Demand in Automotive Industry Giving Tailwinds to Continuous Fiber-Reinforced Thermoplastic (CFRTP) Market Growth
- Continuous Fiber-Reinforced Thermoplastic Composites Demand to Surge, Fact.MR Forecasts Over 50% of Sales to Originate in North America
- The continuous fiber-reinforced thermoplastic (CFRTP) composites market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The continuous fiber-reinforced thermoplastic composites demand outlook and studies opportunities existing in key segments, including type and application. It also highlights key strategies adopted by market players to increase continuous fiber-reinforced thermoplastic (CFRTP) composites sales
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 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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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:
Ningbo Huaye Material
Zhejiang Double Fish Plastics
Guangzhou Kingfa Carbon Fiber
More Valuable Insights on Continuous Fiber-Reinforced Thermoplastic (CFRTP) CompositesMarket
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:
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
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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