Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market - Segmented by Raw Material, Resin, End-user Industry and Geography - Growth, Trends, and Forecast (2020 - 2025)

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The carbon fiber reinforced thermoplastic (CFRTP) composite market is estimated to witness a CAGR of nearly 6% during the forecast period, 2018-2023. CFRTP finds application in numerous industries, owing to its greater rigidity and strength-to-weight ratio. The application of CFRTP is expected to increase owing to its lightweight, as industries like automotive, aerospace, and machines & equipment manufacturers have been emphasizing on reducing the weight of vehicles, machines, and equipment.

Increasing Emphasis of Automotive Industry to Reduce Vehicles Weight

The automotive industry has been focusing on reducing the weight of the vehicles in order to improve the performance and efficiency of the vehicles. In this regards, the automotive industry has been found replacing heavy metals and other materials with suitable lightweight materials, such as plastics in place of metal parts, adhesives in place of welding, etc. Therefore, this has increased the application of CFRTP composite in automotive industry, owing to its toughness, strength, and lightweight. The other focus of the automotive industry is to develop and increase production of vehicles, which operates of greener fuels, such as electric & hybrid vehicles in order to curb emissions from vehicles. This is expected to increase the demand for CFRTP composites for application in automotive industry.

Polyacrylonitrile (PAN) is a Majorly Used Raw Material

Polyacrylonitrile (PAN), owing to its superior properties, is used more than petroleum pitch as raw material for producing CFRTP composite. Major proportion of the CFRTP composites are produced from PAN, which finds wide application in various industries, such as aerospace, automotive, construction, sports equipment, etc. Hence, increasing production in such end-user industries is expected to increase the demand for the PAN-based CFRTP during the forecast period.

North America to Witness Strong Growth

North America is expected to witness strong growth for CFRTP owing to the concentration of major aircraft producers, such as Boeing and others. In North America, the efforts of the United States government to develop domestic and the ancillary production base of automotive, instead of importing from other countries, is expected to increase the production of vehicles and its parts in the country, further increasing the demand for CFRTP composites in the coming years. Besides this, Europe and Asia-Pacific regions are also expected to witness considerable growth in the demand for these thermoplastics, driven by increasing aircraft, and automotive production in Europe; and booming construction industry and increasing vehicle production in Asia-Pacific region.


Key Developments in the Market

  • March 2018: Toray Industries Inc., acquired TenCate Advanced Composites Holding B.V., a subsidiary of Koninklijke Ten Cate B.V., which was engaged in the production of specialized thermoplastic and thermoset prepreg

Major Players - Toray Industries Inc., BASF SE, Solvay S.A., DowDuPont, and Celanese Corporation, among others.

Reasons to Purchase this Report

  • How the issues related to availability and volatile prices of raw materials impact the carbon fiber reinforced thermoplastic (CFRTP) composite market
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Which end-user industry is expected to dominate the market
  • Which region is expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in excel)

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