Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Raw Material (Polyacrylonitrile (PAN)-Based CFRTP, Pitch-Based CFRTP, and Other Raw Materials), Resin (Polyether Ether Ketone, Polyurethane, Polyethersulfone, Polyetherimide, and Other Resins), End-user Industry (Aerospace & Defense, Automotive, Construction, Electrical & Electronics, Marine, Sports Equipment, Wind Turbines, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: >5 %

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Market Overview

The global carbon fiber reinforced thermoplastic composite market is expected to grow at with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the growing demand from construction sector. However, lack of availability and volatility of raw materials are likely to hinder the growth of the market studied. 

  • The innovation of floating wind turbine is expected to provide a major growth opportunity for the market studied.
  • North America accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
  • Among the raw materials, polyacrylonitrile accounted for the highest market and is expected to dominate the market studied over the forecast period.

Scope of the Report

The carbon fiber reinforced thermoplastic composite market report include: 

Raw Material
Polyacrylonitrile (PAN)-Based CFRTP
Pitch-Based CFRTP
Other Raw Materials
Polyether Ether Ketone (PEEK)
Polyurethane (PU)
Polyethersulfone (PES)
Polyetherimide (PEI)
Other Resins
End-user Industry
Aerospace & Defence
Electrical & Electronics
Sports Equipment
Wind Turbines
Other End-user Industries
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Polyacrylonitrile (PAN) Raw Material Type to Dominate the Market

  • Polyacrylonitrile (PAN), owing to its superior properties, is used more than petroleum pitch as raw material for producing CFRTP composite. PAN is a precursor polymer which is used in producing the carbon filament of CFRTP.
  • The CFRTP composites produced from PAN, which finds wide application in various industries, such as aerospace, automotive, construction, sports equipment, etc.
  • The growing demand from end-user industries like construction and sports equipment is boosting the demand for PAN-based CFRTP.
  • Hence, owing to the above-mentioned factors, PAN to dominate the market during the forecast period.
Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market - Revenue Share

North America to Dominate the Market

  • North America is expected to witness strong growth for CFRTP owing to the growing demand from major aircraft producers, such as Boeing and others.
  • There has been a increasing production of single-aisle airplanes by Boeing in North America which is likely to drive the market studied in the region.
  • Additionally, the growing residential building construction in the United States is also expected to drive the demand for CFRTP in the region.
  • Hence, owing to the above-mentioned trends in the end-user industries, North America is likely to dominate the forecast period.
Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market - Regional Trend

Competitive Landscape

The carbon fiber reinforced thermoplastic (CFRTP) composite market is moderately fragmented as the market share is divided between many players. Key players in the market include TORAY INDUSTRIES, INC., BASF SE, Solvay, SABIC, and Celanese Corporation, among others.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand From the Construction Sector

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Issues Related to Availability and Volatile Prices of Raw Materials

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Raw Material

      1. 5.1.1 Polyacrylonitrile (PAN)-Based CFRTP

      2. 5.1.2 Pitch-Based CFRTP

      3. 5.1.3 Other Raw Materials

    2. 5.2 Resin

      1. 5.2.1 Polyether Ether Ketone (PEEK)

      2. 5.2.2 Polyurethane (PU)

      3. 5.2.3 Polyethersulfone (PES)

      4. 5.2.4 Polyetherimide (PEI)

      5. 5.2.5 Other Resins

    3. 5.3 End-user Industry

      1. 5.3.1 Aerospace & Defence

      2. 5.3.2 Automotive

      3. 5.3.3 Construction

      4. 5.3.4 Electrical & Electronics

      5. 5.3.5 Marine

      6. 5.3.6 Sports Equipment

      7. 5.3.7 Wind Turbines

      8. 5.3.8 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. ASEAN Countries

        6. Rest of Asia-Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 Celanese Corporation

      3. 6.4.3 Dupont

      4. 6.4.4 Gurit

      5. 6.4.5 Hexcel Corporation

      6. 6.4.6 Mitsubishi Chemical Corporation

      7. 6.4.7 PolyOne Corporation

      8. 6.4.8 Quickstep

      9. 6.4.9 SABIC

      10. 6.4.10 SGL Carbon

      11. 6.4.11 Solvay

      12. 6.4.12 Teijin Limited

      13. 6.4.13 TORAY INDUSTRIES, INC.

    5. *List Not Exhaustive

    1. 7.1 Innovation of Floating Wind Turbine

**Subject to Availability

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Frequently Asked Questions

The Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market market is studied from 2016 - 2026.

The Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

TORAY INDUSTRIES, INC., Celanese Corporation , Solvay , BASF SE , SABIC are the major companies operating in Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market.

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