Carbon Fiber Reinforced Thermoplastic Market Overview:
Carbon Fiber Reinforced Thermoplastic market size is forecast to
reach $13.6 billion by 2030, after growing at a
CAGR of 10.2% during 2024-2030, owing to the increasing adoption of
Carbon Fiber Reinforced Thermoplastics over conventional metallic alloys in various end-use industries such as automotive, aerospace, wind energy, and others. This is mainly due to the tensile strength carried by CFRTP, which falls between 1500 and 3500 MPa, whereas its metallic counterparts such as aluminum and steel only possess tensile strength of 450–600 MPa and 750–1500 MPa, respectively. Growing demand from the aerospace industry and a rising preference for fuel-efficient and lightweight vehicles are the major factors driving the Carbon Fiber Reinforced Thermoplastic (CFRTP) market during the forecast period.
Market Snapshot:
Market Trends:
Increasing Demand in Aerospace and Defense Applications
A predominant trend shaping the Carbon Fiber Reinforced Thermoplastic (CFRTP) market is the escalating demand in aerospace and defense applications. CFRTP, known for its exceptional strength-to-weight ratio and high-performance characteristics, is extensively utilized in the aviation and defense sectors. The aerospace industry, in particular, relies on CFRTP for manufacturing components such as aircraft wings, fuselage sections, and interior structures. The material's ability to reduce overall weight while maintaining structural integrity contributes to improved fuel efficiency and enhanced aircraft performance. As the aerospace industry continues to evolve with a focus on lightweight and fuel-efficient designs, the demand for CFRTP is expected to soar. Similarly, in the defense sector, CFRTP finds applications in the production of military vehicles, ballistic protection systems, and lightweight armor, driving the market's growth in these critical industries.
Advancements in Manufacturing Technologies
An influential trend in the CFRTP market revolves around continuous advancements in manufacturing technologies. Ongoing research and development efforts are focused on refining production processes to enhance the efficiency, scalability, and cost-effectiveness of CFRTP manufacturing. Innovations such as automated lay-up techniques, resin transfer molding (RTM), and out-of-autoclave (OOA) processes are gaining prominence. These technologies aim to streamline production, reduce cycle times, and enable the mass production of CFRTP components. Additionally, the exploration of sustainable manufacturing practices, including recycled carbon fibers and bio-based resins, aligns with the industry's commitment to environmental responsibility. As manufacturing technologies evolve, the CFRTP market is positioned to offer more accessible and versatile solutions, expanding its applications across various industries beyond aerospace and defense.
Carbon Fiber Reinforced Thermoplastic Market - Report Coverage:
The “Carbon Fiber Reinforced Thermoplastic Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Carbon Fiber Reinforced Thermoplastic Market.
| Attribute |
Segment |
By Type
|
|
By Application
|
-
Automobiles
-
Industrial
-
Aviation & Aerospace
-
Marine
-
Defense
-
Electrical & Electronics
-
Medical
-
Sports Equipment
-
Wind Energy
-
Civil Engineering
-
Others
|
By Geography
|
-
North America (U.S., Canada and Mexico)
-
Europe (Germany, France, UK, Italy, Spain, Netherlands and Rest of Europe),
-
Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),
-
South America (Brazil, Argentina, Chile, Colombia and Rest of South America)
-
Rest of the World (Middle East and Africa).
|
COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic had a multifaceted impact on the Carbon Fiber Reinforced Thermoplastic (CFRTP) market, introducing both challenges and opportunities. As the pandemic unfolded, disruptions in global supply chains, manufacturing operations, and consumer demand reverberated across industries, affecting the uptake of CFRTP. The automotive sector, a significant consumer of CFRTP for lightweight applications, experienced production slowdowns and supply chain interruptions due to lockdowns and decreased consumer spending. Similarly, the aerospace industry faced delays in aircraft production and reduced demand for CFRTP components as air travel declined substantially. The renewable energy sector, particularly wind energy, encountered project delays and supply chain challenges, affecting the demand for CFRTP in the manufacturing of wind turbine components.
● The Russia-Ukraine war has directly impacted the Carbon Fiber Reinforced Thermoplastic (CFRTP) market. However, geopolitical events and conflicts can have far-reaching consequences on global supply chains, trade dynamics, and economic stability. The war may have indirect effects on the CFRTP market, particularly if it disrupts the production and transportation of raw materials, impacts manufacturing processes, or leads to changes in market dynamics. Given that CFRTP is widely used in aerospace, automotive, and renewable energy sectors, any disturbances in these industries due to geopolitical tensions could potentially influence the demand and supply of CFRTP. To assess the current impact of the Russia-Ukraine conflict on the CFRTP market, it is recommended to consult recent reports from industry analysts, market research agencies, and news sources that provide insights into the specific market dynamics shaped by geopolitical events.
Key Takeaways:
● Dominance of Europe
Europe region held the largest share in the Carbon Fiber Reinforced Thermoplastic (CFRTP) market in 2023 up to 34%, owing to the increasing defense, and aerospace sectors in the region. The CFRTP is particularly attractive to defense applications because of its exceptional strength, better stiffness-to-density ratios and superior physical properties. Also, CFRTP provides relatively stronger and stiffer fibers in a tough resin matrix. According to the International Trade Administration (ITA), the Norwegian Government presented a core defense spending budget of USD 6.9 billion in 2019. The Norwegian defense budget accounted for 1.62% of Norway’s GDP in 2018. French civil aerospace industry in 2018 grew to €50.36 billion, out of total non-consolidated aerospace and defense aerospace revenues of €65.4 billion. This is a 1.2% increase over 2017. Also, France has put forth an agreement with the UK government of $2.1 billion to build a prototype combat drone, which will further boost CFRTP market growth. Thus, the increasing aerospace and defense industry in Europe is likely to influence the growth of the Carbon Fiber Reinforced Thermoplastic market in Europe.
