Market Overview:

The Carbon Fiber Reinforced Thermoplastic Market size is estimated to reach $13.6 billion by 2030, growing at a CAGR of 10.2% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Carbon Fiber Reinforced Thermoplastic Market – By Type (Polyether Ether Ketone (PEEK), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, PET, Polyphenylene Sulfide (PPS), Polyethylene, Polyurethane, Polyethersulfone, Polyetherimide (PEI), and Others), By Application (Automobiles, Industrial, Aviation & Aerospace, Marine, Defense, Electrical & Electronics, Medical, Sports Equipment, Wind Energy, Civil Engineering, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”

Increased adoption in electric vehicles (evs) and advancements in manufacturing technologies are fueling the growth of the Carbon Fiber Reinforced Thermoplastic industry during the forecast period.

Europe Dominated the Market in 2023:

Europe accounted for the largest share of up to 34% of the Carbon Fiber Reinforced Thermoplastic Market in 2023 owing to the increasing defense, and aerospace sectors in the region. The CFRTP is particularly attractive to defense applications because of its exceptional strength, better stiffness-to-density ratios and superior physical properties. Also, CFRTP provides relatively stronger and stiffer fibers in a tough resin matrix. European aerospace giants like Airbus are increasingly utilizing CFRTP to reduce aircraft weight and improve fuel efficiency, while automotive manufacturers are adopting these advanced materials to meet stringent emission regulations and enhance vehicle performance.

Carbon Fiber Reinforced Thermoplastic Market: Key Takeaways

Increased Adoption in Electric Vehicles (EVs):

The rise of electric vehicles (EVs) is driving the demand for lightweight materials to extend battery life and improve vehicle performance. CFRTPs are being increasingly used in the manufacturing of various EV components, such as battery enclosures, body panels, and structural parts. This trend is bolstered by the automotive industry's push towards sustainability and the reduction of carbon emissions. The use of CFRTPs not only contributes to the overall weight reduction of EVs but also enhances their safety and durability. Additionally, as the automotive industry shifts towards more sustainable and environmentally friendly practices, the recyclability of thermoplastics in CFRTPs aligns well with these green initiatives. This trend, combined with the rapid growth of the EV market, is driving the demand for CFRTPs, solidifying their role as a key material in the future of automotive manufacturing. Major companies in the automotive sector are also introducing new CFRP-built commercial vehicles. For example, in 2019 General Motors introduced the new Sierra Denali pickup vehicle, which features a truck bed and bonnet made of carbon fiber reinforced plastic. Because CFRP is lightweight, it is a perfect and practical material to utilize in the manufacture of recreational products including hockey sticks, fishing rods, golf shafts, and snow boards.

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Technological Advancements in Manufacturing:

Innovations in manufacturing technologies, such as automated fiber placement (AFP) and 3D printing, are driving the growth of the CFRTP market. These advancements enhance production efficiency, reduce material wastage, and lower manufacturing costs. Automated manufacturing processes enable precise placement of carbon fibers, resulting in high-quality CFRTP components with superior mechanical properties. In November 2021, Solvay worked with advanced manufacturing solution OEM 9T Labs AG to help bring additively manufactured carbon fiber-reinforced plastic (CFRP) parts to mass production. Solvay is working with advanced manufacturing solution OEM 9T Labs AG to help bring additively manufactured carbon fiber-reinforced plastic (CFRP) parts to mass production.  Moreover, 3D printing allows for the production of complex and customized parts, broadening the application scope of CFRTPs. As these technologies continue to evolve, they are expected to make CFRTPs more accessible for mass production, thereby driving market growth.

Scope of the Report: 

Report Metric

Details

Base Year Considered

2022

Forecast Period

2023–2030

CAGR

10.2%

Market Size in 2030

$13.6 billion

Segments Covered

By Type, By Application and By Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

  1. SGL Carbon SE

  2. Teijin Ltd.

  3. Toray Industries Inc.

  4. Syensqo

  5. Mitsubishi Rayon Co. Ltd

  6. Farmosa Plastics Corporation,

  7. Nippon Carbon Co Ltd.

  8. Ensinger

  9. Hexcel Corporation

  10. Hyosung Advanced Materials

  11. Asahi Kasei

  12. Solvay

  13. Celanese Corporation

  14. Covestro AG

  15. Sika AG


Recent Developments:

  • In October 2023, the Mitsubishi Chemical Group announced that it has attained full ownership of CPC SRL (CPC), a renowned Italian company specializing in the manufacturing and distribution of automobile components crafted from carbon fiber reinforced plastic (CFRP). This pivotal acquisition that began with minority ownership in 2017 aligns with MCG Group’s long-term strategic vision to further expand and enhance its vertically integrated carbon fiber supply chain. The transaction, subject to regulatory approvals, is expected to close in late 2023.
  • In July 2023, Toray Composite Materials America, Inc. announced a major expansion of its carbon fiber facility in Spartanburg, South Carolina. This capital investment in capacity is essential to meet the growing demand for clean energy solutions. The 30,000 square foot facility expansion will increase Toray’s carbon fiber capacity by 3,000 metric tons annually starting in 2025.
  • In January 2023, Asahi Kasei, a diversified Japanese multinational company, has developed a new technology for recycling carbon fiber plastic compounds together with the National Institute of Technology, Kitakyushu College and Tokyo University of Science.

Carbon Fiber Reinforced Thermoplastic Market: Competitive Landscape

Key companies profiled in the Carbon Fiber Reinforced Thermoplastic Market are SGL Carbon SE, Teijin Ltd., Toray Industries Inc., Syensqo, Mitsubishi Rayon Co. Ltd, Farmosa Plastics Corporation, Nippon Carbon Co Ltd., Ensinger, Hexcel Corporation, Hyosung Advanced Materials, Asahi Kasei, Solvay, Celanese Corporation, Covestro AG, Sika AG and others.

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