The global carbon fiber reinforced thermoplastic composite market is expected to grow at with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the growing demand from construction sector. However, lack of availability and volatility of raw materials are likely to hinder the growth of the market studied.
- The innovation of floating wind turbine is expected to provide a major growth opportunity for the market studied.
- North America accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
- Among the raw materials, polyacrylonitrile accounted for the highest market and is expected to dominate the market studied over the forecast period.
Key Market Trends
Polyacrylonitrile (PAN) Raw Material Type to Dominate the Market
- Polyacrylonitrile (PAN), owing to its superior properties, is used more than petroleum pitch as raw material for producing CFRTP composite. PAN is a precursor polymer which is used in producing the carbon filament of CFRTP.
- The CFRTP composites produced from PAN, which finds wide application in various industries, such as aerospace, automotive, construction, sports equipment, etc.
- The growing demand from end-user industries like construction and sports equipment is boosting the demand for PAN-based CFRTP.
- Hence, owing to the above-mentioned factors, PAN to dominate the market during the forecast period.
North America to Dominate the Market
- North America is expected to witness strong growth for CFRTP owing to the growing demand from major aircraft producers, such as Boeing and others.
- There has been a increasing production of single-aisle airplanes by Boeing in North America which is likely to drive the market studied in the region.
- Additionally, the growing residential building construction in the United States is also expected to drive the demand for CFRTP in the region.
- Hence, owing to the above-mentioned trends in the end-user industries, North America is likely to dominate the forecast period.
The carbon fiber reinforced thermoplastic (CFRTP) composite market is moderately fragmented as the market share is divided between many players. Key players in the market include TORAY INDUSTRIES, INC., BASF SE, Solvay, SABIC, and Celanese Corporation, among others.
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