CFRTP Market worth 1,690.3 Million USD by 2026

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CFRTP Market
The report "CFRTP Market by Product Type
(Continuous, Long, and Short), Resin Type
(Polyetheretherketone, Polyamide, Polycarbonate,
and Polyphenylene Sulfide), Application
(Aerospace, Automotive, and Consumer Durables),
Region - Global Forecast to 2026", The CFRTP
market is projected to reach USD 1,690.3 Million
by 2026, at a CAGR of 8.66 from 2016 to 2026.
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Introduction
The CFRTP market is driven by the increasing
demand for fuel-efficient vehicles, increasing
use of CFRTP in aerospace applications, and
flexibility offered by CFRTP in manufacturing
complex shapes designs. In addition,
technological advancements for the mass
production of CFRTP are further propelling the
growth of the CFRTP market. Continuous carbon
fiber is the leading type of CFRTP used for
various applications, such as aerospace,
automotive, and consumer durables. The continuous
fiber segment is projected to account for the
largest share of the CFRTP market both, in terms
of value and volume, owing to its high strength
in comparison to short and long carbon fibers.
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Key Participants
Key players operating in the CFRTP market include
Solvay S.A. (Belgium), Royal Ten Cate N.V.
(Netherlands), Teijin Limited (Japan), Toray
Industries, Inc. (Japan), SGL Group (Germany),
Celanese Corporation (U.S.), Covestro AG
(Germany), PolyOne Corporation (U.S.),
PlastiComp, Inc. (U.S.), and Aerosud (South
Africa), among others. These players have adopted
various organic and inorganic developmental
strategies over the past five years.
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On The Basis Of Region
North America is projected to be the
fastest-growing region in the CFRTP market, in
terms of value and volume. Key countries in this
region, namely, the U.S. and Canada are
witnessing a high demand for CFRTP. Growth in the
North America CFRTP market is primarily
attributed to the increasing demand for
fuel-efficient vehicles, technological
advancements in the field of CFRTP, and
flexibility offered by CFRTP in manufacturing
complex shapes designs. In addition, mass
production of CFRTP is further anticipated to
increase its usage in standard automobiles.
Leading players in the CFRTP market have adopted
the strategy of agreements and expansions to
enhance their customer base and increase their
geographic reach.
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