Carbon Thermoplastic Composites Market Overview
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.
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.).
The product demand from aerospace industry is growing because 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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Market Segmentation
The global carbon thermoplastic composites market is segmented into raw material, application, and region.
Based on 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 because 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.
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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 because of improved living standard and rising disposable income of the consumers.
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