Continuous Fiber Reinforced Thermoplastic (CFR-TP) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4259
Global Continuous Fiber Reinforced Thermoplastic (CFR-TP) Market size is likely to achieve high growth rates due to increasing product demand in automobile sector.
Continuous Fiber Reinforced Thermoplastic (CFR-TP) is a composite material containing high performance continuous fibers such as glass fiber, carbon fiber and aramid fiber which is impregnated under matrix of thermoplastics such as polycarbonates. The product can be produced in both sheet and tape format which can be produced through thermoforming techniques. The product is generally used in military and aerospace operations. These are used in sports equipment, automobile, transportation and in various other fields.
Growing transportation and aerospace industry is the major growth driver for this market. The product is used in building lightweight structures as the product possesses unique mechanical properties and capacity to absorb energy. There are many government initiatives promoting the use of continuous fiber reinforced thermoplastics in its varied applications. For instance, European Commission is supporting various projects aimed at developing composite based technologies. MADAMAX project contributes heavily in the development of a European platform for developing high performance resins and fibers. The main purpose of the project is organizing cluster of academic and private laboratories and major manufactures from transportation sector to investigate the possibility to benchmark specific composites.
The major setback while using this category of thermoplastics are the challenges occurred in getting these fibers in every dimension. Also, these structures do not have strong loading in all the directions and isotopic materials are quite better in providing the similar services. Adding further, continuous fibers are more expensive as compared to long or short reinforced composites.
The market is segmented on the basis of product into glass fiber, carbon fiber, aramid fiber and others. Carbon fiber type thermoplastics are generally used by aircraft makers to reduce the weight of aircraft in order to improve product efficiency. Although the product demand is expected to increase by rising demand of lightweight products from various end user industries such as construction, wind and marine as any fuel efficiency is highly dependent on kerb weight. The product is largely used in end user industries owing to properties such as high strength and light weight.
The product is used in many industries including automotive, aerospace, electronics, sporting goods, etc. The product has major application in transport sector owing to strict environment regulations and rising demand to produce light weight vehicles. The basic method to reduce green house gas emissions from industries such as automotive and civil aeronautics is to reduce the weight of the vehicle. However, the product is largely used in electronics industry. It has been found that a laptop cover made from continuous fiber-reinforced thermoplastic composites can reduce the carbon footprints to around 70% as compared to traditional magnesium- aluminum alloy.
North America shall account for largest market share in thermoplastic fibers industry which can be attributed to increasing product demand by aircraft makers in the region. Europe also held a significant market share in 2018, as a result of strict government regulations regarding carbon emissions. Asia pacific on the other hand is likely to follow an increasing trend due to exponentially growing automobile production and sales in the region.
Industry rivalry is quite high due to the presence of various well-established players in the international market. Several key players indulged in this industry are Toray Industries, Inc., Hexcel Corporation, Mitsubishi Rayon Co., Ltd, SGL Group, BASF SE, Lanxess, TenCate, Celanese and AXIA Materials. The companies in this industry are keen to produce raw materials while reducing the overall production cost.
Continuous Fiber Reinforced Thermoplastic (CFR-TP) Market, By Product, 2014-2025 (USD Million)
- Carbon Fiber
- Glass Fiber
- Aramid Fiber
Continuous Fiber Reinforced Thermoplastic (CFR-TP) Market, By End User, 2014-2025 (USD Million)
- Sporting Goods
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- AXIA Materials
- US Liner
- Ningbo Huaye Material
- QIYI Tech
- Zhejiang Double Fish Plastics
- Guangzhou Kingfa Carbon Fiber
- Toray Industries
- SGL Group
- Hexcel Corporation
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