According to Fact.MR’s continuous fiber-reinforced thermoplastic (CFRTP) composites industry analysis, the market was valued at around US$ 900 Mn in 2020, and is projected to expand 1.7X to top US$ 1.5 Bn by 2031. North America is set to account for more than 50% market share over the decade.
All these factors create an ideal environment for continuous fiber-reinforced thermoplastic composites across the world, and the market is expected to top a valuation of US$ 1.5 Bn by 2031.
Global continuous fiber-reinforced thermoplastic composites market to top US$ 1.5 Bn by 2031.
Aramid fiber projected to reach valuation around US$ 300 Mn by 2031.
Glass fiber projected to record above 4% CAGR over the next 10 years.
Market in Japan to record 3% CAGR over the forecast period of 2021- 2031.
China forecast to reach a projected market size above US$ 350 Mn by 2031.
Market in Canada projected to expand at above 4% CAGR over the next 10 years.
How is Rising Adoption of Environment-friendly Vehicles Driving Demand for CFRTP Composites?
As fuel efficiency depends upon the weight of a vehicle, there is increase in requirement for lightweight materials, which is anticipated to drive demand for CFRTP composites.
Electric vehicles (EVs) are environment-friendly and have been gaining a lot of traction in recent years. CFRTP composites have high strength and contribute significantly to vehicle weight reduction, and are extremely useful in the manufacture of EV parts.
Major players with a prominent share in the market are focusing on expanding their customer base.
- In 2018, Lanxess AG announced a new thermoplastic specialty compounds facility in Krefeld-Uerdingen, Germany. This will increase the capacity of the facility by 10,000 metric tons per year. It will help the company cater to demand for polyamide-based compounds.
- In 2019, Polyone Corporation launched new thermoplastic composite products at CHINAPLAS 2019. It introduced Complet LFT formulations, which is a thermoplastic composite with PEEK and PP as a base resin, to meet highly demanding design and performance requirements.
Key Companies Profiled
- AXIA Materials
- US Liner
Key Market Segments Covered
- Carbon Fiber
- Glass Fiber
- Aramid Fiber
- Sporting Goods