● Defense Segment to Hold Largest Market Share
The defense application held the largest share in the Carbon Fiber Reinforced Thermoplastic (CFRTP) market in 2023 and is growing at a CAGR of 9.42%, owing to its ability to reduce the weight of an object to a large extent while providing superior strength. Thus, there is an increasing demand for Carbon Fiber Reinforced Thermoplastics from the defense industries to manufacture specialty components for missile systems, radar panels, body armor, helmets, rocket motor casings, artificial limbs, ballistics, nuclear submarines, propulsion systems and many more. Some of the materials used in military composites include Kevlar, fiberglass and carbon fiber. Countries like Russia, India and Japan are increasingly using composites in submarines, jets, sonar domes and truck components. U.S., U.K., India, and China are the major spenders on defense equipment and maintenance of the army. M80 Stileto is the largest U.S. naval vessel built using carbon-fiber composites. Armored vehicles have conventionally used steel armor for protection; however, the weight of these large trucks creates logistical problems. Therefore, the adoption of CFRTP is increasing in these vehicles. U.S. DOD aims to replace UH-60 Black Hawk with Bell Helicopter’s V-280 which incorporates carbon fibers in its wings, fuselage, and tail. The need for agility at the time of sudden attacks and upgrading the defense technologies has led to the shift from conventional materials to fiber reinforced materials, which is anticipated to propel the Carbon Fiber Reinforced Thermoplastic market during the forecast period.
● Growing Wind Power Sector
As a consequence of the drastic increase in energy demand, the conventional sources of energy are depleting very fast. Hence, the need to expand and utilize renewable energy sources like wind power is growing. The wind power sector is increasing, as the use of renewable energy sources results in less emission of greenhouse and other harmful gases such as SO2. The modern wind turbines are being increasingly used in the wind power sector as they are cost-effective, more reliable and have scaled up in size to multi-megawatt power ratings. Wind Energy installations in APAC increased by 23.6%. This region is set to witness high growth for wind energy equipment and materials majorly driven by the commitments of the government of India and China towards green energy. Carbon Fiber Reinforced Thermoplastic is used primarily in the spar, or structural element, of wind blades longer than 45m/148 ft, both for land-based and offshore systems. Carbon fiber has known benefits for reducing wind turbine blade mass due to the significantly improved stiffness, strength, and fatigue resistance per unit mass compared to fiberglass. Due to the increasing adoption of wind power energy sources, the demand for Carbon Fiber Reinforced Thermoplastic is also increasing, which acts as a driver for the Carbon Fiber Reinforced Thermoplastic market during the forecast period.
● Stringent Government Regulation on Emission
Carbon Fiber Reinforced Thermoplastics are being extensively used in the automotive industries to reduce fuel consumption as well as emissions and to manufacture lightweight vehicles. Several governments across the world have imposed stringent standard emission and fuel economy regulations for vehicles. These standard regulations have compelled automotive OEMs to increase the use of lightweight materials such as Carbon Fiber Reinforced Thermoplastics to assist in increasing the fuel economy of a vehicle while ensuring safety and performance. The emission regulation for light-duty cars such as Corporate Average Fuel Economy (CAFÉ) and Greenhouse Gas Emission standards sets fuel consumption standards for the vehicles. These regulations by the governments have made sure that the car manufacturers henceforth might need to manufacture much lighter vehicles to obey these norms, which acts as a driver for the Carbon Fiber Reinforced Thermoplastic market during the forecast period.
● High Cost of Carbon Fiber Reinforced Thermoplastics
The cost of Carbon Fiber Reinforced Thermoplastics is at times supposedly higher. When compared with other traditional materials such as steel and aluminum, lightweight materials such as Carbon Fiber Reinforced Thermoplastics (CFRTP) and glass fiber reinforced plastics (GFRP) are costly. Composites of carbon fiber cost almost 1.5 to five times more than steel. High cost of fiber production inhibits large-volume deployment. Therefore, precursor and processing costs need to be reduced. The high price of carbon fibers in many applications constrains the potential use of composites. Hence, the high cost of Carbon Fiber Reinforced Thermoplastics may hinder the Carbon Fiber Reinforced Thermoplastics market growth during the forecast period. However, cost-effective production methods coupled with high-volume processing, assembly techniques and automation processes will lead to the reduction of price in the near future.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the CFRTP Market. The top 10 companies in this industry are listed below:
- SGL Carbon SE
- Teijin Ltd.
- Toray Industries Inc.
- Syensqo
- Mitsubishi Rayon Co. Ltd
- Farmosa Plastics Corporation,
- Nippon Carbon Co Ltd.
- Ensinger
- Hexcel Corporation
- Hyosung Advanced Materials
Scope of Report:
| Report Metric |
Details |
|
Base Year Considered
|
2023
|
|
Forecast Period
|
2024–2030
|
|
CAGR
|
10.2%
|
|
Market Size in 2030
|
$13.6 billion
|
|
Segments Covered
|
Type, Application and Region
|
|
Geographies Covered
|
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), Rest of the World (Middle East and Africa).
|
Key Market Players
|
-
SGL Carbon SE
-
Teijin Ltd.
-
Toray Industries Inc.
-
Syensqo
-
Mitsubishi Rayon Co. Ltd
-
Farmosa Plastics Corporation,
-
Nippon Carbon Co Ltd.
-
Ensinger
-
Hexcel Corporation
-
Hyosung Advanced Materials
|
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