The new report by Expert Market Research titled, ‘Global Carbon Fibre Reinforced Thermoplastic (CFRTP) Composites Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global Carbon Fibre Reinforced Thermoplastic (CFRTP) composites market, assessing the market based on its segments like product types, resin types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.2%
Due to the properties of Carbon Fibre Reinforced Thermoplastic (CFRTP), such as low density, superior strength, good impact toughness, high-quality fatigue resistance, recyclable use, fast processing, and low manufacturing cost, the market is expected to be driven by uses in sectors, such as automobiles and aerospace. The surge in demand for lightweight vehicles across the globe acts as one of the major factors driving the growth of the carbon fibre reinforced thermoplastic composites (CFRTP) market.
The rise in demand for the material across aerospace, defence, and energy and power industries, owing to their functional stability, accelerates the market growth. Carbon fibre reinforced thermoplastic (CFRTP) composites are likely to be in higher demand in the region as a result of strict laws and regulations imposed by governments such as the European Union on automobile emissions.
Industry Definition and Major Segments
CFRP stands for Carbon Fibre Reinforced Polymer/Plastic and refers to a class of plastics that are reinforced with carbon fibres for increased strength, stiffness, and lighter weight. Thermoset and thermoplastics are the two main types of polymers that can be reinforced with carbon fibres. Carbon Fibre Reinforced Thermoplastics, or CFRTP, are a subgroup of the CFRP material category.
By product type, the market is segmented into:
• Continuous Carbon Fibre
• Long Carbon Fibre
• Short Carbon Fibre
Based on resin type, the market is divided into:
• Polyetheretherketone (PEEK)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyphenylene Sulfide (PPS)
The major applications of the market are:
• Consumer Durables
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The rise in awareness among the population towards pollution-free and efficient vehicles and high usage of the material to optimise efficiency in automotive applications has been adding to the market growth. Additionally, rapid urbanisation and industrialisation, expansion of end-use industries, and a surge in investments and research and development activities are positively affecting the carbon fibre reinforced thermoplastic composites (CFRTP) market.
Furthermore, an increase in demand for lightweight materials, such as marine and wind turbines from industries, are expected to provide profitable opportunities to the market players in the forecast period. The reduction in weight also increases the performance and efficiency of the vehicle, which is likely to drive the carbon fibre reinforced thermoplastic (CFRTP) composite market globally.
Key Market Players
The major players in the market are Covestro AG., Celanese Corporation, Teijin Limited, Toray Industries, Inc., and SGL Carbon SE, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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