Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market

Continuous Fiber-Reinforced Thermoplastic Composites Market Outlook (2023 to 2033

The global continuous fiber-reinforced thermoplastic composites market size is estimated at US$ 1.12 billion in 2023. Global demand for continuous fiber-reinforced thermoplastic composites is predicted to increase at a value CAGR of 7.8% and reach a market size of US$ 2.38 billion by 2033-end, which will be an expansion of more than 2X from 2023.

• Worldwide demand for glass fiber composites is predicted to advance at a CAGR of 7.9% and reach a valuation of US$ 977.1 million by 2033-end.
• Sales of CFRTP composites in the United States are expected to register a CAGR of 7.8% and reach a market revenue of US$ 1.12 billion by the end of 2033.

Manufacturers of continuous fiber-reinforced thermoplastic composites are actively participating to promote their business. Owing to the distinctive properties of continuous fiber-reinforced thermoplastic composites, their demand in different industries, including aerospace, electronics, and automotive is increasing significantly compared to glass fiber and carbon fiber.

Continuous fiber-reinforced thermoplastic composites are lightweight and durable. They ensure a significant weight reduction and provide stiffness & strength to end products. There are multiple advantages, which are associated with continuous fiber-reinforced thermoplastic composites, including excellent load-carrying ability and resistance to cracks and deformation. Moreover, the low coefficient of thermal expansion and the high strength-to-weight ratio are some other pivotal advantages, which are contributing to their demand.

Increasing adoption of environmental-friendly vehicles is predicted to boost demand for continuous fiber-reinforced thermoplastic composites. Fuel efficiency is directly related to the vehicle’s weight, therefore a significant increase in the demand for lightweight materials is estimated to pave the way to generate lucrative opportunities for suppliers of continuous fiber-reinforced thermoplastic composites.

In recent years, electric vehicles (EVs) are gaining traction around the world. Continuous fiber-reinforced thermoplastic composites are extremely useful in the parts of EVs and have high strength. Research by Fact.MR indicates that rising demand for electric vehicles due to consumer awareness about efficient and pollution-free vehicles is predicted to boost sales of continuous fiber-reinforced thermoplastic composites in the coming years.

Fact.MR, a provider of market research and competitive intelligence, in its recently published research report provided a thorough analysis of the target market. This report offers a detailed insight into key market trends, growth drivers, regional overview, new developments, key market players, growth restraints, pricing trends, and various other aspects.

Report Attributes	Details
Market Size in 2023	US$ 1.12 Billion
Forecasted Market Value (2033)	US$ 2.38 Billion
Global Market Growth Rate (2023 to 2033)	7.8% CAGR
United States Market Value (2033)	US$ 1.12 billion
United Kingdom Market Growth Rate (2023 to 2033)	7.2% CAGR
Automotive Industry Segment Value (2033)	789.3 Million
Demand Growth of Glass Fiber Composites (2923 to 2033)	7.9% CAGR
Key Companies Profiled	Lanxess Celanese TenCate Tri-Mack PolyOne Corporation Polystrand US Liner AXIA Materials Aonix Ningbo Huaye Material Guangzhou Kingfa Carbon Fiber Zhejiang Double Fish Plastics

How is the CFRTP Composites Market Projected to Evolve Globally?

“Increasing Adoption of Environment-friendly Vehicles Fueling Demand for CFRTP Composites”

Fuel efficiency is closely related to the weight of any vehicle. In recent years, there is a significant increase in the demand for lightweight materials in automobile manufacturing, which is predicted to bolster demand for continuous fiber-reinforced thermoplastic composites.

Electrical vehicles (EVs) are gaining traction around the world and are environment-friendly. CFRTP composites contribute significantly to reducing the weight of vehicles and have high strength. Therefore, owing to these features, the demand for continuous fiber-reinforced thermoplastic composites is increasing in the manufacturing of EVs.

The growing market for EVs is predicted to increase consumer awareness about efficient and pollution-free vehicles to further meet the growing demand for lightweight vehicles. These factors are further projected to boost sales of continuous fiber-reinforced thermoplastic composites.

“Growing Use of Continuous Fiber-Reinforced Thermoplastic Composites in Several Industries”

Continuous fiber-reinforced thermoplastic composites are lightweight and durable. They assist in significant weight reduction and stiffness & strength to end products.

They have multiple advantages, including excellent load-carrying ability and a high strength-to-weight ratio. Moreover, resistance to cracks and deformation is also ensured by continuous fiber-reinforced thermoplastic composites. Owing to these above-mentioned merits, CFRTP composites are utilized in various end-use industries, including aerospace, electronics, automotive, and others.

Which Factors are Estimated to Adversely Impact Demand Growth for CFRTP Composites?

“High Cost and Conductivity of CFRTP Composites Restraining Their Adoption”

The manufacturing cost of continuous fiber-reinforced thermoplastic composite materials is comparatively high, which is predicted to adversely impact their demand. Conductivity in continuous fiber-reinforced thermoplastic composites works as a merit as well as a drawback, which is predicted to impact their demand. Glass fibers are insulated whereas carbon fibers are conductive.

What Opportunities are Available for Start-ups in the Global Market?

“Technological Advancements to Produce More Efficient CFRTP Composites”

New entrants in the continuous fiber-reinforced thermoplastic composites market can invest in technological advancements to produce highly efficient products at economical prices. The newly manufactured CFRTP composites can find application in automobile manufacturing, industrial production, and consumer market.

Country-wise Insights

Which Asia Pacific Markets Project Promising Growth Opportunities?

“Well-developed Automotive Industry in Japan Stimulating Sales of CFRTP Composites”

Consumption of continuous fiber-reinforced thermoplastic composites in Japan is estimated to advance at 5.2% CAGR and reach a value of US$ 78.5 million by the end of 2033.

