CHICAGO, Nov. 23, 2023 /PRNewswire/ -- The report "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", is estimated at USD 8.9 billion in 2023 and is projected to reach USD 16.8 billion by 2028, at a CAGR of 13.5% from 2023 to 2028.
CFRTP is produced using a combination of carbon fiber and thermoplastic resin, along with additives and pigments. It is used in aerospace, automotive, consumer durables, and other industries. Polyamide, polyether ether ketone, polycarbonate, and polyphenylene sulfide are key resins used to manufacture CFRTP. CFRTP is lightweight, easy to construct, dimensionally stable, and resistant to chemicals and corrosion. Due to these properties, CFRTP has an increased lifecycle that leads to low maintenance costs compared to traditional materials such as steel and other metallic alloys.
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The PEEK segment is expected to account for the largest market share in 2022, in terms of both value.
PEEK CFRTPs have operational stability at high temperature & pressure and are resistant to impact, making them useful mainly in aerospace applications. PPS CFRTPs exhibit physical strength, resistance to flame & chemicals, and outstanding dimensional precision. Thus, PPS CFRTP produces components such as switches, connectors, alternators, and other components and housings for automotive and consumer goods applications. These factors drive the growth of the global CFRTP market in various applications.
Aerospace & Defense applications are expected to grow with the highest CAGR during the forecast period.
PEEK, PPS, PEI, and PC exhibit numerous advantages that make them suitable for interior components and aerospace structures. Aerospace thermoplastics can often have higher raw material costs than rival thermosets, but because of fewer handling, processing, and assembly expenses, the final component's price can be 20-40% less. By doing away with adhesives and fasteners, thermoplastics also provide the ability to fuse or weld molded subcomponents, which can reduce the assembly weight and stress concentrations.
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Europe accounted for the largest share in 2022
Capacity expansions, joint ventures, and agreements between various leading market players characterize the market for CFRTP composites in Europe. Europe is home to some of the world's largest automotive and aerospace manufacturers. Airbus is generating a high demand for carbon fiber-reinforced thermoplastics. The company's Superjumbo A380 and A350 are built with large quantities of carbon fiber and composites. The recently released A380 is a large plane of approximately 30 tons/unit of carbon fiber. Many regional car companies, such as BMW (Germany) and Audi (Germany), now use carbon fiber composites on a significant scale.
Key Players
Prominent companies in the CFRTP market 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).
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