CFRTP Market worth $16.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 23, 2023 /PRNewswire/ -- The report "CFRTP Market by Product Type (Continuous, Long, Short), Resin Type (PA, PEEK, PPS, PC, PP), Application (Aerospace & Defense, Consumer Electronics, Transportation), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2028", is estimated at USD 8.9 billion in 2023 and is projected to reach USD 16.8 billion by 2028, at a CAGR of 13.5% from 2023 to 2028.

CFRTP is produced using a combination of carbon fiber and thermoplastic resin, along with additives and pigments. It is used in aerospace, automotive, consumer durables, and other industries. Polyamide, polyether ether ketone, polycarbonate, and polyphenylene sulfide are key resins used to manufacture CFRTP. CFRTP is lightweight, easy to construct, dimensionally stable, and resistant to chemicals and corrosion. Due to these properties, CFRTP has an increased lifecycle that leads to low maintenance costs compared to traditional materials such as steel and other metallic alloys.

Browse in-depth TOC on "CFRTP Market"

180 – Tables
60 – Figures
275 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231422461

The PEEK segment is expected to account for the largest market share in 2022, in terms of both value.

PEEK CFRTPs have operational stability at high temperature & pressure and are resistant to impact, making them useful mainly in aerospace applications. PPS CFRTPs exhibit physical strength, resistance to flame & chemicals, and outstanding dimensional precision. Thus, PPS CFRTP produces components such as switches, connectors, alternators, and other components and housings for automotive and consumer goods applications. These factors drive the growth of the global CFRTP market in various applications.

Aerospace & Defense applications are expected to grow with the highest CAGR during the forecast period.

PEEK, PPS, PEI, and PC exhibit numerous advantages that make them suitable for interior components and aerospace structures. Aerospace thermoplastics can often have higher raw material costs than rival thermosets, but because of fewer handling, processing, and assembly expenses, the final component's price can be 20–40% less. By doing away with adhesives and fasteners, thermoplastics also provide the ability to fuse or weld molded subcomponents, which can reduce the assembly weight and stress concentrations.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=231422461

Europe accounted for the largest share in 2022

Capacity expansions, joint ventures, and agreements between various leading market players characterize the market for CFRTP composites in Europe. Europe is home to some of the world's largest automotive and aerospace manufacturers. Airbus is generating a high demand for carbon fiber-reinforced thermoplastics. The company's Superjumbo A380 and A350 are built with large quantities of carbon fiber and composites. The recently released A380 is a large plane of approximately 30 tons/unit of carbon fiber. Many regional car companies, such as BMW (Germany) and Audi (Germany), now use carbon fiber composites on a significant scale.

Key Players

Prominent companies in the CFRTP market include Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Solvay (Belgium), SGL Carbon (Germany), Avient Corporation (US), Celanese Corporation (US), Asahi Kasei Corporation (Japan), RTP Company (US), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China).

Browse Adjacent Market: Fibers and Composites Market Research Reports & Consulting

Related Reports:

CF & CFRP Market - Global Forecast to 2028

Composite Resin Market - Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cfrtp-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/cfrtp.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg