Market Overview
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. 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.
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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.).
Market Segmentation
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.
Regional Analysis
North America is leading the global carbon thermoplastic
composites market as a result of increasing use in the manufacturing of
lightweight vehicles and defense equipment. The product demand is rising owing
to growing use of renewable energy in place of crude oil and other resources.
Europe is expected to grow at a staggering rate owing to the growing demand for
fuel-efficient automotive. This is due to the emission standards set by
European Union for the vehicles. The Asia Pacific is the fastest growing market
due to expanding automotive and aerospace industry as a result of improved
living standard and rising disposable income of the consumers.
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