Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market
Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031
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.
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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.
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.
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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
Available upon Request
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
Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market: Report Scope
A recent study by Fact.MR on the continuous fiber-reinforced thermoplastic (CFRTP) composites market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates recent market developments, strategic market growth analysis, market size, category market growths, product approvals, product launches, geographical expansions, and technological innovations associated with CFRTP composites market.
The study also provides the dynamics responsible for influencing the future status of the continuous fiber-reinforced thermoplastic composites market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing CFRTP composites, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of continuous fiber-reinforced thermoplastic composites across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of CFRTP composites during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative CFRTP composites market?
- Which factors will impact the growth of the market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the CFRTP composites market?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Market estimates at global and regional levels for continuous fiber-reinforced thermoplastic composites are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global continuous fiber-reinforced thermoplastic composites market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the continuous fiber-reinforced thermoplastic composites market during the forecast period.
Country-specific valuation on demand for CFRTP composites has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
The report sheds light on leading manufacturers of continuous fiber-reinforced thermoplastic composites, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering CFRTP composites has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the CFRTP composites market.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of continuous fiber-reinforced thermoplastic composites market, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- 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.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.