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The global carbon fiber reinforced thermal plastics (CFRTP) 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. Moreover, the minimal maintenance costs and rapid urbanization is expected to further spike the demand for CFRTP during the forecast period.
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). PEEK market has projected a considerable growth during the forecast period for their high temperature operational stability and high impact resistance.
By product type, the global market for CFRTP is categorized as continuous carbon fiber, long carbon fiber and short carbon fiber. Continuous carbon fiber dominates the overall market and are widely deployed in automotive, aerospace and consumer durables on account of their high strength compared to short and long carbon fibers. By application, the CFRTP market is categorised into aerospace, automotive and consumer durables. The automotive segment drives the market for CFRTP, in terms of value and volume. CFRTP exhibits properties such as resistance to chemicals, operational and dimensional stability at high temperatures which is expected to increase the demand for CFRTP in aerospace industries during the forecast period.
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.
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.
By Resin Type
By Product Type