CFRTP Market Analysis by key Players Mitsubishi plastics, Formosa, SGL, Toray Carbon Fibres, SABIC and Huntsman

CFRTP Market size is expected to soar at high CAGR during the forecast period. Carbon fibre reinforced thermoplastic composite has wide range of applications in various industries including automotive, aerospace and consumer durables owing to its excellent properties such as strong impact strength, smoke & toxicity and lower weight. Further, extended product life and low maintenance properties will drive the CFRTP market.

Prominent drivers of CFRTP market is increasing demand of the product in automotive industry. Growing need for lightweight material in various industries including construction, marine and turbine industry will reinforce the product usage in forecast timeframe.

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On the basis of resin type CFRTP market is segmented into, polyamide, polyphenylene sulphide, polycarbonate and polyether ether ketone. It can also be divided on the basis of its manufacturing process into, RTM, compression molding, pultrusion, filament winding, injection molding and layup.

Based on the product design, CFRTP market is classified into, short carbon fibre, long carbon fibre and continuous carbon fibre. Among these, continuous carbon fibre is expected to grow at high CAGR during the forecast years owing to its high strength property as compared to short and long carbon fibre.

Based on the end-use industries, CFRTP market is bifurcated into, aerospace, automotive, sports, power generation, marine and construction. Amongst, aviation industry possesses significant share owing to its various properties including operational stability, chemical resistance, dimensional stability, lightweight and easy to construct over other traditional materials which include metal alloys and thermoset composites.

North America contributes substantially in CFRTP market and is anticipated to be grow at a decent pace during the forecast period. Upsurge in demand for these products in aerospace and automobile industries in the region will accelerate its usage. Further, increasing usage of composites in key defense instruments and Boeing manufacturers will impel the product size.

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Asia-Pacific is fastest growing in CFRTP market during the expected timeframe owing to its rapid transformation and urbanization. Various countries in the region including China, Japan and India are witnessing growing automobile industries which will substantially drive the product market. Improving economic conditions & infrastructure, rising disposable income & standard of living and need for fuel efficient vehicles will be the major key indicators to propel the CFRTP market in the region.

Some of the prominent manufacturers globally are BASF SE, Mitsubishi plastics, Formosa, SGL, Toray Carbon Fibres, SABIC and Huntsman. Several other leaders operating in the same industry are Solvay, Celanese, PolyOne, Royal Tencate, Hexcel, Teijin and Covestro.

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Mergers, acquisitions, new product launch and agreements are few key strategies that are adopted by these producers to sustain in the industry. In January 2017, Teijin acquired Continental Structural plastics (CSP), a global leader in lightweight composite automobiles for USD 825 million. Through this acquisition Teijin will be able to expand its automobile hybrid solutions beyond glass fibre and carbon fibre composites, meeting their customer needs and demands.

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