Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market
Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market By Product (Carbon Fiber, Glass Fiber, Aramid Fiber CFRTP Composites), By Application (CFRTP Composites for Automotive, Aerospace, Electronics, Sporting Goods), By Region - Global Insights 2031
Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market Outlook
According to Fact.MR’s continuous fiber-reinforced thermoplastic (CFRTP) composites industry analysis, the market was valued at around US$ 900 Mn in 2020, and is projected to expand 1.7X to top US$ 1.5 Bn by 2031. North America is set to account for more than 50% market share over the decade.
Key Insights Offered in CFRTP Composites Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Assessment by Product Grade / Purity / Formulation Standards
- Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
- Analysis of Demand Share of OEMs and OES Opportunity in Aftermarket
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Continuous Fiber-Reinforced Thermoplastic Composite Sales and How to Navigate
- Recommendation on Key Winning Strategies
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Continuous Fiber-Reinforced Thermoplastic Composites Consumption Analysis from 2016-2020 Vs Future Market Outlook for 2021 to 2031
As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for continuous fiber-reinforced thermoplastic composites expanded at close to 4% CAGR. In 2020, the market was valued at around US$ 900 Mn.
Continuous fiber-reinforced thermoplastic composite manufacturers are actively cooperating with their partners to promote their business. Although carbon fiber and glass fiber thermoplastic composites account for a dominant share in the market, due to their own distinctive characteristics, demand for CFRTP composites market has increasing fast in recent years.
All these factors create an ideal environment for continuous fiber-reinforced thermoplastic composites across the world, and the market is expected to top a valuation of US$ 1.5 Bn by 2031.
Which Factors are Stimulating Demand for CFRTP Composites?
Continuous fiber-reinforced thermoplastic composites are durable and lightweight, providing significant weight reduction and strength & stiffness to end products.
Having multiple advantages such as high strength-to-weight ratio, excellent load carrying ability, low-coefficient of thermal expansion, and resistance to deformation and cracks, CFRTP composites are used in many end-use industries such as automotive, aerospace, electronics, and others.
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How is Rising Adoption of Environment-friendly Vehicles Driving Demand for CFRTP Composites?
As fuel efficiency depends upon the weight of a vehicle, there is increase in requirement for lightweight materials, which is anticipated to drive demand for CFRTP composites.
Electric vehicles (EVs) are environment-friendly and have been gaining a lot of traction in recent years. CFRTP composites have high strength and contribute significantly to vehicle weight reduction, and are extremely useful in the manufacture of EV parts.
As the market for electric vehicles grows, increase in consumer awareness towards pollution-free and efficient vehicles is further fostering demand for lightweight vehicles, which, in turn, is driving demand for CFRTP composites in the market.
Which Region Offers the Largest Opportunity for CFRTP Composite Suppliers?
North America dominates the market with a share of more than 50%. North America is expected to remain the largest regional market due to the presence of leading part fabricators, and is also expected to witness the highest growth because of rising penetration of continuous fiber-reinforced thermoplastic composites in major end-use industries.
The low weight and high tensile strength of composites increase fuel efficiency, reduce maintenance costs, and allow OEMs to comply with stringent environmental regulations in North America. There has been increasing production of single-aisle airplanes by Boeing in North America, which is likely to drive the market in the region.
What is the Demand Outlook for CFRTP Composites in the U.S.?
The market in the U.S. was valued at over US$ 250 Mn in 2020. Presence of major automobile manufacturers such as Chrysler, Tesla, Ford Motor Company, and General Motors, suitable infrastructure, along with with high disposable income are expected to drive the market in the U.S.
Increasing demand for customized vehicles where composites are utilized to provide desirable specifications and performance is also a major driver for the market. Additionally, growing residential building construction in the United States is also expected to drive demand for CFRTP composites.
Will China Provide Lucrative Opportunities for CFRTP Composite Manufacturers?
By 2031, China is expected to have a market value of roughly US$ 350 Mn. China has shown significant growth in the aerospace industry. Boeing forecasted that China's carriers will need 8,090 new planes through 2038, further raising demand for CFRTP composites.
Even though huge space for growth in the China market exists, quality and technology should be further improved. Due to their own advantages and properties, the market in China looks very promising for the future.
