The global carbon fiber reinforced thermal plastics market is expected to grow during the forecast period (2017-2023) due to increasing demand for fuel-efficient vehicles and the flexibility to mold CFRTP into complex shapes and designs.
Additionally, the increasing use of CFRTP in automotive, aerospace and consumer applications is expected to drive the growth of global CFRTP market during the forecast period.
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CFRTP are strong and light fibers reinforced plastics containing carbon fibers. The high strength to weight ratio and rigidity of the CFRTP, increases the demand in the automotive and aircraft industries.
The global market for CFRTP is segmented by resin type, product type, application and geography. By resin type, the CFRTP market is segmented into Polyetheretherketone (PEEK), Polyamide (PA), Polycarbonate (PC) and Polyphenylene Sulphide (PPS).
North America is estimated to be the fastest-growing market for CFRTP during the forecast period owing to the rapid urbanization and industrialization. Companies such as Airbus S.A and Boeing utilize CFRTP for the manufacturing of combat and cargo transport aircraft, which is expected to further contribute to the overall market in the region.
The major challenge faced with the CFRTP market is the high cost of the raw materials and manufacturing costs, coupled with stiff competition from thermoset composite manufacturers.
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The key companies operating in the CFRTP market are Solvay Group, Teijin Limited, SGL Group, Celanese Corporation, Toray industries, Inc., Koninklijke Ten Cate, PolyOne, PlastiComp, Aerosud and Covestro AG.
Market Segmentation
By Resin Type
- Polyetheretherketone (PEEK)
- Polyamide (PA)
- Polycarbonate (PC)
- Polyphenylene Sulfide (PPS)
- Others
- Continuous carbon fiber
- Long carbon fiber
- Short carbon fiber
- Aerospace
- Automotive
- Consumer durables
- Others
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