Continuous fiber reinforced thermoplastic (CFR-TP) market size is anticipated to gain traction during the period 2022-2028 owing to the increasing consumer awareness pertaining to pollutant-free and efficient vehicles. There is a growing requirement for high-performance and temperature materials, mainly in the aerospace, defense, and energy & power sectors.
The presence of pollution tariffs and efficient vehicles has surged the need for lighter-weight vehicles. The mounting efforts by numerous companies to cut down production costs will also influence the industry growth.
Continuous fiber reinforced thermoplastics are composite materials comprising high-quality continuous fibers, including glass, carbon, and aramid fibers impregnated under the matrix of various thermoplastics like polycarbonates. However, the growing raw material and manufacturing prices may pose a challenge to the industry progression.
Based on type, the Continuous fiber reinforced thermoplastic (CFR-TP) market is segmented into carbon fiber, glass fiber, aramid fiber, and others. Out of these, the industry share from the carbon fiber segment is expected to rise with mounting penetration in wind energy, marine, aerospace, infrastructure, building & construction industries, and sporting goods. They are also largely used in the automotive sector and utilized by aircraft makers for reducing the weight of the aircraft for enhanced production efficiency. This can be ascribed to their beneficial performance attributes, like superior mechanical, electrical, thermal, structural, and tribological characteristics.
With respect to application, the Continuous fiber reinforced thermoplastic (CFR-TP) market size from the transport sector will expand through 2028 due to the thriving need for producing lightweight vehicles and the presence of severe environmental regulations. On account of their high tensile strength & modulus, electrical conductivity, wear resistance, toughness, creep resistance, and flexural strength, thermoplastics are largely used in automotive. The surging emphasis on reducing greenhouse gas emissions will put a positive impetus on the market expansion.
Regionally, North America is set to record a significant share of Continuous fiber reinforced thermoplastic (CFR-TP) market driven by the growing burden of breast cancer patients in the region. According to BreastCancer.Org, over 281,550 new invasive breast cancer cases are estimated to be diagnosed in women across the U.S. in 2021. The rising government support in the region towards the subordinate ancillary manufacturing of automotive has steered the need for CFR-TP composites. The soaring product requirement by a large number of aircraft makers will further drive regional market growth.
Leading players in the global Continuous fiber reinforced thermoplastic (CFR-TP) market include AXIA Materials, Mitsubishi Rayon Co., Ltd. (Mitsubishi Chemical Holdings), Lanxess, Celanese, Hexcel Corporation, SGL Group, Toray Industries, Inc., TenCate, and BASF SE.
Inorganic strategic collaborations, like acquisitions, and partnerships, along with capacity expansions and new product launches are the key marketing measures adopted by these firms for enhancing their competitive value and broadening their global presence.
For instance, in October 2021, Lanxess announced the further development of Tepex, its novel flame-retardant thermoplastic composite material used in EVs, which are designed to offer high inherent flame-retardant properties.
In another instance, Toray Advanced Composites entered an agreement with BASF for producing continuous fiber reinforced thermoplastic tapes for the industrial and automotive markets. This move will assist automotive manufacturers in designing and producing components at lower costs using over-molding and automated stamp forming.
The COVID-19 pandemic hindered the global economy while posing multiple challenges to the operations of numerous businesses worldwide. Its effects were also felt on the demand for continuous fiber reinforced thermoplastics, given the stalled activities in the electronics, aerospace, and automotive sectors. However, the gradual resumption of most business activities in the present day may add an edge to the market propulsion.