Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Market Size, Share, Opportunities, And Trends By Raw Material (PAN, Pitch), By Resin (Polyethersulfone (PES), Polyetherimide (PEI), Polyether Ether Ketone (PEEK), Polyurethane (PU)), By End-Use Industry (Wind Turbines, Sport Equipment, Construction, Automotive, Aerospace & Defense, Marine, Others), And By Geography - Forecasts From 2023 To 2028

Carbon fiber-reinforced thermoplastic (CFRTP) composites are advanced materials made by combining carbon fibers with thermoplastic resins. These composites offer high strength-to-weight ratios, excellent chemical resistance, and good durability, making them ideal for use in a variety of industries such as aerospace, automotive, sports, and medical. The CFRTP composite market has seen significant growth in recent years due to its superior properties compared to traditional materials such as metals and thermoset composites. These composites are lightweight, which leads to reduced fuel consumption and improved performance in transportation applications. They are also highly resistant to corrosion and can withstand extreme temperatures, making them ideal for use in harsh environments.

The CFRTP composite market is expected to continue to grow as more industries adopt these materials for use in their products. The increasing demand for lightweight and durable materials in the aerospace and automotive industries is driving the growth of this market, as is the increasing use of CFRTP composites in other industries such as sports and medicine.

The carbon fiber reinforced thermoplastic (CFRTP) composites market is driven by growing demand for lightweight materials due to environmental regulations and electric vehicles and electric vehicles.

Growing demand for lightweight materials due to environmental regulations

CFRTP composites are known for their lightweight properties, making them ideal for use in the aerospace and automotive industries. These materials help to reduce the weight of aircraft and vehicles, leading to improved fuel efficiency and performance. This driver is expected to continue to be a major contributor to the growth of the CFRTP composite market in the future. According to the U.S. Department of Energy, reducing the weight of vehicles by 10% can lead to a 6-8% improvement in fuel economy. Lightweight CFRTP composites are being increasingly used in the automotive industry to meet fuel efficiency standards set by governments around the world. Further, Governments around the world are implementing regulations aimed at reducing carbon emissions and promoting sustainable practices. CFRTP composites are being increasingly used as an eco-friendly alternative to traditional materials that have a higher carbon footprint.

Growing demand for electric vehicles

As demand for electric vehicles continues to grow, the need for lightweight, durable materials such as CFRTP composites is also expected to grow. These materials can help to reduce the weight of electric vehicles, leading to improved battery life and performance. The number of electric cars on the road surpassed 10 million in 2020, a 43% increase from the previous year.

Key developments.

In September 2022, Xenia Materials introduced a new line of high-performance carbon fiber-reinforced composites called XECARB ST, designed to meet the increasing demand for lightweight composites in emerging markets such as sustainable mobility and unmanned aerial vehicles (UAVs). The new range has improved impact strength performance, and the company claims that it builds on the proven mechanical strengths of its existing XECARB range. According to the company, the new range is expected to help the company expand its customer base in Europe, Asia Pacific, and North America, and help the company increase its European sales force to provide better customer support and service. Major clients are already evaluating the potential of the range for weight reduction, lower material and energy consumption, and cost savings, while also reducing environmental impact. The launch of XECARB ST is expected to drive growth in the carbon fiber reinforced thermoplastic (CFRTP) composites market, particularly in the high-performance sports and automotive industries.

Based on resin, the carbon fiber-reinforced thermoplastic (CFRTP) composite market is expected to witness positive growth in the polyurethane (PU) segment.

Carbon fiber-reinforced thermoplastic (CFRTP) composites can be made using different types of resins, with polyurethane (PU) being one of the most popular choices. PU resins offer high strength, durability, and resistance to chemicals, making them suitable for a variety of applications. The growing focus on reducing carbon emissions and improving fuel efficiency is driving the demand for PU-based CFRTP composites in several industries.

North America accounted for a significant share of the carbon fiber reinforced thermoplastic (CFRTP) composite market.

Based on geography, the carbon fiber reinforced thermoplastic (CFRTP) composite market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is a significant market for carbon fiber reinforced thermoplastic (CFRTP) composites, and several factors are driving its growth in the region. One of the primary drivers is the increasing demand for lightweight materials in the aerospace and defense industry, which is a significant consumer of CFRTP composites. The United States is the largest aerospace and defense market in the world and the use of CFRTP composites in aircraft and military vehicles is expected to increase significantly in the coming years, particularly with the growing demand for unmanned aerial vehicles (UAVs). According to a report by the US Department of Energy, the demand for lightweight and high-strength materials in North America is increasing due to stringent fuel efficiency and emissions regulations. The report also states that the transportation sector, including the automotive and aerospace industries, is the largest consumer of CFRTP composites in North America.

Key Market Segments

• BY RAW MATERIAL

• • PAN
  • Pitch
• BY RESIN

• • Polyethersulfone (PES)
  • Polyetherimide (PEI)
  • Polyether Ether Ketone (PEEK)
  • Polyurethane (PU)
• BY END-USE INDUSTRY
• • Wind Turbines
  • Sport equipment
  • Construction
  • Automotive
  • Aerospace & Defense
  • Marine
  • Others
• BY GEOGRAPHY

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • Germany
  • France
  • United Kingdom
  • Spain
  • Others

• Middle East And Africa

• • Saudi Arabia
  • UAE
  • Israel
  • Others

• Asia Pacific

• • China
  • India
  • South Korea
  • Indonesia
  • Thailand
  • Taiwan
  • Others