Global CFRTP Market: Snapshot
Thermoplastic composites or CFRTP are generally based on resins that are made of polycarbonate and are the growing substitute of metal and different solutions of plastic composites. Various types of continuous fiber reinforced thermoplastic composites or CFRTP are being designed and developed by leading companies with features such as lightweight and thin in size that will help in advancing the solutions for the automotive, consumer goods, transportation, and IT markets. They can be flame-retardant materials as well with impeccable power and dimensional stability. These fiber reinforced thermoplastics are also formable freely, recyclable, and can be processed easily as well. Further these novel materials also present excellent surfaces, thus enabling all kinds of paintings and coatings.
The growth of the global CFRTP market is expected to be supplemented by the popularity of the material in the aerospace and automotive sectors due to the peculiar properties such as strength, smoke and toxicity, better fire, and lower weight. Rising need for lightweight materials from different end users such as marine, construction, and wind turbines. As the fuel efficiency of any vehicle depends on its kerb weight, the fact that employing CFRTP makes vehicles lighter is expected to bode well for the growth of the market in the coming years. As aircraft manufacturers are looking forward to lower the weight of aircrafts and increase their efficiency, the use CFRTP here is expected to increase its demand in the coming years, thus benefitting the market in return.
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Global CFRTP Market: Overview
The global CFRTP market is projected to grow at a robust pace between 2017 and 2025. The market will considerably gain from the increasing demand for fuel-efficient vehicles. Besides this, the rising use of CFRTP in aerospace application will also aid the market’s expansion. With significant technological advancements on cards, experts also project a promising future for the global CFRTP market.
The report provides a holistic market overview, covering the factors encouraging growth and those creating obstacles. Both existing and potential challenges are highlighted and discussed with in detail. Besides this the report also identifies opportunities for the market players to gain from in the coming years. The impact of Porter’s five forces on the global CFRTP market is also studied. This is intended to gauge the degree of competition, threat from substitute, and the bargaining power of buyers and suppliers alike.
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Global CFRTP Market: Drivers and Restraints
Currently, the global CFRTP market is gaining from the increasing demand for fuel-efficient vehicles, besides the rising use of CFRTPs in aerospace applications. In addition, flexibility offered by CFRTPs in the production of complex designs and shapes is also aiding the market’s expansion around the world. In the coming years, technological advancements enabling mass production of CFRTP will propel the market’s growth further.
A CFRTP comes with properties such as lightweight, resistance against chemicals, and dimensional stability. Furthermore it is very to construct and provides operational stability even at very high temperatures compared to conventional materials such as metallic alloys and thermoset composites. It is due to its superior properties that CFRTP finds extensive application across the aerospace industry.
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On the downside, high raw material and production costs could hamper the market to an extent. Nevertheless, manufacturers are hopeful of overcoming this challenge by introducing several technological advancements in the coming years.
Global CFRTP Market: Key Market Segments
Among the various types of CFRTP available in the market, the continuous carbon fiber segment is expected to witness more lucrative opportunities. The use of continuous carbon fiber in diverse applications across automotive, consumer durables, and aerospace industries is expected to give significant impetus to the segment. Also the continuous fiber segment is expected to continue raking high profit for the market both in terms of volume and value due to its higher strength compared to short and long carbon fibers. Automotive, aerospace, and consumer durables are a few of the key end users of CFRTP. Among these the market is currently witnessing the most lucrative opportunities in the aerospace segment.
Global CFRTP Market: Regional Outlook
Regionally, North America has been exhibiting lucrative opportunities for the global CFRTP market. The region boasts a sophisticated industrial infrastructure, with aerospace, consumer durables, and automotive at the forefront. Being early adopted of advanced technologies, these industries are also stronger and more established than their peers in developing nations. The North America market therefore witnesses mass consumption of CFRTP and a substantial rise in the use of composites in aerospace application. In the next five years, the demand for CFRTP is expected to rise exponentially in North America.
Global CFRTP Market: Vendor Landscape
Some of the leading companies operating in the global CFRTP market are Aerosud, SGL Group, Royal TenCate N.V., PolyOne Corporation, Toray Industries, Inc., Covestro AG, and Solvay S.A. Besides including profiles of the leading market players the report also sources information from their financial records. The impact of the strategies they adopted is studied in detail besides gauging their strengths and weaknesses. The report also provides insights into opportunities and threats that will have significant impact on their market operations over the course of the forecast period.