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Carbon thermoplastic also referred as carbon fiber reinforced thermoplastic composite (CFRTP) is an extremely strong and light in nature, stiff type of thermoplastic which is employed in various end-use sectors like automobile, aerospace, construction, sports, technical and consumer applications. Carbon thermoplastic is composite material and its strength depends upon the layout and the proportion of the carbon fibers to the matrix used for reinforcing.
Increasing demand from aerospace sector for material with high mechanical strength, stiffness, weight to strength ratio and rigidity shall drive the market growth. The increasing use of this composite thermoplastic in automobile sector to reduce the overall weight of the vehicles and fuel consumption shall raise the demand.
However, carbon thermoplastic is specially designed and manufactured using advanced machines and techniques. High cost of production of such kind of composite materials shall hinder the market growth.
Key Market Driver -
Increasing demand from aerospace sector.
Key Market Restraint -
High cost of production.
Based on raw material, the market is segmented into polyacronitrile (PAN) and pitch. Based on application, the market is segmented into automotive, aerospace, wind turbines, sport equipment, construction, marine, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global carbon thermoplastic market consists of global & regional players operating. Some of the key players in the market include BASF SE, Cytec Solvay, Gurit Holding Ag, Saudi Basic Industries Corporation (SABIC), Teijin Ltd, Tencate, SGL Group, DuPont, Celanese Corporation, and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is accounted to hold the largest share in market attributed to the extensive use in aircrafts, ships–building, and other applications. Additionally, the high government investments for R&D in aerospace sector for high-strength materials shall impact positively. Europe is estimated to be second-largest market due to increasing demand for light weight material from the automobile manufacturing companies. Asia Pacific is expected to show significant growth due to the rapid industrial development in China and India. Latin America and Middle East and Africa are expected to show considerable growth by the end of the forecast period.
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