CFRTP Market worth $16.8 billion by 2028 – At a CAGR of 13.5%

As per the recently published report by MarketsandMarkets™, The “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. The CFRTP market is continuously evolving and showing significant growth due to its increasing use in various end-use industries, such as aerospace & defense, road transportation, consumer electronics, marine, and many others. North America, Europe, and Asia Pacific are the major markets for CFRTP. The demand for CFRTP continues to grow due to the excellent properties and flexibility in manufacturing complex shapes & designs, driving the market.

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• 180 Market data Tables
• 60 Figures
• 275 Pages and in-depth TOC on “CFRTP Market – Global Forecast to 2028”

This report also provides a comprehensive analysis of the companies listed below:

Major manufacturers in this market are based in North America and Asia Pacific. 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), Jiangsu QIYI Technology Co., Ltd. (China) are among a few leading players operating in the CFRTP market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the CFRTP market further.

Recent Developments in CFRTP Market Industry

1. In June 2023, in order to reduce risk and accelerate the development cycle, Solvay and Spirit AeroSystems worked together to create advanced manufacturing concepts and obtain a step change in composite fabrication, automation, and assembly technologies. They will also investigate additional strategic alignment regarding upcoming innovation.
2. In April 2023, a collaboration agreement that was signed in 2017 between Solvay and GKN Aerospace has been extended. As per the agreement, both companies are working together to target future strategic high-rate programs and are creating a joint thermoplastic composites (TPC) roadmap to investigate new materials and manufacturing techniques for aerospace structures. Furthermore, Solvay will continue to be the preferred supplier of TPC materials for GKN Aerospace.
3. In March 2023, Solvay and Airborne received funding for a composite alternative to metal battery enclosures. This collaboration received support letters from Jaguar Land Rover and Vertical Aerospace. The companies plan to design more compact and lightweight enclosures for high-energy batteries in future electric cars and aircraft and aim to reuse composite waste.
4. In February 2023, Toray Industries, Inc. has developed a rapid integrated molding technology for carbon fiber reinforced plastic (CFRP) mobility components. This material sandwiches a light, porous carbon fiber-reinforced foam (CFRF) core prepreg skin, offering outstanding mechanical properties.
5. In November 2022, Celanese Corporation completed the acquisition of Mobility & Materials (M&M) business of DuPont. It acquired a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization.

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Toray Industries, Inc. (Japan) – Toray Industries, Inc. is a multinational corporation that specializes in industrial products involving organic chemistry, polymer chemistry, and biochemistry techniques. The company operates through Fibers & Textiles, Carbon Fiber Composite Materials, Environment & Engineering, Life Sciences, and Others segments. Through its Carbon Fiber Composite Materials business segment, Toray offers carbon fiber and carbon fiber thermoplastic products. It also offers its reinforced thermoplastic composite products via subsidiaries such as Toray Advanced Composites and Toray Performance Materials Corporation. The company acquired Zoltek (US), which is a prominent carbon fiber manufacturer in North America.

Teijin Limited  (Japan) – Teijin Limited produces and sells goods and services in the fields of information & electronics, transportation, environment & energy, safety & protection, and healthcare. The company operates through Materials, Healthcare, Fibers & Products Converting, Information Technology, and Other segments. Through its Materials and Fiber & Products Converting segments, Teijin offers carbon fiber composites and intermediate carbon fibre products. It manages its carbon fibre business through its subsidiary, Toho Tenax Co., Ltd.

SGL Carbon (Germany) – SGL Carbon is one of the world‘s leading manufacturers of carbon fibre-based products and materials. Carbon fibre-based materials and products manufactured by the company are used in wind energy, transportation, and aerospace & defence industries. The company manages its business through Corporate, Graphite Solutions, Carbon Fibers, Composite Solutions, and Process Technology.

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.

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