The automobile industry is a significant pillar of Japan’s economy. Companies, including Nissan, Honda, and Toyota are leaders in the automobile industry there. Therefore, increased demand for engineering thermoplastic, thermoplastic polyurethane, and continuous fiber-reinforced thermoplastic composites is anticipated in automobile manufacturing.

“Increasing Focus on Manufacturing EVs in South Korea”

The South Korean market is projected to expand at a CAGR of 4.7% and reach a market valuation of US$ 68.9 million by the end of 2033.

More people from South Korea are inclined to use electric vehicles due to their fuel efficiency and environment-friendly nature. Therefore, manufacturers of EVs are concentrating on their increased production, which is predicted to stimulate demand for continuous fiber-reinforced thermoplastic composites.

How is the United States Market Anticipated to Evolve Over the Decade?

“Presence of Prominent Automobile Manufacturers Driving Increased Demand for CFRTP Composites”

The presence of key automobile manufacturers, including General Motors, Ford Motor Company, Tesla, and Chrysler in the United States is predicted to contribute to the rising demand for continuous fiber-reinforced thermoplastic composites in the coming decade.

The United States market is forecasted to expand at a high CAGR of 7.8% and reach US$ 1.12 billion by the end of 2033. Increasing disposable income of Americans is also estimated to put a direct impact on the demand for automobiles due to their increased spending capacity on different lifestyle products, which is predicted to impact target market growth.

In recent years, there has been a significant increase in the demand for customized vehicles, which has led to high demand for CFRTP composites to provide desirable performance and specifications. Moreover, increasing construction activities in residential and commercial sectors are also anticipated to stimulate demand for continuous fiber-reinforced thermoplastic composites.

Why is the United Kingdom Exhibiting High Demand for CFRTP Composites?

“Growing Use of Continuous Fiber-Reinforced Thermoplastic Composites in Aerospace Industry”

Demand for continuous fiber-reinforced thermoplastic composites is forecasted to register a CAGR of 7.2% in the United Kingdom and reach US$ 116.5 million by 2033-end.

The United Kingdom’s aerospace industry holds a noteworthy share of the global market revenue. Continuous fiber-reinforced thermoplastic composites are widely used in the aerospace sector owing to their high strength, corrosion resistance, fatigue resistance, and lightweight.

Category-wise Insights

Why are Glass Fiber Composites Significantly Preferred Around the World?

“Low Cost and Simple Fabrication Methods of Glass Fiber Composites”

Based on product type, the global industry is classified into carbon fiber, glass fiber, and aramid fiber. Among these, glass fiber composites held around 40% of global market revenue in 2022 and are predicted to lead in the forecasted period. Sales of glass fiber composites are anticipated to advance at a CAGR of 7.9% and reach a valuation of US$ 977.1 million by the end of 2033.

Glass fiber composites come with various features, including the ability to process with numerous resins, simple fabrication methods, and low cost. They are widely used in construction, electronics, transportation, and other sectors.

Why is the Automotive Industry a Prominent End User of This Market?

“Rising Demand to Reduce Vehicle Weight Boosting Use of CFRTP Composites”

Automotive, aerospace, electronics, and consumer goods are some key application areas, which are contributing to increased demand for continuous fiber-reinforced thermoplastic composites around the world. Among these, the automotive sector is expected to hold a substantial share of the global market revenue.

Sales of continuous fiber-reinforced thermoplastic composites are predicted to rise at a CAGR of 8.3% in the automotive sector and reach a valuation of US$ 789.3 million by 2033-end.

Stringent government regulations for vehicular emissions along with requirements for growing fuel efficiency are projected to compel manufacturers of automobiles to take some essential steps to reduce the overall weight of vehicles. Continuous fiber-reinforced thermoplastic composites are adopted as a natural fit for the protection of automotive underbody. They are predicted to become popular in the automotive industry owing to their ability to reduce weight.

Continuous fiber-reinforced thermoplastic composites are used extensively in a wide variety of external and internal automotive components to offer distinct weight and structural advantages. Various automakers and OEMs (original equipment manufacturers) are widely using continuous fiber-reinforced thermoplastic composites to cut down carbon emissions and reduce vehicle weight.

Big automobile manufacturers and start-ups are considering the incorporation of carbon fiber composites in electric vehicles and trucks. The increased adoption of continuous fiber-reinforced thermoplastic composites is helping automotive manufacturers fill in various functional hardware, especially gadgets.

Key Market Players

Prominent suppliers of continuous fiber-reinforced thermoplastic composites are concentrating on ensuring the availability of user-friendly and more effective products to respective end users. They aim to target a larger base of reliable consumers. They are also incorporating certain advanced manufacturing techniques to ensure product standards and product quality. Supply chain management systems are also worked upon by them to deliver products safely and on time.

Key players in the continuous fiber-reinforced thermoplastic composites market are concentrating to expand their consumer base.

For instance :

• PolyOne Corporation, in 2019, launched new thermoplastic composite products at CHINAPLAS. The company introduced Complet LFT formulations. It is a thermoplastic composite, which has PP and PEEK as a base resin. These newly launched products are predicted to meet the increased performance and design requirements.

Some leading manufacturers of continuous fiber-reinforced thermoplastic composites are Lanxess, Celanese, TenCate, Tri-Mack, PolyOne Corporation, Polystrand, US Liner, AXIA Materials, Aonix, Ningbo Huaye Material, Guangzhou Kingfa Carbon Fiber, and Zhejiang Double Fish Plastics.

Segmentation of Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Industry Research

• By Product Type :

  • Carbon Fiber
  • Glass Fiber
  • Aramid Fiber

• By Application :

  • Automotive
  • Aerospace
  • Electronics
  • Sporting Goods

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa