The carbon fiber reinforced thermoplastic composites (CFRTP) market was worth USD 695.83 million in 2022 and is predicted to reach USD 1,686.73 million by 2028, at a CAGR of 11.94% between 2023-2028
Carbon-reinforced thermoplastics are predicted to become popular over thermosetting resin due to their improved properties. Traditional thermosetting resins harden after reheating and take a long time to mold into the desired shape and structure. Therefore, it is not considered a suitable material for large-scale productions, like automobiles. With advantages like high strength/weight ratio, excellent load capacity, low coefficient of heat expansion and deformation and cracking resistance, along with multifunctional abilities, carbon fiber reinforced thermoplastic compounds (CFRTP) are employed in many industries like automotive, aerospace, wind turbines, sports equipment, and others. The major components employed in the making of carbon fiber-reinforced thermoplastic composites are petroleum pitch and polyacrylonitrile. Polyacrylonitrile (PAN), due to its excellent properties, is employed more than petroleum pitch as a raw material. Having several benefits like high strength-to-weight ratio, high load-carrying ability, low coefficient of thermal expansion, and resistance to deformation and crack, along with multifunctional capabilities the carbon fiber reinforced thermoplastic (CFRTP) composites are employed in several end-use businesses like automotive, aerospace, wind turbines, sports equipment, and others.
The carbon fiber-reinforced thermoplastic compound is popular in the automotive and aerospace industry due to its special properties like reduced weight, improved resistance to fire, smoke, and toxicity (FST), and high resistance to chemical products. The escalating requirements for lightweight materials from other end-use industries, like wind turbines, construction, and offshore, are also predicted to drive the product industry. The fuel efficiency of any vehicle largely depends on its curb weight. Aircraft manufacturers have also focused on reducing the total weight of the aircraft to increase production efficiency. The use of thermoplastic carbon compounds helps to significantly reduce overall weight. The growing call for CFRTP as an alternative to metals like steel and aluminum is predicted to fuel expansion in other applications.
The rise in customer awareness towards pollution fees and efficient vehicles further fosters the call for lightweight vehicles which in turn escalates the call for carbon fiber reinforced thermoplastic (CFRTP) composites in the industry. As the fuel efficiency depends on the weight; hence there is a rise in the need for lightweight materials from businesses like marines and wind turbines are also predicted to drive the call. Carbon Fiber Reinforced Thermoplastic Compounds are also a better alternative to metals like steel and aluminum, due to their flexibility, corrosion resistance, durability, and more. In addition, the call for lightweight automotive materials to reduce fuel consumption makes the worldwide industry for carbon fiber-reinforced thermoplastic compounds. The main factors influencing the industry's call for carbon fiber-reinforced thermoplastic compounds are their properties like weldability and high recyclability, which makes it suitable in manufacturing various application products for use. CFRTP applications are predicted to increase due to their properties like lightness, toughness, and high strength. Industries like automotive, aerospace, and machinery and equipment are focused on reducing the weight of vehicles and machinery; which also increases the performance and efficiency of the vehicle, which is likely to drive the worldwide industry for carbon fiber-reinforced thermoplastic compounds.
On the flip side, high raw materials and production costs can hamper the industry to a degree. Nevertheless, producers are confident of beating this test by presenting some innovative headways in the coming years.
Escalated consumer awareness of pollution loads and efficient vehicles further stimulates the call for light vehicles, escalating the industry call for carbon fiber-reinforced thermoplastic compounds (CFRTP). As energy efficiency depends on weight, there is an escalated need for lightweight materials from industries like wind and offshore turbines that are also predicted to drive call. Efforts by companies to reduce production costs are likely to create new opportunities for them in the coming years.
The lack of availability and volatility of raw materials are likely to slow expansion in the studied industry.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
11.94% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
Solvay S.A. (Belgium), Royal Ten Cate N.V. (Netherlands), Teijin Limited (Japan), Toray Industries, Inc. (Japan), SGL Group (Germany), Celanese Corporation (U.S.), Covestro AG (Germany), PolyOne Corporation (U.S.), PlastiComp, Inc. (U.S.), and Aerosud (South Africa), |
Aerospace
Automotive
Marine
Wind turbine
On the basis of application, the automotive and aerospace sectors are probable to experience the quickest development.
Polyacrylonitrile
Petroleum pitch
On the basis of raw material, polyacrylonitrile is predicted to rise at the highest CAGR in the foreseen period.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America is relied upon to observe robust development for CFRTP inferable from the grouping of key aircraft makers, for instance, Boeing and others. In North America, the endeavors of the United States government to create domestic and subordinate ancillary production of automotive, rather than bringing in from various countries, is relied upon to build the creation of vehicles and their parts in the country, further growing the interest for CFRTP composites in the coming years.
Europe is predicted to be the fastest-growing industry, generating sales of more than $ 3.2 million by 2025. The presence of strict laws and regulations regarding vehicle emissions and dedicated efforts by European car manufacturers in this regard should also promote this regional expansion.
Teijin’s Sereebo carbon fiber reinforced thermoplastic is chosen by General Motors (G.M.) for its employees in preferred pickup box applications, the world’s first employment of CFRTP for structural parts in a high-volume production vehicle.
Toray Industries Inc. has acquired TenCate Advanced Composites Holding B.V. which is a subsidiary of Koninklijke Ten Cate B.V., which was involved in the production of specialized thermoplastic and thermoset prepreg.
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