This paper describes the role of surface energy effects, externally applied pressure, resin dow and fiber bed elasticity on the consolidation of thermoplastic-matrix composites manufactured by the powder impregnation route. Surface energy effects in the spreading of polymer droplets on fiber surfaces are discussed; then a model for the consolidation process is developed, relating the variables mentioned above. Consolidation experiments on powder-impregnated composites of the FIT type (Fibres Impregnees de Thermoplastique) were carried out using a mold attached to a servo-hydraulic testing machine. The model accurately predicts variations in void content during consolidation of carbon fiber/PEEK (CF/PEEK) and carbon fiber/PEI (CF/PEI) laminates. It was found that, at the pressures needed to achieve rapid consolidation, surface energy has a negligible influence on impregnation rate, but its effects on the void topology can be considerable. It was also shown that, when laminates of low void content are required, a minimum pressure is needed to overcome the effect of fiber bed elasticity.