Market Size of Thermoplastic Composites Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 4.68 Million tons |
| Market Volume (2029) | 5.99 Million tons |
| CAGR (2024 - 2029) | 5.06 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thermoplastic Composites Market Analysis
The Thermoplastic Composites Market size is estimated at 4.68 Million tons in 2024, and is expected to reach 5.99 Million tons by 2029, growing at a CAGR of 5.06% during the forecast period (2024-2029).
The COVID-19 pandemic, on a global scale, has forced automakers, wind turbine manufacturers, and aircraft manufacturers to shut down their operations, lowering the demand for composites in 2020. The pandemic impacted almost every aspect of the composites industry, from product demand to workforce development to the acceleration or deceleration of trends that were already underway when it struck. Customers and their own temporary production stop reduced the production levels, and demand reductions have all had a significant impact on production processes.
- In the medium term, the major factors driving the market studied are the increasing demand from the construction industry and increasing investments in aerospace and defense applications.
- On the flip side, the declining automotive industry and the negative impact of the COVID-19 pandemic are likely to restrain the market growth.
- Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.
