CFRTP Market worth 1,690.3 Million USD by 2026

North America is projected to be the fastest-growing region in the CFRTP market, in terms of value and volume. Key countries in this region, namely, the U.S. and Canada are witnessing a high demand for CFRTP. Growth in the North America CFRTP market is primarily attributed to the increasing demand for fuel-efficient vehicles, technological advancements in the field of CFRTP, and flexibility offered by CFRTP in manufacturing complex shapes & designs. In addition, mass production of CFRTP is further anticipated to increase its usage in standard automobiles. Leading players in the CFRTP market have adopted the strategy of agreements and expansions to enhance their customer base and increase their geographic reach.

In 2015, the U.S. led the North America CFRTP market, as the U.S. is one of biggest consumers of CFRTP on a global level. The establishment of new manufacturing industries is increasing the demand for CFRTP in the U.S.

The use of continuous carbon fiber CFRTP is projected to grow owing to varied advantages offered by continuous carbon fiber, such as chemical inertness, high tensile strength, and thermal stability over its counterparts. This has further driven the demand for continuous carbon fiber in high strength applications, such as aerospace & defense, automotive, and wind energy. Continuous carbon fiber is ideal for developing unidirectional tapes that are widely utilized in the aerospace industry. CFRTP made from continuous carbon fiber are used in the development of aircraft components, such as fuselage and wing structures.

The PEEK resin type is projected to grow at the highest CAGR between 2016 and 2021, in terms of value and volume. This growth is mainly attributed to the increasing applicability of PEEK-based CFRTP in the aerospace sector. This resin type exhibits good mechanical, electrical, and heat resistance properties. It is durable, has high pressure stability as well as operational stability at high temperatures, and is resistant to impact. PEEK thermoplastic composites can successfully replace metals and thermoset-based composites that are utilized in the development of primary and secondary aircraft components. All these factors have equally contributed to the growth of the PEEK-based CFRTP market in the near future.

Aerospace is the largest application segment of the CFRTP market, in terms of volume and value. This large share is mainly attributed to the fact that the use of CFRTP provides more structural strength to aircraft components as compared to metallic alloys. CFRTP being a lightweight and high strength material offers varied benefits such as fuel efficiency and reduction in greenhouse gas emission. CFRTP also helps minimize corrosion, thereby increasing the shelf life of products. This has further contributed to the growing demand for CFRTP in automotive and consumer durable applications.

Key players in the CFRTP market have adopted varied growth strategies such as agreements, new product launches, acquisitions, and expansions over the last five years. Major companies operating in this market include Solvay S.A. (Belgium), Royal Ten Cate N.V. (Netherlands), Teijin Limited (Japan), Toray Industries, Inc. (Japan), SGL Group (Germany), Celanese Corporation (U.S.), Covestro AG (Germany), PolyOne Corporation (U.S.), PlastiComp, Inc. (U.S.), and Aerosud (South Africa), among others.

The report “CFRTP Market by Product Type (Continuous, Long, and Short), Resin Type (Polyetheretherketone, Polyamide, Polycarbonate, and Polyphenylene Sulfide), Application (Aerospace, Automotive, and Consumer Durables), Region – Global Forecast to 2026”, The CFRTP market is projected to reach USD 1,690.3 Million by 2026, at a CAGR of 8.66% from 2016 to 2026.

Browse 75 market data tables and 53 figures spread through 146 pages and in-depth TOC on “CFRTP Market”
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