Global Carbon Fiber Reinforced Thermoplastic Composites (CFRTP) Market - 2023-2030

Global Carbon Fiber Reinforced Thermoplastic Composites (CFRTP) Market - 2023-2030

Global Carbon Fiber Reinforced Thermoplastic Composites (CFRTP) Market reached US$ 3.4 billion in 2022 and is expected to reach US$ 7.6 billion by 2030, growing with a CAGR of 10.6% during the forecast period 2023-2030.

Companies like Boeing and Lockheed Martin rely heavily on CFRTP for aviation components, driving up global demand for these composites. For instance, Tri-Mack Plastics Manufacturing Corp. announced its latest product development achievement in 2022: a high-strength and lightweight enclosure made from only eight plies of unidirectional (UD) carbon fiber-reinforced thermoplastic (CFRTP) tape and forty-thousandths of an inch (0.40-inch) thick. As a result, U.S. is contributing to the expansion of the regional market, which is driving the global CFRTP market.

Dynamics

Growing Hybrid Technologies

Combining diverse materials in order to develop composite constructions that harness the qualities of each component constitutes hybrid technologies. CFRTP can be coupled with other materials such as metals, ceramics or composites to produce hybrid structures with improved qualities like as higher strength, durability and adaptability.

For instance, the Swiss manufacturing solution OEM has experienced an increase in demand in its hybrid system for structural carbon fiber-reinforced thermoplastic composites over the last year. The hybrid technology platform from 9T Labs enables the manufacturing of high-performance structural parts in carbon fiber-reinforced thermoplastic composites (CFRTP) in production numbers ranging from 100 to 10,000 pieces per year.

The company's Red Series platform combines simulation tools and 3D printing with compression molding in matched metal dies, resulting in a range of advantages such as quick cycle times, high production rates and good repeatability and reproducibility. Large and small firms can create high-performance goods that are significantly stiffer, stronger and lighter than metals and plastics.

Technological Advancements

Continuous technical breakthroughs provide a pathway to new CFRTP uses and markets. Due to enhanced performance and manufacturability, industries that were previously unwilling to embrace CFRTP due to restrictions now consider it a viable option for a variety of products and components.

For instance, on December 14, 2022, Asahi Kasei developed basic technology for recycling continuous carbon fiber as part of a project called ""Circular Economy Program for the Automotive Carbon Fiber"" (the Project), which was supported by the New Energy and Industrial Technology Development Organization's (NEDO) Feasibility Study Program on Energy and New Environmental Technology from fiscal 2021 to fiscal 2022).

The Project aims for the practical use of a recycling system in which carbon fiber obtained from waste automobile carbon fiber reinforced plastic (CFRP) or carbon fiber reinforced thermoplastic (CFRTP) is repurposed as CFRP or CFRTP for automobiles. High-quality and economical CFRTP can be produced by recycling carbon fiber discarded from automobiles as continuous carbon fiber, resulting in vehicle weight reduction and reduced energy consumption.

Rising Composites Industry

With developments in technology and manufacturing techniques, the composites sector is placing a greater emphasis on high-performance materials. CFRTP has a good strength-to-weight ratio and mechanical qualities, making it an appealing choice for applications requiring durability and performance, boosting demand and market growth.

The growing interest in and investment in composite materials, particularly CFRTP, drives R&D projects. Collaborative efforts among industrial players, research institutions and governments result in advances in CFRTP technology, generating the new applications and bolstering the growth of the market.

As per American Composites Manufacturers Association (ACMA), four billion pounds of composite materials are sold each year for use in various automobile applications. The composites sector is a driving economic force in U.S. The industry contributes US$ 22.2 billion to US economy each year. The composites end-product market is anticipated to reach US$ 113.2 billion by 2022.

High Production Costs and Limited Availability of Raw Materials

As compared to standard materials, the cost of manufacturing CFRTP might be relatively expensive. Raw materials, manufacturing techniques and specialized equipment all contribute to higher production costs, which might stymie wider adoption across industries, particularly in price-sensitive markets. The availability of carbon fibers and particular thermoplastic resins is required for the production of CFRTP. Limited availability or volatility in the supply chain for various raw materials might have an influence on production volumes and material costs, limiting market growth.

CFRTP production entails complex and highly advanced processes. Complexity in production procedures, such as curing, molding and consolidation, can result in longer lead times, greater production difficulties and potential scaling-up challenges, limiting market growth. It might be difficult to ensure consistent performance and compliance with industry standards across CFRTP products. Material property variability, quality control difficulties and adherence to demanding industrial requirements may limit its use in safety-critical applications and sectors.

Segment Analysis

The global carbon fiber reinforced thermoplastic composites (CFRTP) market is segmented based on Material, Resin, Product, Application and region.

Transforming Injection Molding with CFRTP Composites Drives the Short Carbon Fibers Market

Considering the part's intricacy and the volume of manufacturing required, only injection molding could fulfill the customer's price point. MCAM developed a 30% FWF short carbon fiber-reinforced polyphenylene sulfide (PPS) composite (KyronMAX S-8230) that met all mechanical requirements, including the most difficult fatigue targets and effectively substituted magnesium in this application.

