CFRTP Market

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

Want to explore hidden markets that can drive new revenue in CFRTP Market?

Unlock Insights

Click on image to enlarge

Scope of the Report

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):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst