Market Trends of Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Industry
This section covers the major market trends shaping the Carbon Fiber Reinforced Thermoplastic Composite Market according to our research experts:
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.
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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.
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