The global carbon fiber reinforced thermal plastics (CFRTP) market is expected to grow during the forecast period (2017-2023) due to increasing demand for fuel-efficient vehicles and the flexibility to mold CFRTP into complex shapes and designs. Additionally, the increasing use of CFRTP in automotive, aerospace and consumer applications is expected to drive the growth of global CFRTP market during the forecast period. Moreover, the minimal maintenance costs and rapid urbanization is expected to further spike the demand for CFRTP during the forecast period.
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The global market for CFRTP is segmented by resin type, product type, application and geography. By resin type, the CFRTP market is segmented into Polyetheretherketone (PEEK), Polyamide (PA), Polycarbonate (PC) and Polyphenylene Sulphide (PPS). PEEK market has projected a considerable growth during the forecast period for their high temperature operational stability and high impact resistance.
North America is estimated to be the fastest-growing market for CFRTP during the forecast period owing to the rapid urbanization and industrialization. Companies such as Airbus S.A and Boeing utilize CFRTP for the manufacturing of combat and cargo transport aircraft, which is expected to further contribute to the overall market in the region. The major challenge faced with the carbon fiber reinforced thermal plastics market is the high cost of the raw materials and manufacturing costs, coupled with stiff competition from thermoset composite manufacturers.
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CFRTP are strong and light fibers reinforced plastics containing carbon fibers. The high strength to weight ratio and rigidity of the CFRTP, increases the demand in the automotive and aircraft industries.
The key companies operating in the CFRTP market are Solvay Group, Teijin Limited, SGL Group, Celanese Corporation, Toray industries, Inc., Koninklijke Ten Cate, PolyOne, PlastiComp, Aerosud and Covestro AG.