PUNE, India, January 6, 2017 /PRNewswire/ --
The report "CFRTP Market by Product Type (Continuous, Long, and Short), Resin Type (Polyetheretherketone, Polyamide, Polycarbonate, and Polyphenylene Sulfide), Application (Aerospace, Automotive, and Consumer Durables), Region - Global Forecast to 2026", published by MarketsandMarkets, the market is projected to reach USD 1,690.3 Million by 2026, at a CAGR of 8.66% from 2016 to 2026.
Browse 75 market data Tables and 53 Figures spread through 146 Pages and in-depth TOC on "CFRTP Market"
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The CFRTP market is driven by the increasing demand for fuel-efficient vehicles, increasing use of CFRTP in aerospace applications, and flexibility offered by CFRTP in manufacturing complex shapes & designs. In addition, technological advancements for the mass production of CFRTP are further propelling the growth of the CFRTP market.
The continuous carbon fiber segment is expected to account for a major share of the CFRTP market
Continuous carbon fiber is the leading type of CFRTP used for various applications, such as aerospace, automotive, and consumer durables. The continuous fiber segment is projected to account for the largest share of the CFRTP market both, in terms of value and volume, owing to its high strength in comparison to short and long carbon fibers.
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Aerospace is the largest application segment of the CFRTP market, in terms of value and volume
Major applications of the CFRTP market include aerospace, automotive, and consumer durables. The aerospace application segment accounted for the largest share of the CFRTP market in 2015, in terms of value and volume. CFRTP encompasses various properties including lightweight, easy to construct, dimensional stability, and resistance against chemicals as well as operational stability at high temperatures in comparison to other conventional materials, such as thermoset composites and metallic alloys. The superior properties of CFRTP have contributed to the extensive usage of CFRTP in the aerospace industry.
North America accounts for a major share of the CFRTP market
North America accounted for the largest share of the CFRTP Market in 2015, owing to the high demand for CFRTP from aerospace, automotive, and consumer durables sectors. In addition, mass production of CFRTP and increasing usage of composites in aerospace application are other significant factors contributing to the growth of the CFRTP market in the North American region. North America is also expected to be the fastest-growing market for CFRTP in the next five years.
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Key players operating in the CFRTP market include Solvay S.A. (Belgium), Royal Ten Cate N.V. (Netherlands), Teijin Limited (Japan), Toray Industries, Inc. (Japan), SGL Group (Germany), Celanese Corporation (U.S.), Covestro AG (Germany), PolyOne Corporation (U.S.), PlastiComp, Inc. (U.S.), and Aerosud (South Africa), among others. These players have adopted various organic and inorganic developmental strategies over the past five years.
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