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Why are Glass Fiber Composites Gaining Immense Popularity?
Glass fiber composites accounted for a market share of around 40% in 2020, and are expected to experience significant growth on account of their low cost, simple fabrication methods, and ability to process with different resins.
Glass fiber are used mostly in electronics, construction, transportation, and other industries. However, due to COVID-19, these industries saw a drop in CFRTP composite demand due to decline in aircraft deliveries, and reduction in number of wind energy installations as well as automobile and electronics goods sales.
Demand for America is expected to remain the largest region composites will gain momentum with the recovery of these end-use industries.
Why are CFRTP Composites Continuing to Gain Popularity in the Automotive Industry?
Strict government rules for vehicular emissions and need for increasing fuel efficiency are expected to compel automobile manufacturers to take essential steps for overall vehicle weight reduction. Continuous fiber-reinforced thermoplastic composites are a natural fit for automotive underbody protection, and continue to gain popularity in the automotive industry, primarily due their ability to reduce weight. CFRTP composites have been used popularly in a range of internal and external automotive components to provide distinct structural and weight advantages.
A number of OEMs and automakers world over are increasingly using CFRTP composites with the primary objective to reduce vehicle weight and cut down on carbon emissions. Start-ups and big automobile manufacturers are actively considering incorporating carbon fiber composites in trucks and electric vehicles.
Adoption of CFRTP composites has helped automotive players fill in more functional hardware, notably gadgets.
How Has COVID-19 Impacted Demand for CFRTP Composites?
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. COVID-19 has negatively affected the demand for CFRTP composites across various end-use industries such as aerospace, automotive, consumer & electronics goods, and others.
Disruption in supply chains resulting in delays or non-arrival of raw materials, disrupted financial flows, and growing absenteeism among production line workers have compelled OEMs to operate at zero or partial capacities, leading to reduced demand for thermoplastic composites.
Countries have effectively shut down their production units, putting a strain on equipment manufacturers. Major countries such as the U.S. and India procure raw materials and electronic components from China, and the supply chain of many equipment and product manufacturers has been affected. 2021 is projected to be better, with the market regaining its original traction by 2022.
Major players with a prominent share in the market are focusing on expanding their customer base.
- In 2018, Lanxess AG announced a new thermoplastic specialty compounds facility in Krefeld-Uerdingen, Germany. This will increase the capacity of the facility by 10,000 metric tons per year. It will help the company cater to demand for polyamide-based compounds.
- In 2019, Polyone Corporation launched new thermoplastic composite products at CHINAPLAS 2019. It introduced Complet LFT formulations, which is a thermoplastic composite with PEEK and PP as a base resin, to meet highly demanding design and performance requirements.
CFRTP Composites Market Report Scope
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Key Market Segments Covered in CFRTP Composites Industry Research
- Carbon Fiber CFRTP Composites
- Glass Fiber CFRTP Composites
- Aramid Fiber CFRTP Composites
- CFRTP Composites for Automotive
- CFRTP Composites for Aerospace
- CFRTP Composites for Electronics
- CFRTP Composites for Sporting Goods
- FAQs -
The global continuous fiber-reinforced thermoplastic composites market is worth around US$ 1.5 Bn at present, according to Fact.MR.
The CFRTP composites market is projected to rise at a CAGR of over 8% during 2021 – 2031.
Demand for CFRTP composites increased at a CAGR of close to 4% during 2016 – 2020.
Increasing demand for lightweight, comfortable, and high-strength materials across the world is largely expected to shape market expansion.
Over the forecast period, rising need for glass fiber is likely to be a major demand driver for CFRTP composites.
As per ratings on the basis of market share, market reach, clientele, etc., top 5 players producing CFRTP composites account for around 40% share in the global market.
Top 5 countries driving demand for CFRTP composites are the U.S., China, Japan, Canada, and Germany.
North America accounts for more than 50% of global CFRTP composite demand, and will continue to flourish over the years ahead.
The Europe market for CFRTP composites is projected to expand at a CAGR of more than 4% during 2021 – 2031.
Demand for CFRTP composites is South Korea and Japan is set to increase at around 3% CAGR.