The global carbon fiber reinforced thermoplastic (CFRTP) composites market size is anticipated to reach USD 7.74 billion by 2025. It is also expected to register 10.8% CAGR during the forecasted period, 2016 to 2025. Several features like less weight, more strength, and good fire resistance are anticipated to drive the demand for such composites across the globe.
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.
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.
Competitive Insights
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.
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Application Insights
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.
Regional Insights
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.
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