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 repair 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%. Thermoplastic composites have gained wide acceptance in aerospace, automotive, transportation, consumer electronics, and other applications due to their high performance, long product life cycle, low maintenance cost, and recyclability. Composite materials are increasingly gaining popularity over traditional materials due to their high tensile strength, low weight, and resistance to impact, corrosion, and chemicals. In addition, CFRTPs have longer durability and lower maintenance costs than steel and other metal alloys. These properties increase their use in aerospace, transportation, automotive, sporting goods, consumer devices, medical instruments, and other applications.
High raw materials and production costs of CFRTP and stiff competition from the thermoset composites are restraining the market’s growth. The CFRTP market will be propelled in the long-term forecast due to increasing use in aerospace applications and technological advancements.
Attractive Opportunities in CFRTP Market Trends
To know about the assumptions considered for the study, Request for Free Sample Report
CFRTP Market Dynamics
Driver: Flexibility in manufacturing complex shapes and designs
CFRTP is manufactured using long or continuous carbon fibers. These reinforcement fibers provide high strength and toughness, which can be used in applications such as aerospace and automotive. Long-fiber CFRTP and continuous-fiber CFRTP can offer design autonomy and dimensional stability. These features are useful in producing complex 3D composite components used in high-strength applications, including aerospace, defense, automotive, and others. Such 3D composite components cannot be produced using thermosets resins.
Restraint: Stiff competition from thermoset composites
Thermoplastic composites have a few disadvantages over thermoset composites. Thermoset resins offer high strength & stiffness and better FST (Flame, Smoke, and Toxicity), due to which they are used in applications such as aerospace and transportation. The high cost of carbon thermoplastic composites compared to thermosets is also a major restraint for its growth. Also, the mechanical strength and stiffness are higher in the thermoset composites than in carbon thermoplastic composites. Thermoset composites are more heat resistant and less costly than thermoplastics.
Opportunity: Changing focus of automotive OEMs toward CFRTP
OEMs and Tier 1 companies are implementing various strategies such as expansions, agreements, and partnerships to meet the growing demand for CFRTP composites. These companies are upgrading their manufacturing process to meet the increasing demand for carbon fiber and CFRTP in automotive applications. The features offered by CFRTP make them useful in various applications. Compared to thermoset composites, CFRTP offers operational stability at high temperature and pressure, immense strength, and good mechanical properties. In the automotive industry, CFRTP is used in large volumes to prepare monocoque, powertrain, and interior & exterior components. High-performance sports cars and luxury cars use the highest amount of CFRTP.
Challenge: Capital-intensive and complex manufacturing process of carbon fibers
Carbon fiber manufacturing is highly capital-intensive and requires significant investments. New technologies must be developed to produce low-cost carbon fiber to commercialize the end products. Production and development projects are being undertaken to reduce the manufacturing costs of carbon fiber products through advanced technologies and process solutions. According to some industry experts, the production process of carbon fiber is complex and lengthy compared to the other alternative products. Developing low-cost and simpler technologies for the commercial production of low-cost thermoplastic composites is a major challenge for governments, research laboratories, and carbon fiber producers globally.
Ecosystem: CFRTP Market
Based on the application, the aerospace & defense segment is estimated to account for the largest CFRTP market share during the forecast period.
The aircraft manufacturers are concentrating on lightweight and advanced design & processing solutions for manufacturing interior and exterior structures of new-generation commercial transport aircraft and those already in service. Various interior and exterior aerospace components manufactured with CFRTP help to reduce weight, increase fuel efficiency, and decrease greenhouse gas emissions. The advantages of CFRTP parts, such as higher specific strength, longer shelf life, excellent corrosion resistance, faster production rate, and simplified assembling, have increased the demand for composites in various structural and non-structural aerospace components.
Based on resin type, the PEEK resin is anticipated to register the highest CAGR in CFRTP market.
Polyether ether ketone (PEEK) is a high-performance semi-crystalline polymer with outstanding thermal stability, wear resistance, mechanical properties, and chemical resistance. It has high melting (Tm), glass transition (Tg), and continuous service temperature. It can be processed by conventional methods such as injection molding, extrusion, compression molding, and powder coating techniques. Carbon fiber reinforced PEEK CFRTP offers significant weight reduction to aerospace components compared to conventional metal and metal alloy parts. Complex shapes can be quickly and easily produced with PEEK CFRTPs.
Europe to hold the largest market share during the forecast period.
The market for CFRTP in Europe is characterized by capacity expansions, joint ventures, and agreements among various leading market players. Europe is home to some of the world’s largest automotive and aerospace manufacturers, and the demand for lightweight materials in these industries is expected to drive the growth of the CFRTP market in the region. The aerospace & defense industry is Europe’s largest consumer of CFRTP materials, followed by the automotive industry. This is due to the presence of major aerospace manufacturers such as Airbus, Dassault Aviation, and SAAB AG, among others.
To know about the assumptions considered for the study, download the pdf brochure
Key Market Players
The CFRTP market is dominated by a few globally established players. 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, are the main producers who have won significant contracts recently. Since global requirements are changing, contracts and new product development have received the majority of attention.
