PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1558959
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1558959
The Thermo Compression Forming Market size is projected to reach USD 13.37 billion by 2029 at a CAGR of 4.0% from USD 11.00 billion in 2024. North America is estimated to account for the largest share in terms of value of the thermo compression forming market in 2024.
Scope of the Report | |
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Years Considered for the Study | 2021-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million / Billion) |
Segments | By Foam Type, By End-use Industry, and By Region |
Regions covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Thermo compression forming techniques offers lightweight and durable components for various industrial applications due to their unique properties such as durability, flexibility, and excellent thermal resistance. Thermo compression forming techniques are advantageous to the automotive industry because these techniques are used to make lightweight parts like bumpers and body panels that improve performance and fuel efficiency. Industrialization and urbanization drive demand across sectors like automotive, aerospace, construction, and medical, the market for thermo compression forming expands correspondingly. Additionally, ongoing infrastructural development projects, particularly in regions like North America, drive demand for thermo compression forming market in construction applications.
"The US, by country is forecasted to be the fastest growing thermo compression forming market during the forecast period."
Because of the advanced manufacturing sector and expanding demand for high-performance composite materials across multiple industries, the US is quickly emerging as the thermo compression forming market with the highest growth rate. Thermo compression forming is an affordable way to produce intricate parts with high precision, meeting the demands of the US automotive, aerospace, and electronics industries for lighter, stronger, and more efficient components. The US possesses a strong research and development infrastructure that propels advancements in thermo compression technology and materials. The need for thermo compression forming, which can use resources efficiently and reduce waste, is further driven by the increased emphasis on sustainability and lowering manufacturing costs. This confluence of market demand, technology development, and supportive policies positions the US as a leader in this manufacturing segment.
"Europe is likely to account for the second largest share of thermo compression forming market in terms of value."
A combination of factors driving demand in the region is making Europe the second largest expanding market for thermo compression forming. The thermo compression forming processes are being used more often by the automotive and aerospace industries, two important sectors in Europe, to produce lightweight, high-strength composite parts that improve performance and fuel efficiency. Since thermo compression forming complies with the requirements for lower emissions and material waste, this trend is further fueled by Europe's strict environmental legislation and the drive towards sustainable manufacturing processes. The region's potential for expansion is further enhanced by its well-established infrastructure and technological advancements in composite materials. As European manufacturers seek to leverage these benefits for competitive advantage, the adoption of thermo compression forming technologies is accelerating, positioning Europe as a significant player in this expanding market.
The key companies profiled in this report are FLEXTECH (US), Janco, Inc. (US), Formed Solutions (US), Core Molding Technologies (US), UFP Technologies Inc., and Ray Products Company Inc.
The thermo compression forming market has been segmented based on foam type (Thermoplastic Foam, Needle-Punch Nonwovens, and Light Weight Glass Mat Thermoplastic), End-use Industry (Automotive, Construction, Aerospace, Medical, Electrical & Electronics, and Other End-use Industries) and by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America).