The global Carbon Fiber Reinforced Thermoplastic (CFRTP) Composites Market size is anticipated to reach USD 7.74 billion by 2025. It is also expected to register 10.8% CAGR during the forecasted period, 2016 to 2025. Several features like less weight, more strength, and good fire resistance are anticipated to drive the demand for such composites across the globe.
In 2015, the PAN raw material segment dominated the global market due to its enhanced properties. It is also expected to replace the petroleum pitch segment in the upcoming years due to its rising demand across several industrial sectors.
The aerospace and defense application held the largest share across the global market due to surging need for lightweight materials in aircraft manufacturing. While, the application segment of automotive is projected to witness CAGR of 14.0% from 2016 to 2025 due to implementation of stringent rules and regulations by governmental organizations.
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In 2015, North America held the largest share of around 35% across the global market due to the rising presence of major aircraft manufacturers like Boeing across this region. While Europe is anticipated to register the fastest growth in terms of revenue during the forecasted period on account of stringent rules and regulations being imposed by governing organizations to curtail the vehicle emission.
The CFRTP composites market includes key players such as Teijin Limited, BASF SE, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., and SGL Group. They are also developing marketing strategies such as partnerships, joint ventures, agreements, and alliances to gain competitive advantage and widen their product reach.
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Further key findings from the report suggest:
• In 2015, the polyacrylonitrile (PAN) segment dominated the global market.
• The application segment of automotive is projected to witness CAGR of 14.0% from 2016 to 2025.
• North America held the largest share of around 35% across the global market in 2015.
• The key players in this market are Teijin Limited, BASF SE, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., and SGL Group.
Million Insights has segmented the global carbon thermoplastic (CFRTP) composites market on the basis of raw material, application, and regions:
Global CFRTP Raw Material Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
• Polyacrylonitrile (PAN)
Global CFRTP Application Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
• Aerospace & Defense
• Wind Turbines
• Sports Equipment
CFRTP Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East & Africa
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