CFRTP Market by Product Type (Continuous, Long, Short), Resin Type (PA, PEEK, PPS, PC, PP), Application (Aerospace & Defense, Consumer Electronics, Transportation), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2028

CFRTP Market by Product Type (Continuous, Long, Short), Resin Type (PA, PEEK, PPS, PC, PP), Application (Aerospace & Defense, Consumer Electronics, Transportation), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2028

The CFRTP market is projected to grow from USD 8.9 billion in 2023 to USD 16.8 billion by 2028, at a CAGR of 13.5% during the forecast period. Thermoplastic resin has been used with continuous fiber to create structural composite products. The main advantage of thermoplastic resin as a matrix material is that the composite formed can be reshaped and reformed, unlike thermoset resin. The composite formed is also easily recyclable; their use has increased significantly in the last decade. Some of the major resins considered in the CFRTP market are polyamide (PA), polyether ether ketone (PEEK), polyphenylene sulfide (PPS), polycarbonate (PC), polypropylene (PP), and others.

‘‘In terms of value, continuous carbon fiber accounted for the largest share of the overall CFRTP market.’’

Continuous carbon fibers offer higher tensile strength than other carbon fiber product types. These fibers can be used in layup, weaving, prepreg, filament winding, braiding, and pultrusion processes for manufacturing composite parts for various end-use industries such as aerospace & defense, automotive, and wind energy. Continuous carbon fibers are ideal for making unidirectional tapes used in aerospace and FRP tank applications. Thermoplastic composites from carbon fibers are used in aircraft components such as fuselage and wing structures. Such fibers are also used to produce innovative, lightweight, large-dimension components.

‘‘In terms of value, automotive application accounted for the second largest share of the overall CFRTP market.’’

Over the past few decades, many supercars have incorporated CFRTP extensively in their manufacturing, using it for their exterior, interior, chassis, powertrain, under the hood (UTH), and other components. CFRTPs are used by low-volume manufacturers for creating body panels of high-end cars due to their increased strength and decreased weight compared to traditional materials. Using CFRTPs in a vehicle can reduce the weight and size of its frame. Until recently, CFRTP has had limited use in mass-produced cars because of the expense of materials, equipment, and the relatively limited pool of individuals with expertise.

“During the forecast period, the CFRTP market in Asia Pacific region is projected to register the highest CAGR.”

The growth of the CFRTP market in the Asia Pacific is driven by increasing consumption in various industries such as aerospace & defense, automotive, consumer electronics, and transportation. There is high industrial growth in Japan, China, South Korea, and Taiwan. China has become the single-largest consumer of CFRTP in aerospace & defense applications and is expected to strengthen its position further. Recently, several new CFRTPs were established in China, and various long-term agreements were signed with European automotive companies, which have helped drive the market.

This study has been validated through primary interviews with industry experts globally. These primary sources have been divided into the following three categories:

By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%

By Designation- C Level- 50%, Director Level- 30%, and Others- 20%

By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa -10%.

The report provides a comprehensive analysis of company profiles:

Prominent companies include Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Solvay (Belgium), SGL Carbon (Germany), Avient Corporation (US), Celanese Corporation (US), Asahi Kasei Corporation (Japan), RTP Company (US), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China), among others.

Research Coverage

This research report categorizes the CFRTP Market by Resin Type (PA, PEEK, PPS, PC, PP, Others), Product Type (Continuous Carbon Fiber, Long Carbon Fiber, Short Carbon Fiber), Application (Aerospace & Defense, Automotive, Consumer Electronics, Transportation, Others), and Region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the report includes detailed information about the major factors influencing the growth of the CFRTP market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted in order to provide insights into their business overview, solutions, and services, key strategies, contracts, partnerships, and agreements. New product and service launches, mergers and acquisitions, and recent developments in the CFRTP market are all covered. This report includes a competitive analysis of upcoming startups in the CFRTP market ecosystem.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall CFRTP market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Increase in demand of fuel efficient vehicles, Increasing use of CFRTP in aerospace applications, New technological advancements, Flexibility in manufacturing complex shapes and designs), restraints (high raw material and production cost,stiff competition from thermoset composites), opportunities (Growing in new applications, Changing focus of automotive OEMs towards CFRTP), and challenges (Need for low cost technologies, Capital-intensive and complex manufacturing process of carbon fiber) influencing the growth of the CFRTP market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the CFRTP market

Market Development: Comprehensive information about lucrative markets – the report analyses the CFRTP market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the CFRTP market

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Solvay (Belgium), SGL Carbon (Germany), Avient Corporation (US), Celanese Corporation (US), Asahi Kasei Corporation (Japan), RTP Company (US), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China), among others in the CFRTP market