- US: +1-408-610-2300
- Toll Free: +1-866-831-4085
- Become a Client
The carbon thermoplastic (CFRTP) composites market across the globe was valued at USD 2.75 billion in the year 2015. It is anticipated to witness growth with a 10.8% CAGR during the forecasted period, 2016 to 2025. This growth can be attributed to their properties like better fire, lower weight, and good impact strength.
Several industries like marine, construction and wind turbines require lightweight materials for the production of components. Further, the efficiency of fuel in automobiles also depends on their kerb weight. Thus, the usage of CFRTP is expected to gain traction across many industries in the upcoming years.
Several manufacturers of aircraft are conducting R&Ds for reducing the weight of their products and for increasing the product's efficiency. Thus, such composites act as a substitute for heavy metals like aluminum and steel. Many CFRTP grades or types are widely used across several applications based on their individual properties and applications. Also, the efforts undertaken by several industries for reducing the overall production cost are anticipated to generate new avenues for market growth of CFRTP composites.
These composites are projected to gain wide popularity over other thermosetting resins due to their enhanced properties. These conventional thermosetting resins gain hardness after reheating and require more time for molding into the desired structure and shape. Owing to these limitations, such resins are getting replaced by the CFRTP composites.
Based on the raw materials, the carbon fiber reinforced thermoplastic composites market can be segmented into petroleum pitch and (PAN) polyacrylonitrile. The PAN segment held the largest share across the global market in 2015 due to its superior properties as compared to the petroleum pitch segment.
It is anticipated to register 12.0% CAGR during the forecasted period, 2016 to 2025 across North America, and is expected to generate demand for around 18,000 tons until 2025. This segment is expected to act as a substitute for the conventional petroleum pitch-based segment in the upcoming years.
The automotive application segment is anticipated to register the highest growth with 14% CAGR during the forecasted years. Several rules and regulations being imposed by statutory governing organizations about vehicle emissions coupled with the need for enhancement of fuel efficiency are projected to drive its market growth in the upcoming years. Moreover, the feature of CFRTP for lowering the vehicle weight is anticipated to drive its demand across the globe.
In 2015, the segment of aerospace and defense dominated the global CFRTP market. This can be associated with the need for lightweight materials in aircraft manufacturing. Also, rapid advances being carried out across the aviation sector are expected to propel the market growth for CFRTP.
North America dominated the market with a share of around 35% across the globe in 2015. This growth can be attributed to the increasing presence of major aircraft manufacturers like Boeing across this region. Also, the surging number of defense instrument makers is projected to fuel up the market demand in the upcoming years.
Europe is projected to witness the highest growth in revenue generation across the global market during the forecasted period, 2016 to 2025. This can be associated with the imposition of strict regulations and rules about vehicle emissions coupled with the efforts undertaken by the key automotive manufacturers for the same.
The key players in the carbon fiber reinforced thermoplastic (CFRTP) composites market are SGL Group, Toray Industries, Inc., Teijin Limited, BASF SE, and Mitsubishi Rayon Co., Ltd. These players are engaged in implementing several marketing strategies like alliances, partnerships, agreements, and joint ventures to gain a competitive advantage over other players.
This market is characterized by the presence of a few key players across the globe which has higher value chain integration. These players have started producing the raw material required for the manufacturing facilities. This initiative has reduced the product price and increased its profit margins.
|
Attribute |
Details |
|
The base year for estimation |
2015 |
|
Actual estimates/Historical data |
2014 |
|
Forecast period |
2016 - 2025 |
|
Market representation |
Volume in Tons, Revenue in USD Million & CAGR from 2016 to 2025 |
|
Regional scope |
North America, Europe, Asia Pacific, Central & South America & MEA |
|
Country Scope |
U.S., Canada, Mexico, UK, Germany, France, Japan, China, India, Brazil, South Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, and growth factors and trends |
|
15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global carbon thermoplastic (CFRTP) composites market on the basis of raw material, application, and regions:
• Raw Material Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
• PAN
• Pitch
• Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
• Automotive
• Aerospace & Defense
• Wind Turbines
• Sport equipment
• Construction
• Marine
• Others
• Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
• North America
• U.S.
• Mexico
• Canada
• Europe
• Germany
• U.K.
• France
• the Asia Pacific
• Japan
• Taiwan
• China
• Central and South America
• Brazil
• Middle East & Africa
Research Support Specialist, USA