Carbon Thermoplastic Composites Market: Information by Raw Material (PAN-Based and PITCH-Based), Thermoplastic Resin [Polyether Ether Ketone (PEEK), Polyetherimide (PEI), polyaryletherketone (PAEK), and Others], Application (Aerospace & Defense, Automotive, Wind Turbines, Sports Equipment, Construction and Marine) and Region (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa) - Forecast till 2030
ID: MRFR/CnM/4368-HCR | January 2023 | Region: Global | 100 Pages
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Carbon Thermoplastic Composites Market Overview
The global Carbon Thermoplastic Composites Market is anticipated to acquire a CAGR of over 5% during the forecast period of 2030. Further, the global market is estimated to achieve approximately USD 42.32 billion in the analysis period of 2030. Carbon thermoplastic composites are light and strong fiber-reinforced plastic that includes carbon fibers. This composite includes superior properties like chemical resistance properties, rigidity, and high strength to weight ratio. It uses PITCH-based raw materials or PAN-based (polyacrylonitrile) for production. In the CFRTP composites, polyacrylonitrile is widely preferred as it offers stiffness and strength to these composites. There are various end-users like automotive, construction, aerospace & defense, and sports who are involved in the rising application of carbon thermoplastic composites.
According to the Carbon Thermoplastic Composites Market Forecast report, the aircraft emission standards include the new aircraft design from 2020, which is estimated to add all in-production airplanes by the end of the year 2030. Carbon thermoplastic composites are widely utilized in different components of aircraft manufacturing like the forward fuselage, wing skins, rudder, and flaperons. Moreover, the preference for thermoplastic composites is increasing across the world as compared to the composites incorporated with thermoset polymers in the forecast period due to their superior performance. The superior performance includes no for curing after consolidation and growth in production rates, which is considered to be one of the great factors to enhance the performance of the worldwide market.
Further, the growth in the Carbon Thermoplastic Composites Market Size has been evident in the past few years because of the increasing demand for lightweight vehicles to boost vehicle efficiency and rising automotive production across the globe. Moreover, the presence of intended audiences in the global market for Carbon Thermoplastic Composites is projected to fuel the market growth. These intended audiences include distributors and traders of carbon thermoplastic composites, potential investors, carbon thermoplastic composites manufacturers, nationalized laboratories, research and development institutes, and raw material suppliers.
COVID-19 Analysis
The demand for Carbon Thermoplastic Composites Market has been negatively affected due to the Covid-19 pandemic. At this time, various end-user industries like transportation, aerospace & defense, wind energy, consumer & electronics goods, construction, and others have stopped their demand for Carbon Thermoplastic Composites. Additionally, the non-arrival or delay of raw materials has been evident due to the disruption in the supply chain. Moreover, disruption in the financial flows has affected the market growth.
However, the key player has played an essential role in propelling the global market in the further coming years. For this, they have adopted some new ideas and safety measures.
Chief Factors Existing In the Market
Key Market DriversThe rising growth of the aerospace & defense industry across the world is one of the major growth driving factors for the Carbon Thermoplastic Composites Market. Moreover, the International Civil Aviation Organization is looking for a reduction of the aviation industry's impact on the greenhouse, which is resulting in enhancing the aircraft emission standards adoption for new aircraft. This leads to boosting the Market Growth during the research period.Further, the demand for carbon thermoplastic composites is increasing at a significant rate in the assessment timeframe due to the rising aircraft production in various developing countries like India and China. Market Challenges The worldwide Carbon Thermoplastic Composites Market might experience challenges due to the high cost of the raw materials.Moreover, the lack of professionalism and standardization might be one of the biggest challenges during the review period. Market Opportunities The increasing demand for fuel-efficient products is leading to reviving the automotive industry is projected to bring lucrative opportunities for the global Carbon Thermoplastic Composites Market during the forecast period. Further, the demand for single-aisle airplanes is increasing, which is resulting in the growth of the aerospace and defense industries across various parts of the world. This is estimated to bring significant opportunities for the manufacturers and key leaders. Market Restraints The worldwide Carbon Thermoplastic Composites Market might get affected due to the lack of standardization in the manufacturing technologies during the forecast period. Moreover, the high cost associated with the raw materials is projected to hamper the growth of the worldwide Market in the review period.
Cumulative Evaluation Of The Market
As per the Carbon Thermoplastic Composites Market Trends report, the global market is showing a significant growth rate in the forecast period.
The introduction of new and advanced technology in the manufacturing process is estimated to enhance the Carbon Thermoplastic Composites Market Value in the further coming years.
Market Segmentation
As per the Carbon Thermoplastic Composites Market Outlook report, the global market has been classified on the basis of thermoplastic resin, raw material, and application.
By thermoplastic resin:In terms of the thermoplastic resin segment, the global Carbon Thermoplastic Composites Market has been categorized into polyetherimide (PEI), polyether ether ketone (PEEK), polyaryletherketone (PAEK), and others.All these thermoplastic resins are available in the market based on their functionality and production. By raw material:On the basis of the raw material segment, the global Carbon Thermoplastic Composites Market has been classified into PITCH-based and PAN-based.All these raw materials are preferred by the end-users as per their requirement over developing the product. However, the high cost of raw materials is challenging for the global market during the forecast period. By application:Depending on the application segment, the worldwide Carbon Thermoplastic Composites Market has been segregated into automotive, aerospace & defense, sports equipment, wind turbines, marine and construction.Among all, the aerospace & defense segment is projected to generate 35% of the Carbon Thermoplastic Composites Market Shareduring the forecast period of 2018.
