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Global Carbon Fiber Reinforced Thermoplastic Market size is predicted to reach $13.6 billion by 2030, growing at a CAGR of 10.2% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Owing to the increasing adoption of Carbon Fiber Reinforced Thermoplastics over conventional metallic alloys in various end-use industries such as automotive, aerospace, wind energy, and others. This is mainly due to the tensile strength carried by CFRTP, which falls between 1500 and 3500 MPa, whereas its metallic counterparts such as aluminum and steel only possess tensile strength of 450–600 MPa and 750–1500 MPa, respectively., finds IndustryARC in its recent report, titled “Carbon Fiber Reinforced Thermoplastic Market – By Type (Polyether Ether Ketone (PEEK), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, PET, Polyphenylene Sulfide (PPS), Polyethylene, Polyurethane, Polyethersulfone, Polyetherimide (PEI), and Others), By Application (Automobiles, Industrial, Aviation & Aerospace, Marine, Defense, Electrical & Electronics, Medical, Sports Equipment, Wind Energy, Civil Engineering, and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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Europe to Register Highest Growth:
In 2023, Europe dominated the Carbon Fiber Reinforced Thermoplastic market with largest share of 34% due to the region’s strong presence in the aerospace and automotive industries, which are significant consumers of CFRTP, has fueled demand. According to the International Trade Administration (ITA), the Norwegian Government presented a core defense spending budget of USD 6.9 billion in 2019. The Norwegian defense budget accounted for 1.62% of Norway’s GDP in 2018. French civil aerospace industry in 2018 grew to €50.36 billion, out of total non-consolidated aerospace and defense aerospace revenues of €65.4 billion. This is a 1.2% increase over 2017. Also, France has put forth an agreement with the UK government of $2.1 billion to build a prototype combat drone, which will further boost CFRTP market growth. Thus, the increasing aerospace and defense industry in Europe is likely to influence the growth of the Carbon Fiber Reinforced Thermoplastic market in Europe.
Carbon Fiber Reinforced Thermoplastic Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
CAGR |
10.2% |
|
Market Size in 2030 |
$13.6 billion |
|
Segments Covered |
By Type, By Application and By Region |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
SGL Carbon SE Teijin Ltd. Toray Industries Inc. Syensqo Mitsubishi Rayon Co. Ltd Farmosa Plastics Corporation, Nippon Carbon Co Ltd. Ensinger Hexcel Corporation Hyosung Advanced Materials Asahi Kasei Solvay Celanese Corporation Covestro AG Sika AG |
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Carbon Fiber Reinforced Thermoplastic Market Report – Key Takeaways:
The aerospace industry is a major driver for the Carbon Fiber Reinforced Thermoplastic (CFRTP) market. The use of CFRTP in aerospace applications is driven by the need for lightweight, high-strength materials that can withstand extreme conditions. These materials significantly reduce the weight of aircraft, leading to enhanced fuel efficiency and lower operational costs. Moreover, CFRTPs offer excellent resistance to fatigue and corrosion, crucial for the longevity and safety of aerospace components. The adoption of CFRTPs in structural parts, interior components, and engine parts is increasing as aerospace manufacturers strive to meet stringent performance and safety standards. The continuous evolution of the aerospace sector, with the introduction of next-generation aircraft, is expected to further fuel the demand for CFRTP.
The wind energy sector is another significant driver for the CFRTP market. Wind turbine manufacturers are increasingly using CFRTPs to produce lightweight and high-strength turbine blades. These materials help in improving the efficiency and performance of wind turbines by reducing the overall weight and enhancing the blades’ aerodynamic properties. The modern wind turbines are being increasingly used in the wind power sector as they are cost-effective, more reliable and have scaled up in size to multi-megawatt power ratings. Wind Energy installations in APAC increased by 23.6%. This region is set to witness high growth for wind energy equipment and materials majorly driven by the commitments of the government of India and China towards green energy. CFRTPs also offer excellent fatigue resistance, crucial for the longevity of turbine blades that operate under varying and harsh environmental conditions. As the global push towards renewable energy sources intensifies, the demand for CFRTPs in the wind energy sector is expected to grow substantially.
