reducing the overall weight of the vehicle. According to the European Commission, the carbon emission cap target for cars is to reach 95 grams per kilometer from 130 grams per kilometer by 2024, whichis expected to increase the demand for thermoplastic composites in car manufacturing.
Furthermore, the product is also used to manufacture fuel-efficient vehicles by substituting wood, steel, and aluminum.The mixing of thermoplastic composites results in the formation of hybrid materials with superior structural properties. This material is used in the manufacturing of components for the aerospace industry. In addition, different properties of thermoplastic composites including superior strength, surface texture, weather-resistant finish, and insubstantial weight are expected to boost their demand in the aerospace industry. Manufacturers opt for resin type based on cost and environmental considerations. The industry is witnessing the development of low-cost manufacturing technologies for the production of thermoplastic composites.
Companies are investing heavily in R&D as well as supporting the research work conducted for technological development. For instance, Toray Group is offering various technologies for Hi-Rate Composite Aircraft Manufacturing (HiCAM) project. North America is expected to grow at a steady CAGR over the forecast period. Stringent regulations in North American countries, such as EPA emission restrictions and vehicle emission reduction programs, are expected to boost the demand for thermoplastic composites in the region. High disposable income and the presence of suitable infrastructure, supportive government initiatives, and major automobile manufacturers, such as Chrysler, Tesla, Ford, and Cadillac, are expected to augment the region's growth over the forecast period.