The prominence of lightweight materials such as CFRTP and Non-crimp fabrics (NCF) in a gamut of industries including automotive, especially for the energy-conservation factor, is creating a scenario of profitability in markets such as CFRTP market as the material is recognized as a lightweight innovation. This is predominantly evident in two industries namely automotive and aerospace wherein lightweight materials are replacing all the heavy materials for better fuel efficiency and the subsequent lesser CO2 emissions.
The CFRTP market size is also augmented due to the exuded demand from the consumer electronics sector as the material finds its application in laptops and mobile phones. Furthermore, the players are also acquiring some of the CFRTP market share from the wind energy sector as it is used in wind turbines.
In the wake of the growth of eco-friendly products, the companies are venturing into the industry and commencing new production units to acquire more CFRTP market. For instance, in March 2018, Covestro announced to begin the commercial production of CFRTP to leverage the potential arcade in the automotive and consumer electronics industry.
Made by direct resistance heating, CFRTP is also known for direct energization which makes it useful in the end-user industries. Furthermore, there has been research in progress for more applications. For instance, an isothermal forming system is recently developed in order to check CFRTP press forming behavior.
In the forthcoming years, more companies will strive to capitalize on the rising demand which had led to CFRTP market size of $750 million as of 2018, and it is poised to increment at a profitable CAGR of 9.3% during the forecast period 2019-2025.
The Potential for Profitability in the Automotive Application Segment of the CFRTP Market:
The total emission from the transportation sector was gauged at 6,457 million metric tons of CO2 equivalent, and the figure is poised to increase in the upcoming years due to the increasing usage of vehicles. However, reducing greenhouse emissions is one of the prime motives in the sustainable development goals (SDGs) by the United Nations (UN). Now, this is increasingly encouraging the automotive industry to take steps in order to reduce the CO2 emissions attributable to the transportation sector, which is paving path for the CFRTP market growth.
With 95.6 million vehicles manufactured in 2018, the automotive industry is on a path for further progress and the advent of the autonomous vehicles will further support the growth of the associated market. Resultantly, the application of CFRTP in the automotive industry will increase at a CAGR of 7.82% through to 2025.
APAC Experienced Maximum CFRTP Market Share of 34% in 2018:
The booming Chinese automotive industry is found to be one of the most effective factors for the CFRTP market growth prospects in APAC. The Chinese automotive witnessed sales of over 27 million vehicles in 2018, the government expects the output to reach 30 million units by 2030, which will further create opportunities for the CFRTP market players in China.
Furthermore, Indian automotive industry became the fourth largest in the world with 9.5% year on year increase in sales in 2017 with 4.02 million units sold during the year. Indian automotive industry is on the path of growth and the upcoming years have more opportunities for the CFRTP market players in the same.
Top 10 CFRTP Market Companies:
The companies with maximum CFRTP market share that are expanding through geographies are Aerosud, SGL Carbon SE, Royal Ten Cate (TenCate), PolyOne Corporation, Toray Industries, Inc., Covestro AG, and Solvay S.A.
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