The cost of raw materials, particularly carbon fibers, is significantly higher compared to traditional materials like steel or aluminum. Additionally, the manufacturing processes for CFRTPs, which often involve complex and precise techniques such as automated fiber placement (AFP) and high-temperature molding, require substantial investment in specialized equipment and skilled labor. These factors collectively result in higher overall production costs, which can be a barrier for widespread adoption, especially in cost-sensitive industries. Composites of carbon fiber cost almost 1.5 to five times more than steel. High cost of fiber production inhibits large-volume deployment. Therefore, precursor and processing costs need to be reduced. The high price of carbon fibers in many applications constrains the potential use of composites. Hence, the high cost of Carbon Fiber Reinforced Thermoplastics may hinder the Carbon Fiber Reinforced Thermoplastics market growth during the forecast period.
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Key Opportunity Analysis:
Advancements in 3D Printing and Additive Manufacturing
The advancements in 3D printing and additive manufacturing technologies offer exciting opportunities for the CFRTP market. These technologies enable the production of complex and customized parts with high precision, reducing material wastage and production costs. The ability to print CFRTP components directly from digital designs allows for greater design flexibility and faster prototyping. As additive manufacturing continues to evolve, it is likely to become more integrated into mainstream production processes, expanding the application scope of CFRTPs. Industries such as aerospace, automotive, and medical devices stand to benefit significantly from these advancements, driving the demand for CFRTPs in innovative and highly specialized applications.
Environmental Sustainability and Recyclability
The growing emphasis on environmental sustainability is driving the demand for CFRTPs. Unlike traditional thermosetting composites, thermoplastics used in CFRTPs are recyclable, aligning with the principles of the circular economy. This recyclability makes CFRTPs an attractive option for industries seeking to reduce their environmental footprint. Additionally, the lightweight nature of CFRTPs contributes to energy efficiency and lower emissions in various applications, further supporting sustainability goals. As industries worldwide adopt greener practices and materials, the demand for CFRTPs is expected to rise, driven by their environmental benefits. Recyclable or sustainably sourced CFRTP materials present prospects in sectors of the economy where environmental sustainability is a top concern. Initiatives for a circular economy are supported by CFRTP composites’ capacity for recycling and reuse.
Rising Demand from the Construction Industry
The construction industry is increasingly adopting CFRTPs due to their high strength-to-weight ratio, corrosion resistance, and ease of installation. CFRTPs are used in various construction applications, including building facades, bridges, and structural components. The lightweight nature of CFRTPs facilitates easier handling and reduces the load on structures, enhancing their durability and safety. Additionally, CFRTPs offer aesthetic advantages, with the ability to be molded into different shapes and finishes. As the construction industry seeks sustainable and high-performance materials to meet the demands of modern infrastructure, the adoption of CFRTPs is expected to rise significantly. Additionally, the ease of installation and reduced maintenance requirements associated with CFRTP contribute to cost savings and project efficiency. As the construction industry continues to evolve towards sustainable and resilient building practices, the adoption of advanced materials like CFRTP is expected to rise, driving market growth.
Development of Smart and Connected Devices
The rise of smart and connected devices, driven by the Internet of Things (IoT), presents new opportunities for CFRTPs. These materials can be used to create lightweight, durable, and aesthetically pleasing enclosures and components for various electronic devices, including smartphones, tablets, wearables, and home automation systems. The integration of CFRTPs can improve the durability and performance of these devices while maintaining a sleek and modern design. Furthermore, the increasing emphasis on portable and flexible electronics aligns with the properties of CFRTPs, making them an ideal choice for next-generation smart devices. As the IoT ecosystem continues to expand, the demand for advanced materials like CFRTPs is expected to rise, driving growth in this emerging market.
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The report also covers the following areas:
Carbon Fiber Reinforced Thermoplastic Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Carbon Fiber Reinforced Thermoplastic Market:
The Global Carbon Fiber Reinforced Thermoplastic Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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