The CFRTP compounds are designed for injection molding, allowing for a wide range of part sizes and complexity. Molding complicated shapes and sizes is a considerable benefit over standard materials. Therefore, the short carbon fibers capture the majority of the total global segmental shares.

Geographical Penetration

Market Expansion Strategies Drives the Regional Growth

Manufacturing facility expansion leads to increased production capacity for CFRTP materials. Companies with larger facilities may produce higher volumes of CFRTP compounds to meet increased demand from a variety of industries. For instance, in March 2022, Mitsubishi Chemical Corporation has opened a new carbon fiber reinforced thermoplastic (CFRTP) pilot facility. Operations have begun and samples will begin to be shipped in April 2022.

Localized production is enabled by establishing manufacturing facilities in the Asia-Pacific. The decreases transportation costs, speeds up supply chains and allows for faster delivery of CFRTP materials to consumers in the region, improving market accessibility and competitiveness. Increased manufacturing capacity can result in economies of scale, lowering production costs per unit. As a result, companies may offer competitive prices for CFRTP materials, making them more appealing to Asia-Pacific manufacturers. Therefore, Asia-Pacific holds for the nearly half of the global market share.

COVID-19 Impact Analysis

Lockdowns, movement restrictions and temporary closures of manufacturing sites globally affected supply networks. Transportation delays impeded manufacture and delivery of raw materials, components and finished CFRTP products. Lockdown measures, reduced consumer spending and a slowdown in economic activity all contributed to a drop in demand in industries such as automotive, aerospace and manufacturing. The drop in demand had a direct impact on the demand for CFRTP materials utilized in these industries.

Many ongoing projects in industries such as automotive, construction and infrastructure were pushed back or canceled, affecting demand for CFRTP materials. Uncertainty regarding future market conditions prompted the deferral of new project investments.

Russia-Ukraine War Impact Analysis

Russia and Ukraine are both important players in the global raw material supply chain. Any disruption in the supply of important raw materials (such as particular polymers, additives or components required in CFRTP manufacture) from these countries could impact global CFRTP manufacturing, resulting in supply shortages or price increases.

Geopolitical tensions can cause market instability and undermine investor confidence. Uncertainty frequently leads to conservative spending and investment decisions, which may have an impact on the growth and expansion plans of CFRTP manufacturers and users in Europe and globally. Economic sanctions or trade restrictions implemented as a result of geopolitical tensions can have an impact on bilateral economic relations. It could have an influence on the import/export of CFRTP materials.

By Material

● Polyacrylonitrile (PAN)-Based CFRTP

● Pitch-Based CFRTP

● Others

By Resin

● Polyether Ether Ketone

● Polyurethane

● Polyethersulfone

● Polyetherimide

● Others

By Product

● Long Carbon Fiber

● Short Carbon Fiber

By End-User

● Media & Entertainment

● Healthcare

● Government & Law Enforcement

● Education

● Banking, Financial Services and Insurance (BFSI)

● Industrial

● Aerospace & Defense

● Automotive

● Others

By Region

● North America
U.S.
Canada
Mexico

● Europe
Germany
UK
France
Italy
Russia
Rest of Europe

● South America
Brazil
Argentina
Rest of South America

● Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific

● Middle East and Africa

Key Developments

● On March 31, 2022, Mitsubishi Chemical Corporation has opened a new carbon fiber reinforced thermoplastic (CFRTP) pilot facility. Operations have begun and samples will begin to be shipped in April 2022.

● On December 14, 2022, Asahi Kasei developed basic technology for recycling continuous carbon fiber as part of a project called ""Circular Economy Program for the Automotive Carbon Fiber"" (the Project), which was supported by the New Energy and Industrial Technology Development Organization's (NEDO) Feasibility Study Program on Energy and New Environmental Technology from fiscal 2021 to fiscal 2022).

● On January 5, 2021, MCC has announced plans to build a pilot compounding factory for carbon fiber-reinforced thermoplastic (CFRTP) compounds in Fukui Prefecture, Japan. MCC has a long history of effectively deploying CFRP in applications like as automotive products and the company has a variety of carbon fiber and plastic modification technology.

Competitive Landscape

The major global players in the market include BASF SE, Celanese Corporation, Dupont, Hexcel Corporation, Mitsubishi Chemical Corporation, PolyOne Corporation, SABIC, Solvay, SGL Carbon and Teijin Limited.

Why Purchase the Report?

● To visualize the global carbon fiber reinforced thermoplastic composites (CFRTP) market segmentation based on Material, Resin, Product, Application and region, as well as understand key commercial assets and players.

● Identify commercial opportunities by analyzing trends and co-development.

● Excel data sheet with numerous data points of carbon fiber reinforced thermoplastic composites (CFRTP) market-level with all segments.

● PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

● Material mapping available as excel consisting of key products of all the major players.

The global carbon fiber reinforced thermoplastic composites (CFRTP) market report would provide approximately 69 tables, 72 figures and 201 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies