Demand in Automotive Industry Giving Tailwinds to Continuous Fiber-Reinforced Thermoplastic (CFRTP) Market Growth

NEW YORK, Aug. 18, 2021 /PRNewswire/ -- As per insights by Fact.MR, the global continuous fiber-reinforced thermoplastic composite market is estimated to expand at a rate of 1.7X, totaling US$ 1.5 bn by 2031 in comparison to the valuation of US$ 900 Mn registered in the year 2020.

The ability of continuous fiber-reinforced thermoplastic (CFRTP) composites to offer strength and stiffness has resulted in their extensive use across various end products.

The market will continue showcasing steady rate of growth especially on account of excellent intrinsic features of fiber reinforced thermoplastic composites, covering high strength-to-weight ratio, excellent load carrying ability, low-coefficient of thermal expansion, and resistance to deformation and cracks. Subsequently, market will continue gaining from CFRTP applications across electronics, automotive and aerospace industry.

Surge in demand for lightweight materials to reduce vehicle weight and carbon emissions has created lucrative opportunities for growth of the CFRTP market. Meanwhile, growing consumer preference for pollution free and efficient vehicles is further driving demand for light weight vehicles. This will present prospects for CFRTP market players to capitalize on.

Among various products, the glass fiber composites is gaining traction and exhibiting a higher sales of CFRTP. Fact.MR has also estimated that, it accounted for over 40% of the market share in 2020.

Regionally, North America is anticipated to dominate the market, accounting for over 50% of the market share. Demand outlook for the U.S. remains positive driven by presence of chief manufacturers, growing disposable income and surging demand for customized vehicles. As per the study, the market for CFRTP totaled around US$ 250 Mn in 2020.

"Increasing adoption of CRFTP composite materials by manufacturers for reducing vehicle weight and lowering carbon emissions will bolster sales prospects. To capitalize on available opportunities, manufacturers are likely to focus on capacity expansion," says a Fact.MR analyst.

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Key Takeaways from Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market Survey

• China is estimated to reach a valuation of around US$ 350 Mn by the end of 2021.
• Backed by high disposable income coupled with presence of major market players, the U.S. is forecast to grow at an impressive pace. The U.S. market for CFRTP was totaled at around US$ 250 Mn in 2020.
• Japan and South Korea are projected to exhibit growth at a CAGRs of 3% collectively.
• The Europe market for CFRTP composites is projected to expand at a CAGR of more than 4% over the assessment period 2021-2031.

Key Drivers

• Increasing demand for CFRTP composites for applications in automotive, aerospace, electronics and other industries will drive the market growth.
• Surging demand for lightweight materials to reduce carbon footprint is bolstering future growth prospects.

Key Restraints

• High production cost is expected to hamper sales of CFRTP composites.

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Competitive Landscape

CFRTP composites manufacturers are focusing on expansion and acquisitions to increase their global footprint and customer base.

In 2020, Mitsubishi Chemical Corporation announced the inauguration of its new pilot facility for carbon-reinforced thermoplastic materials in Fukui Prefecture (part of Japan's Honshu island). Operations are projected to commence at the end of 2021.

In 2020, Lanxess, a leading Germany based chemical company announced the launch of its new line of flame-retardant thermoplastic composite material for electric vehicles.

Some of the leading players operating in the continuous fiber-reinforced thermoplastic (CFRTP) composites market profiled by Fact.MR are:

• Lanxess
• TenCate
• Celanese
• Polystrand
• Tri-Mack
• AXIA Materials
• US Liner
• Aonix
• Lingol
• Ningbo Huaye Material
• QIYI Tech
• Zhejiang Double Fish Plastics
• Guangzhou Kingfa Carbon Fiber

More Valuable Insights on Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market

Fact.MR, in its new report, offers an unbiased analysis of the global continuous fiber-reinforced thermoplastic (CFRTP) composites market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on continuous fiber-reinforced thermoplastic (CFRTP) composites market with detailed segmentation:

• Product
• Carbon Fiber CFRTP Composites
• Glass Fiber CFRTP Composites
• Aramid Fiber CFRTP Composites
• Application
• CFRTP Composites for Automotive
• CFRTP Composites for Aerospace
• CFRTP Composites for Electronics
• CFRTP Composites for Sporting Goods

Key Questions Covered in the Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market Report 

• The market survey also highlights projected sales growth for continuous fiber-reinforced thermoplastic (CFRTP) composites market between 2021 and 2031
• The report offers insight into continuous fiber-reinforced thermoplastic (CFRTP) composites demand outlook for forecast period 2021-2031.
• Continuous fiber-reinforced thermoplastic (CFRTP) composites market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others 
• Continuous fiber-reinforced thermoplastic (CFRTP) composites market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 

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