Over 40% Demand for Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Stimulated by Glass Fiber Manufacturing Industry: Fact.MR Study
Published : 23 Jul 2021 Industry: Chemical & Materials
Fact.MR – a market research and competitive intelligence provider, projects the global continuous fiber-reinforced thermoplastic (CFRTP) composites market to have a positive outlook, surging at a CAGR of above 8% across the 2021-2031 forecast period.
Continuous fiber-reinforced thermoplastic composite is an advanced material that offers a superior combination of being lightweight and stiffness. These are also freely formable, easy to process, and recyclable.
Due to their properties such as lightweight, stiffness, etc., continuous fiber-reinforced thermoplastic composites have become popular in many sectors such as the automotive industry, aerospace, and electronics. CFRTP composites are mainly made by thermoplastic resin and fiber reinforcement. Usually, PEEK, PP, PE, PET, and PS can be chosen as resin matrix while carbon fiber, glass fiber, and aramid fiber are preferred as fiber reinforcement.
CFRTP composite materials are also used for different purposes in the aircraft industry. The benefit of composites is that they can sustain their identities and do not join completely with each other. On mixing, these materials create a hybrid material that has better structural properties, and can be used for aerospace components.
Rising need for lightweight and high-strength composites coupled with increasing need for fuel-efficient aircraft are some of the major factors propelling market growth.
Key Takeaways from Market Study
- Global continuous fiber-reinforced thermoplastic composites market to top US$ 1.5 Bn by 2031.
- Aramid fiber projected to reach valuation around US$ 300 Mn by 2031.
- Glass fiber projected to record above 4% CAGR over the next 10 years.
- Market in Japan to record 3% CAGR over the forecast period of 2021- 2031.
- China forecast to reach a projected market size above US$ 350 Mn by 2031.
- Market in Canada projected to expand at above 4% CAGR over the next 10 years.
“Augmenting preference for lightweight materials with constant technological breakthroughs will pave the way for expansion of the continuous fiber-reinforced thermoplastic composites industry over the years to come,” says a Fact.MR analyst.
- Companies leverage strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on innovative technologies to strengthen their product capabilities.
- Agreements, partnerships, supply contracts, alliances, joint ventures, and collaborations are the main strategies being adopted by key players to achieve growth in the CFRTP composites market.
- The market is defined by the presence of a few participants with major ones having high-level of value chain integration. Companies have consolidated their operations to produce raw materials and also manufacture the product, thus reducing overall product price.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the continuous fiber-reinforced thermoplastic composites market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product (carbon fiber, glass fiber, and aramid fiber) and application (automotive, aerospace, electronics, and sporting goods), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemicals and Materials
Our chemical and material consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical and material sector. Our expertise in recognizing the challenges and trends impacting the global chemical and material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Consultant – Chemicals and Materials