Carbon Thermoplastic Composites Market Segment Leading & Anticipated to Dominanc

Posted by Priya on July 25th, 2018

Carbon thermoplastic (CFRTP) composites are extremely strong and light fiber-reinforced plastic containing carbon fibers. This type of composites exhibits superior properties such as high strength to weight ratio, rigidity, and good chemical resistance properties, which is responsible for its application in the major end-use industries such as aerospace & defense, automotive, construction, and sports.

Global top 10 Key Players

Some of the key players in the global carbon thermoplastic composites market are DowAksa (Turkey), Cytec Solvay Group (U.S.), TORAY INDUSTRIES, INC. (Japan), SGL Group (Germany), Hexcel Corporation (U.S.), TEIJIN LIMITED (Japan), Mitsubishi Chemical Holdings Corporation (Japan), HYOSUNG (South Korea), Gurit (Switzerland), Plasan Carbon Composites (U.S.), Koninklijke Ten Cate (Netherland), Teijin Carbon Europe GmbH (Japan), and ZOLTEK (U.S.).

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Growing aerospace & defense industry is driving the CFRTP market growth globally. The product demand is increasing for single-aisle jets, fabrication of structural and interior parts of aircraft, and defense equipment. Rising demand for commercial aircraft is fuelling the product demand. Major military power countries such as India, China, and Russia are heavily investing in deterrence. Furthermore, the International Committee on Aviation Environmental Protection approved an airplane fuel efficiency standard in 2016, which is to be applied to every airplane before delivery from 2020 for new type cert application and for all in-production airplanes by 2028. The global CFRTP composites demand from the automotive industry is increasing at a staggering rate due to light weight, fire resistance, and high impact strength.  CFRTP composites are being increasingly used in the manufacturing of vehicles in order to reduce the extent of carbon emissions in the environment.

Intended Audience

• Carbon thermoplastic composites manufacturers
• Traders and distributors of carbon thermoplastic composites
• Research and development institutes
• Potential investors
• Raw material suppliers
• Nationalized laboratory

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Regional Analysis

North America accounted for the largest market share for carbon thermoplastic composites in 2016. The growth of the carbon thermoplastic composites market in this region is attributed to the growing demand from the aerospace and automotive industry due to the growing demand for fuel-efficient products to reduce the environmental issues. Growing marine industry is also driving the market growth as a result of increasing demand for lightweight products by the U.S. Federal Government. Increasing use of renewable energy due to fluctuating crude oil prices is propelling the market for CFRTP in this region.

Segmentation

The global carbon thermoplastic composites market is segmented into raw material, application, and region. On the basis of the raw material, the market is divided into PAN-based and PITCH-based. Based on the application, the global carbon thermoplastic composites are segregated into aerospace & defense, automotive, wind turbines, sports equipment, construction, and marine. Geographically, the market is divided into five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.