Carbon Fiber Reinforced Thermoplastics Market By Type (Long Carbon Fiber, Short Carbon Fiber & Continuous Carbon Fiber), By Resin (Polyetheretherketone (PEEK), Polycarbonate (PC), Polyamide (PA), Polyphenylene Sulfide (PPS), Polyetherimide (PEI), Polypropylene (PP) & Others), By Application (Wind Turbines, Battery Boxes, Instrument Panels, Linings, Molded Furniture, Consumer Electronics & Others), By End-Use Industry (Automotive (Passenger Vehicles, Light Commercial Vehicles & Heavy Commercial Vehicles), Aerospace (Commercial, Military & Others), Construction (Residential, Commercial, Industrial & Infrastructural), Marine (Passenger, Cargo & Others), Consumer Goods, Power Generation (Wind Energy, Nuclear Energy & Others) & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027

Carbon Fiber Reinforced Thermoplastics Market Overview

The Carbon Fiber Reinforced Thermoplastics market size is estimated to reach US$8.4 billion by 2027, after growing at a CAGR of 10.6% during the forecast period 2022-2027. Carbon fiber reinforced thermoplastics is a lightweight and strong material that is made up of lightweight fibrous plastics and resins including polyamide, polyetheretherketone, polyphenylene sulfide, polycarbonate and others. The demand for CFRTP is growing in the automotive industry due to its applicability as an alternative to metals in automotive vehicles, thereby acting as a driving factor in the carbon fiber-reinforced thermoplastics market. According to the International Organization of Motor Vehicles Manufacturers (OICA), the total automotive vehicle production rose from 77,621,582 units in 2020 to 80,145,988 units in 2021. Furthermore, the demand for carbon fiber reinforced thermoplastics is increasing due to its requirement for a lightweight body in automotive, aerospace and marine, thereby driving the market. The covid-19 pandemic resulted in major distribution and growth hamper for the market. The decline in demand, restricted production activities, logistics restrictions and other lockdown regulations during the outbreak offered a slowdown. However, with recovery and flourishing recovery in the market, the applications of carbon fiber reinforced thermoplastics materials rose across major industries; thereby the carbon fiber reinforced thermoplastics industry is anticipated to rise and contribute to the growing carbon fiber reinforced thermoplastics market size during the forecast period.

Report Coverage

The report: “Carbon Fiber Reinforced Thermoplastics Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments in the Carbon Fiber Reinforced Thermoplastics Industry.

By Type: Long Carbon Fiber, Short Carbon Fiber and Continuous Carbon Fiber.
By Resin: Polyetheretherketone (PEEK), Polycarbonate (PC), Polyamide (PA), Polyphenylene Sulfide (PPS), Polyetherimide (PEI), Polypropylene (PP) and Others.
By Application: Wind Turbines, Battery Boxes, Instrument Panels, Linings, Molded Furniture, Consumer Electronics and Others.
By End-Use Industry: Automotive (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles), Aerospace (Commercial, Military and Others), Construction (Residential, Commercial, Industrial and Infrastructural), Marine (Passenger, Cargo and Others), Consumer Goods, Power Generation (Wind Energy, Nuclear Energy and Others) and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of the Middle East) and Africa (South Africa, Nigeria and Rest of Africa)].

Key Takeaways

• North America dominates the carbon fiber reinforced thermoplastics market, owing to its established base for aerospace, automotive, construction, marine and others, thereby propelling its growth in this region.
• The flourishing automotive industry is propelling the growth prospects for carbon fiber reinforced thermoplastics for various applications in automotive interiors, under the hood, seating, casings and others, thereby contributing to the carbon fiber reinforced thermoplastics market size.
• However, the high prices of raw materials for the CFRTP such as carbon fiber, which is derived from polyacrylonitrile (PAN) and petroleum pitch affect the production and growth prospects for the market, thereby acting as a challenging factor.

Figure: Carbon Fiber Reinforced Thermoplastics Market Revenue Share by Geography, 2021 (%)

For more details on this report - Request for Sample

Carbon Fiber Reinforced Thermoplastics Market Segment Analysis – By Type

The continuous carbon fiber segment held the largest Carbon Fiber Reinforced Thermoplastics market share in 2021 and is projected to grow at a CAGR of 10.5% during the forecast period 2022-2027. The continuous carbon fiber offers superior and advantageous features such as improved mechanical strength, excellent load carrying capacity, weight reduction and enhanced stiffness, thereby having preference over short and long carbon fiber. Due to superior features of continuous type, the applications and demand for continuous carbon fiber are rising in automotive, aerospace, marine and other sectors that demand lighter materials for vehicles and machinery components. Thus, owing to its multiple advantages and high efficiency, the demand for continuous carbon fiber-reinforced thermoplastics is growing and is anticipated to rise during the forecast period.

Carbon Fiber Reinforced Thermoplastics Market Segment Analysis – By End-use Industry

The automotive segment held a significant Carbon Fiber Reinforced Thermoplastics market share in 2021 and is projected to grow at a CAGR of 10.9% during the forecast period 2022-2027. The fueling demand for carbon fiber reinforced thermoplastics in the automotive sector is introduced by its growing applications in the vehicle interior, exterior, under the hood, battery cases and others. The automotive industry is growing fast due to the rise in electric and fuel-efficient vehicles, rising income and the development of smart public transportation systems. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), the domestic production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers and quadricycles in India rose from 22,655,69 units in 2020-21 to 22,933,230 units in 2021-22. With the increase in automotive production and growth, the applications of carbon fiber reinforced thermoplastics for casings, seating, interior trims and others are growing, thereby providing major growth prospects in the automotive industry during the forecast period.

Carbon Fiber Reinforced Thermoplastics Market Segment Analysis – By Geography

North America held the largest share Carbon Fiber Reinforced Thermoplastics market share in 2021 up to 39%. The flourishing growth of carbon fiber-reinforced thermoplastics in this region is influenced by growing demand from the automotive sector and an established base for lighter vehicle production. The automotive sector is growing rapidly in North America due to factors such as a rise in manufacturing activities for electric and passenger vehicles, high demand for light vehicles and rising income of the middle-class section. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total automotive production in the USA rose from 8,822,399 units in 2020 to 9,167,214 units in 2021. According to the Mexican Automotive Industry Association (AMIA), Mexican automotive production increased by 5.2% year-on-year in June 2022 over the previous year. Thus, with the flourishing automotive sector, the demand for carbon fiber reinforced thermoplastics for a wide range of applications such as automotive interior, exterior, casing, seating and others is anticipated to rise, thereby the carbon fiber reinforced thermoplastics market is projected to dominate in the North America region during the forecast period.

Carbon Fiber Reinforced Thermoplastics Market Drivers

Flourishing Applications in the Construction Sector:

Carbon Fiber Reinforced Thermoplastics has a growing demand in the building and construction industry for various applications involving building interiors, molded furniture, linings and others as it offers weight reduction and lightweight features in the vehicle. The construction sector is growing significantly owing to factors such as increasing investments in infrastructural projects, initiatives for smart and green building and urbanization. For instance, according to the National Investment Promotion & Facilitation Agency, the Indian construction industry is expected to reach US$ 1.4 trillion by the year 2025. According to the US Census Bureau, the total construction spending in the 1st quarter of 2022 accounted for US$520.8 billion, an increase of 12.4% from the same period in the year 2021. Thus, with the rise in growth for the building & construction activities, the applications of carbon fiber reinforced thermoplastics are rising for building interiors, linings, molded furniture and others, thereby driving the carbon fiber reinforced thermoplastics industry.

Bolstering Growth of the Aerospace Industry:

Carbon Fiber Reinforced Thermoplastics has major demand in the aerospace sector for application in aircraft seating, lighting, cabin linings and others due to their superior features such as lightweight, chemical attack resistance and simple build. The aerospace sector is flourishing rapidly owing to a recovery in air travel and high air traffic, rising production of aircraft and development projects for aviation. For instance, according to the India Brand Equity Foundation (IBEF), the aerospace industry in India is projected to reach US$70 billion by the year 2030. Furthermore, according to the Boeing Market Outlook (BMO), the addressable aerospace market accounted for US$9 trillion in 2021, up from US$8.5 trillion in 2020. Thus, with the increase in growth for aircraft production and developments, the applicability of carbon fiber reinforced thermoplastics for aerospace interiors, lighting and other components is growing, which is boosting the demand and driving the carbon fiber reinforced thermoplastics industry.

Carbon Fiber Reinforced Thermoplastics Market Challenge

High Costs Associated with the Raw Material Production:

Carbon Fiber Reinforced Thermoplastics Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the carbon fiber reinforced thermoplastics market. The top 10 companies in the Carbon Fiber Reinforced Thermoplastics market are:

1. Teijin Limited
2. Covestro AG
3. PlastiComp, Inc.
4. PolyOne Corporation
5. Royal Ten Cate N.V
6. Solvay S.A
7. Toray Industries
8. SGL Group
9. Celanese Corporation
10. Hexel Corporation

Recent Developments

• In April 2022, the 9T Labs expanded the team and moved into the CFRTP 3D printing technology into the market, thereby anticipating strong sales and application across major industries in the market.
• In February 2022, Avient launched the long fiber composites based on nylon, recycled from fishing nets. This product launch offered stiffness, strength, lightweight and sustainability, thereby boosting the demand in the market.
• In August 2019, Covestro invested the continuous fiber-reinforced thermoplastic in response to growing demand trends from major end-use industries and customers. The investment aimed to boost the portfolio, fulfill the product demand and offer growth in the industry. 

Relevant Reports

Cf & Cfrp Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: CMR 42467

Carbon Fiber Reinforced Plastic Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: CMR 0055

Carbon Fiber Reinforced Metal Composites Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: CMR 17578 

For more Chemicals and Materials related reports, please click here