CFRTP Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1725
CFRTP Market size is expected to soar at high CAGR during the forecast period. Carbon fibre reinforced thermoplastic composite has wide range of applications in various industries including automotive, aerospace and consumer durables owing to its excellent properties such as strong impact strength, smoke & toxicity and lower weight. Further, extended product life and low maintenance properties will drive the CFRTP market.
Prominent drivers of CFRTP market is increasing demand of the product in automotive industry. Growing need for lightweight material in various industries including construction, marine and turbine industry will reinforce the product usage in forecast timeframe.
Soaring demand of CFRTP as a substitute for aluminium and steel will fuel its growth. Besides, aviation industry is also concentrating on reducing the inclusive weight of aircraft to boost their efficiency. Carbon fibre reinforced thermoplastic composite helps in reducing the overall weight drastically.
Use of these materials is not easy to replace with other products only due to its light weight properties. High production cost involved in manufacturing this product may restrain the industry growth over the estimated period. However, government support to military modernization and fuel efficiency in vehicles may boost CFRTP as it helps in reducing the fuel consumption in automobiles.
CFRTP are a widespread range of carbon based materials designed by combining advanced polymer and carbon fibre. It has excellent properties including high fracture & corrosion resistance and high mechanical strength. Additionally, it can be easily remolded, in turn, increasing the demand for this product in several industrial sectors. Primary raw materials used in manufacturing carbon thermoplastics are polyacrylonitrile, petroleum pitch or rayon.
On the basis of resin type CFRTP market is segmented into, polyamide, polyphenylene sulphide, polycarbonate and polyether ether ketone. It can also be divided on the basis of its manufacturing process into, RTM, compression molding, pultrusion, filament winding, injection molding and layup.
Based on the product design, CFRTP market is classified into, short carbon fibre, long carbon fibre and continuous carbon fibre. Among these, continuous carbon fibre is expected to grow at high CAGR during the forecast years owing to its high strength property as compared to short and long carbon fibre.
Based on the end-use industries, CFRTP market is bifurcated into, aerospace, automotive, sports, power generation, marine and construction. Amongst, aviation industry possesses significant share owing to its various properties including operational stability, chemical resistance, dimensional stability, lightweight and easy to construct over other traditional materials which include metal alloys and thermoset composites.
North America contributes substantially in CFRTP market and is anticipated to be grow at a decent pace during the forecast period. Upsurge in demand for these products in aerospace and automobile industries in the region will accelerate its usage. Further, increasing usage of composites in key defense instruments and Boeing manufacturers will impel the product size.
Europe is a decent region in global CFRTP market, followed by America, the region is expected to rise at healthy CAGR between 2017 and 2024. The region is embodied by its fast growing and high-tech construction and automobile industries. Strict government regulations by European government regarding automotive emissions will increase the demand for such products in this industry, in turn, fostering the CFRTP market. The presence of giant manufacturers in automobile industries which include Audi, Ferrari, BMW, Mercedes and Volkswagen in the region will propel the compound usage.
Asia-Pacific is fastest growing in CFRTP market during the expected timeframe owing to its rapid transformation and urbanization. Various countries in the region including China, Japan and India are witnessing growing automobile industries which will substantially drive the product market. Improving economic conditions & infrastructure, rising disposable income & standard of living and need for fuel efficient vehicles will be the major key indicators to propel the CFRTP market in the region.
Some of the prominent manufacturers globally are BASF SE, Mitsubishi plastics, Formosa, SGL, Toray Carbon Fibres, SABIC and Huntsman. Several other leaders operating in the same industry are Solvay, Celanese, PolyOne, Royal Tencate, Hexcel, Teijin and Covestro.
Mergers, acquisitions, new product launch and agreements are few key strategies that are adopted by these producers to sustain in the industry. In January 2017, Teijin acquired Continental Structural plastics (CSP), a global leader in lightweight composite automobiles for USD 825 million. Through this acquisition Teijin will be able to expand its automobile hybrid solutions beyond glass fibre and carbon fibre composites, meeting their customer needs and demands.
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