Carbon Thermoplastic Composites Market Key Developments Factors, Revenue Generation Model & Business Segment Overview to 2023

Global Carbon Thermoplastic Composites Market Information: By Raw Material (Pan-Based, Pitch-Based), Application (Aerospace & Defense, Automotive, Wind Turbines, Sports Equipment, Construction, Marine), and Region- Forecast Till 2023

Carbon Thermoplastic Composites Market

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

Competitive Analysis

Some of the prominent 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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The product demand from aerospace industry is growing as a result of rising aircraft delivery, especially in the developing regions. CFRTP usage is being increasingly used in the automotive industry to improve the vehicle fuel efficiency and reduce the amount of carbon emission. Growing use of the product in wind turbines due to rising demand for renewable energy is likely to drive the market growth. CFRTP usage in the construction industry is increasing as it minimizes the disruption during repair and saves installation cost and time. Carbon thermoplastic composites (CFRTP) can be produced using PAN-based (polyacrylonitrile) or PITCH-based raw material. Polyacrylonitrile is widely used because it provides strength and stiffness to the CFRTP composites. CFRTP finds application in various industries such as aerospace & defense, automotive, wind turbines, construction, and marine. These composites are widely used in the manufacturing of aircraft and defense equipment due to their superior properties such as lightweight, low density, corrosion resistance, high strength, and stiffness.

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.

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.

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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.

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