These companies are attempting to establish themselves in the CFRTP market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major CFRTP market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.
Read More: CFRTP Companies
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2021–2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Value (USD Million), Volume (Kiloton) |
|
Segments Covered |
By Resin Type, By Product Type, By Application, By Region |
|
Geographies covered |
Europe, North America, Asia Pacific, Latin America, Middle East, and Africa |
|
Companies covered |
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), Jiangsu QIYI Technology Co., Ltd. (China) |
The study categorizes the CFRTP market based on Resin Type, Product Type, Application, and Region.
By Resin Type
- PA
- PEEK
- PPS
- PC
- PP
- Others
By Product Type:
- Continuous carbon Fiber
- Long Carbon Fiber
- Short Carbon Fiber
By Application:
- Aerospace & Defense
- Automotive
- Consumer Electronics
- Transportation
- Others
By Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Recent Developments
- In June 2023, in order to reduce risk and accelerate the development cycle, Solvay and Spirit AeroSystems worked together to create advanced manufacturing concepts and obtain a step change in composite fabrication, automation, and assembly technologies. They will also investigate additional strategic alignment regarding upcoming innovation.
- In April 2023, a collaboration agreement that was signed in 2017 between Solvay and GKN Aerospace has been extended. As per the agreement, both companies are working together to target future strategic high-rate programs and are creating a joint thermoplastic composites (TPC) roadmap to investigate new materials and manufacturing techniques for aerospace structures. Furthermore, Solvay will continue to be the preferred supplier of TPC materials for GKN Aerospace.
- In March 2023, Solvay and Airborne received funding for a composite alternative to metal battery enclosures. This collaboration received support letters from Jaguar Land Rover and Vertical Aerospace. The companies plan to design more compact and lightweight enclosures for high-energy batteries in future electric cars and aircraft and aim to reuse composite waste.
- In February 2023, Toray Industries, Inc. has developed a rapid integrated molding technology for carbon fiber reinforced plastic (CFRP) mobility components. This material sandwiches a light, porous carbon fiber-reinforced foam (CFRF) core prepreg skin, offering outstanding mechanical properties.
- In November 2022, Celanese Corporation completed the acquisition of Mobility & Materials (M&M) business of DuPont. It acquired a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization.
Frequently Asked Questions (FAQ):
Which are the major companies in the CFRTP market? What are their major strategies to strengthen their market presence?
Some of the key players in the CFRTP market are 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) are the key manufacturers that secured contracts, deals in the last few years. Contracts and deals were the key strategies adopted by these companies to strengthen their position in the CFRTP market.
What are the drivers and opportunities for the CFRTP market?
Increasing demand for fuel-efficient vehicles and high demand for CFRTP in aerospace applications is driving the market. High demand for CFRTP in wind energy projects and changing focus of automotive OEMs toward CFRTP are anticipated to accelerate market expansion globally.
Which region is expected to hold the highest market share?
Europe’s CFRTP market has been experiencing growth and significant industry demand. Europe is home to several prominent automotive manufacturers, aerospace companies, and renewable energy projects, all contributing to the increasing adoption of CFRTP.
What is the total CAGR expected to be recorded for the CFRTP market during 2023-2028?
The CAGR is expected to record a CAGR of 13.5% from 2023-2028.
How is the CFRTP market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing business. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involves two major activities in estimating the current market size for the CFRTP market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering CFRTP products and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the CFRTP market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the CFRTP market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from CFRTP industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to resin type, product type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using CFRTP products were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of CFRTP products and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The research methodology used to estimate the size of the CFRTP market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in CFRTP products in different applications at a regional level. Such procurements provide information on the demand aspects of the CFRTP industry for each application. For each application, all possible segments of the CFRTP market were integrated and mapped.
CFRTP Market Size: Botton Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
CFRTP Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
CFRTP is made with a combination of carbon fiber and thermoplastic resin, along with additives and pigments. CFRTP replaces conventional aluminum, steel, and other metallic alloys. It has reshaping and reforming flexibility properties. It is widely used in aerospace, automotive, consumer durables, and other industries. CFRTP uses polyamide, polyether ether ketone, polycarbonate, polypropylene, and other thermoplastic resins. It is lightweight, easy to construct, dimensionally stable, and resistant against chemicals and corrosion compared to traditional materials. These properties enhance the shelf life of CFRTP parts compared to steel and other metallic alloys.
Key Stakeholders
- CFRTP Manufacturers
- Raw Materials Suppliers
- Distributors and Suppliers
- End-use Industries
- Industry Associations
- R&D Institutions
- Environment Support Agencies
Report Objectives
- To define, describe, and forecast the carbon fiber reinforced thermoplastic (CFRTP) market size in terms of volume and value
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
- To analyze and project the global CFRTP market by resin type, product type, application, and region
- To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and analyze the significant region-specific trends
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
- To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
- To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape
- To strategically profile the key market players and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
- Additional country-level analysis of the CFRTP market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in CFRTP Market