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SAN FRANCISCO , Oct. 4, 2022 /PRNewswire/ -- 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 & remoulded, make thermoplastic composites an ideal choice for the manufacturing of construction applications.

Key Industry Insights & Findings from the report:

Read 115 page market research report for more Insights, "Thermoplastic Composites Market Size, Share & Trends Analysis Report By Resin (PA, PP), By Fiber (Carbon, Glass), By Product (SFT, LFT), By End-use (Transportation, Aerospace & Defense), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Thermoplastic Composites Market Growth & Trends

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, which is 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.

Grand View Research has segmented the global thermoplastic composites market on the basis of resin, fiber, product, end-use, and region:

Thermoplastic Composites Market - Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

Thermoplastic Composites Market - Fiber Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

Thermoplastic Composites Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

Thermoplastic Composites Market - End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2030)

Thermoplastic Composites Market - Regional Outlook (Volume, Kilotons; Revenue USD Million, 2021 - 2030)

List of Key Players of Thermoplastic Composites Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's  Advanced Interior Materials Industry Research Reports.

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected]

Web: https://www.grandviewresearch.com

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SOURCE Grand View Research, Inc

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