Global Carbon Thermoplastic Composites Market Share, by Application, 2018 (%) 
Source: MRFR Analysis
Regional Analysis
Based on the regional segment, the Carbon Thermoplastic Composites Market has been segmented into Europe, North America, Latin America, Asia-Pacific, the Middle East & Africa, and others.
Of these, the North American market for Carbon Thermoplastic Composites is anticipated to generate the largest market share for the year 2018. Further, this regional market is estimated to account for significant growth in the forecast timeframe. This region is expanding because of the rising demand for single-aisle airplanes across the population, which is resulting in the expansion of the aerospace and defense industries. In this region, the U.S. country is projected to show higher significant growth as the aerospace & defense industry is very strong in this region. The U.S.'s aerospace & defense industry has generated approximately USD 865 billion in 2017. Moreover, this regional market is fueling due to the presence of major market players in the aerospace industry and the rising demand for renewable energy. Additionally, the increasing demand for fuel-efficient products is leading to enhance the automotive industry, which is enhancing the regional market growth.
Further, the European market for Carbon Thermoplastic Composites is predicted to be the prominent market during the assessment timeframe due to the rising R&D activities in the aerospace & defense industry. Additionally, this regional market is expanding as European Union is giving focus on the reduction of the level of carbon emissions in automobiles.
Competitive Intensity within the Industry
According to the Carbon Thermoplastic Composites Market Analysis, significant competition has been observed among the key market players. These key players include:
- Cytec Solvay Group (US)
- PlastiComp, Inc. (U.S.)
- DowAksa (Turkey)
- SGL Group (Germany)
- TORAY INDUSTRIES, INC. (Japan)
- TEIJIN LIMITED (Japan)
- Hexcel Corporation (U.S.)
- Arkema S.A. (France)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Covestro AG (Germany),
- Plasan Carbon Composites (U.S.)
These market leaders are employing new innovations and technology in Carbon Thermoplastic Composites to show their presence around the globe. For this, they are adopting new strategies like mergers and acquisitions, new product launches, and research and development initiatives.
Recent Market Developments
February 2021- Mitsubishi Chemical Corp. has set up its latest pilot unit for fiber-reinforced carbon thermoplastic materials. This new facility will be based in Fukui Prefecture (which is part of Honshu Island in Japan) and the operations are expected to start by the end of this year. In the coming years, MCC also plans to sell the product as a new range in its KyronTM thermoplastic composite brand, rolling it out to the CFRTP market in Japan.Furthermore, in the light of stringent environmental policies, there is an urgent requirement for lighter weighted aircraft as well as automotive bodies in the mobility industry. MCC expects the utilization of CFRP to surge considerably in these sectors, as it imparts great strength and facilitate light weight properties. The brand also says that it is proactively trying to bolster its CFRP business by producing new components that are capable of accommodating the changing consumer needs, offering timely and optimal solutions and technologies to the mobility industry.
Report Overview
The worldwide Carbon Thermoplastic Composites Market report is a combination of market overview, market segmentation, regional analysis, competitive analysis, recent developments, market dynamics and covid-19 analysis.
This report highlights that a significant market growth rate has been recorded in the past few years and is estimated to propel the market size in the upcoming years.
Key Industrial Segments
By thermoplastic resin:
- polyetherimide (PEI),
- polyether ether ketone (PEEK),
- polyaryletherketone (PAEK),
- others
By raw material:
- PITCH-based
- PAN-based
By application:
- automotive,
- aerospace & defense,
- sports equipment,
- wind turbines,
- marine,
- construction
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 42.32 billion 2030 |
| CAGR | 5% 2030 |
| Base Year | 2021 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Raw Material, Thermoplastic Resin, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | DowAksa (Turkey), Cytec Solvay Group (US), TORAY INDUSTRIES, INC. (Japan), SGL Group (Germany), Hexcel Corporation (US), TEIJIN LIMITED (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Arkema S.A. (France), Plasan Carbon Composites (US), Covestro AG (Germany), and PlastiComp, Inc. (US). |
| Key Market Opportunities |
|
| Key Market Drivers | The increasing demand for renewable energy due to fluctuating oil prices is also increasing the product demand in the region. |
Frequently Asked Questions (FAQ) :
The carbon thermoplastic composites market is predicted to grow at a 5% CAGR between 2021-2030.
The global carbon thermoplastic composites market is predicted to touch USD 42.32 billion by 2030.
North America is predicted to have maximum share in the carbon thermoplastic composites market during the forecast period.
Notable players profiled in the carbon thermoplastic composites market include PlastiComp, Inc. (US), Covestro AG (Germany), Plasan Carbon Composites (US), Arkema S.A. (France), Mitsubishi Chemical Holdings Corporation (Japan), TEIJIN LIMITED (Japan), Hexcel Corporation (US), SGL Group (Germany), TORAY INDUSTRIES, INC. (Japan), Cytec Solvay Group (US), and DowAksa (Turkey).
Booming aerospace and defense industry, high preference for thermoplastic composites, growing demand for lightweight vehicles, and increasing automotive production are adding to the growth of the carbon thermoplastic composites market.
