Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "CFRTP Market by Product Type (Continuous, Long, Short), Resin Type (PA, PEEK, PPS, PC, PP), Application (Aerospace & Defense, Consumer Electronics, Transportation), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global market for Carbon Fiber Reinforced Thermoplastic (CFRTP) composites is anticipated to witness a significant growth spurt, expanding from a valuation of USD 8.9 billion in 2023 to an estimated USD 16.8 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 13.5% over the forecast period. Renowned for their high strength and lightweight characteristics, CFRTP composites are increasingly utilized in various industrial applications, including aerospace, defense, and transportation.
CFRTP Market Dominated by Continuous Carbon Fiber Segment
The continuous carbon fiber segment holds a prominent position within the CFRTP market, derivable from its superior tensile strength and vast applicability in manufacturing processes such as layup and filament winding. As a testament to its widespread adoption, the automotive sector constitutes the second-largest consumer of CFRTP materials, integrating them into various vehicle components to enhance structural integrity while reducing weight.
Automotive Industry Fuels Significant Demand for CFRTP Composites
With the ongoing push for fuel-efficient and lower-emission vehicles, CFRTPs have seen heightened demand from the automotive industry. High-end sports cars, in particular, demonstrate the use of CFRTP in numerous parts ranging from exteriors to powertrain components. This material choice aids in delivering performance gains through weight reduction without compromising on safety or design complexity.
Asia Pacific Region to Lead Market Growth with Robust Industrial Expansion
The CFRTP market in the Asia Pacific region is projected to register the highest growth rate during the forecast period, propelled by burgeoning demands from aerospace & defense, consumer electronics, and transportation industries. China, leading in aerospace & defense applications, showcases rapid market expansion supported by new production facilities and strategic partnerships with global automotive companies.
The comprehensive report, backed by in-depth primary interviews with industry experts, categorizes the CFRTP market by key segments, including resin type, product type, application, and region. It offers valuable insights into market drivers, constraints, and opportunities, providing stakeholders with indispensable information to strategize their market positioning and expansion endeavors.
Analysis of critical market dynamics reveals the increasing preference for CFRTP among various applications, driven by technological advancements and the adaptability of CFRTP in fabricating complex structures. However, market growth faces challenges, such as the need for more cost-effective production techniques and the intricate manufacturing process of carbon fibers.
The report meticulously assesses the competitive landscape, presenting forthcoming technological innovations and strategic undertakings of prominent players within the CFRTP market. With comprehensive information on emerging startups and future market prospects, this analysis is essential for businesses seeking to leverage the dynamic growth of the CFRTP sector.
- Understanding market dynamics: Insight into key factors and challenges shaping CFRTP market growth.
- Innovation and product development: Information about cutting-edge technologies and recent product launches.
- Expansive market development data: A thorough breakdown of lucrative market avenues across various regions.
- Diversification strategies: Knowledge about new products, untapped markets, and recent investments.
- Competitive outlook: Detailed evaluation of market shares and growth strategies of leading market participants.
With in-depth market insights and a focus on key growth areas, this report serves as an invaluable resource for stakeholders seeking data-driven strategies to capitalize on the expanding CFRTP market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $8.9 Billion |
| Forecasted Market Value (USD) by 2028 | $16.8 Billion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Global |
Premium Insights
- Attractive Opportunities for Players in CFRTP Market
- CFRTP Market, by Product Type and Region
- CFRTP Market, by Resin Type
- CFRTP Market, by Application
- CFRTP Market, by Key Country
- Figure 15 China to be Fastest-Growing Market During Forecast Period
Companies Mentioned
- Asahi Kasei Corporation
- Avient Corporation
- Celanese Corporation
- Complam Material Co., Ltd.
- Ctech-Llc
- Ensinger
- Fibrtec
- GPM Composite Technology (Kunshan) Co., Ltd.
- Hebei Benjinxin Industrial Co., Ltd.
- Hebei Chaoke Import & Export Co., Ltd.
- Jiangsu Aimi Tech Co., Ltd.
- Jiangsu Qiyi Technology Co., Ltd.
- Kingfa Sci. & Tech. Co., Ltd.
- Lingol Corporation
- Mitsubishi Chemical Group Corporation
- Okutani Ltd.
- Qingdao Cimc Composites Co., Ltd.
- RTP Company
- SGL Carbon
- Shanghai Wanhoo Carbon Fiber Industry Co., Ltd.
- Solvay
- Suzhou Topo New Material Co., Ltd.
- Teijin Limited
- Toray Industries, Inc.
- Xiamen LFT Composite Plastic Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/stj93r
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