Global Thermoplastic Composite market growth 2024, Forecast To 2033

The thermoplastic composite market has shown strong growth, increasing from $19.33 billion in 2023 to $20.7 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%. This growth in the historical period is attributed to the weight reduction in automotive, the growth of the aerospace industry, sustainability and recycling efforts, cost-effective manufacturing, and design flexibility. Moving forward, the market is expected to experience strong growth, reaching $27.32 billion in 2028 at a CAGR of 7.2%. Anticipated drivers include investments in renewable energy infrastructure, the adoption of smart manufacturing technologies, the expansion of e-mobility, urbanization, and infrastructure development, along with innovations in the aerospace sector. Major trends in the forecast period include increased adoption in the automotive sector, the development of hybrid composite structures, the utilization of 3D printing with thermoplastic composites, advanced manufacturing processes such as automated fiber placement (AFP), and the creation of customized material formulations.