Carbon Fiber Reinforced Thermoplastic- durable and lightweight, providing significant weight reduction and strength & stiffness performance available in the reinforced thermoplastics. Having multiple advantages such as high strength-to-weight ratio, excellent load carrying ability, low coefficient of thermal expansion and resistant to deformation and crack, along with multifunctional capabilities CFRTP composites are used in many end-use industries such as automotive, aerospace, wind turbines, sports equipment and others. The primary ingredients used in the manufacturing of carbon fiber reinforced thermoplastic (CFRTP) composites are petroleum pitch and polyacrylonitrile (PAN). Polyacrylonitrile (PAN) due to its excellent properties, is used more as compared to petroleum pitch as a raw material. PAN holds the significant share approximately 85-90% and petroleum pitch holds about 10-15% in the manufacturing of CFRTP. Continuous carbon fiber segment share the significant share as compared to the others segments. CFRTP composites also serves as a better alternative to metals such as steel and aluminum, owing to its flexibility, resistance to corrosion, durability and others. Moreover, the demand for lightweight automotive material to reduce the fuel consumption is driving the need for the carbon fiber reinforced thermoplastic (CFRTP) composites market globally.
As per Persistence Market Research, the primary factors influencing the demand for these composites market are its properties such as welding ability and high recyclability, which makes it suitable in the manufacturing of various end-use application products. The applications of CFRTP is anticipated to rise due to its properties such as lightweight, toughness and high strength. Industries like automotive, aerospace and machines & equipment are emphasizing on reducing the weight of vehicles and machines; which also increases the performance and efficiency of the vehicle which is likely to drive the CFRTP composites market globally. Also, the increase in consumer awareness towards pollution fee and efficient vehicles further fosters the demand for the light-weight vehicles which in turn increases the demand. As the fuel efficiency depends upon the weight; therefore there is an increase in requirements for light-weight materials from industries such as marines and wind-turbines are also anticipated to drive the demand.
North America region is expected to be the biggest market for the carbon fiber reinforced thermoplastic (CFRTP) composites, due to the manufacturers such as Boeing, an aircraft maker and manufacturers of defense instruments. Stringent rules and regulations such as the European Union by the Europe government regarding emissions from vehicles are further expected to foster demand in the region. The automotive industry holds the largest share in the CFRTP composites market followed by other sectors such as construction and marine and is anticipated to have steady growth in the forecast period.