Carbon Thermoplastic Composites Market Size, Share, Growth, and Industry Analysis, By Type (PAN, Pitch), By Application (Automotive, Aerospace & Defense, Wind Turbines, Sports Equipment, Construction, Marine, Others), Regional Forecast To 2028

Updated On: 08 April 2024

Report Overview

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The global carbon thermoplastic composites market size was USD 3471.7 million in 2022 and is expected to reach USD 4959.3 million in 2028, at CAGR of 6.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with carbon thermoplastic composites market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Carbon thermoplastic composites are advanced materials that combine carbon fibers with a thermoplastic matrix. They are used in a variety of industries, including aerospace, automotive, sports equipment, and more. These composites offer several advantages over traditional thermosetting composites, primarily due to the characteristics of thermoplastics.

The carbon thermoplastic composites market was steadily growing due to the increasing demand for lightweight and strong materials in various industries. The aerospace and automotive sectors, in particular, were driving the demand for these composites as they aimed to improve fuel efficiency, reduce emissions, and enhance overall performance. 

COVID-19 Impact: Pandemic Hampered the Demand for Market

Many manufacturing processes were disrupted due to lockdowns, restrictions, and closures of factories. This could have led to disruptions in the supply of raw materials required for producing carbon thermoplastic composites. The pandemic caused a decrease in overall economic activity, which could have led to reduced demand for various products that use carbon thermoplastic composite, such as aerospace components, automotive parts, and sporting goods. Many industries that use thermoplastic composites, such as aerospace and automotive, experienced delays in projects and orders. This could have impacted the demand for these materials. Industries might have shifted their priorities during the pandemic, focusing more on essentials and essential services, which could have affected non-essential industries like certain applications of carbon thermoplastic composite. The shift to remote work and limited physical interactions might have disrupted the collaborative design and development processes, potentially affecting new product development and innovation in the field of thermoplastic composites.

Latest Trends

"Increasing Demand for Lightweight Materials to Fuel Market Growth"

Carbon thermoplastic composites are known for their exceptional strength-to-weight ratio, making them highly sought after in industries such as aerospace, automotive, and sports equipment. The trend towards lighter and more fuel-efficient vehicles and aircraft has driven the demand for these materials. As environmental awareness grows, there has been an increased focus on sustainable and eco-friendly materials. Carbon thermoplastic composite, when compared to traditional materials like metals, can potentially offer reduced emissions and energy consumption during production. This aligns with the broader trend of industries seeking greener alternatives. Innovations in manufacturing processes have been contributing to the growth of the market. Techniques such as automated fiber placement (AFP) and additive manufacturing have been developed to enhance production efficiency and reduce waste, thereby making these materials more accessible and cost-effective. While aerospace and automotive industries have been the major consumers of carbon thermoplastic composite, their use has been expanding into other sectors like renewable energy, consumer electronics, and medical devices. This diversification has been driving market growth and opening up new opportunities.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into PAN, Pitch.

• By Application Analysis

Based on application, the market can be divided into Automotive, Aerospace & Defense, Wind Turbines, Sports Equipment, Construction, Marine, Others.

Driving Factors

"Weight Reduction and Fuel Efficiency to Drive Market Growth"

Industries such as aerospace, automotive, and transportation are seeking lightweight materials to improve fuel efficiency and reduce emissions. Carbon thermoplastic composite offers a high strength-to-weight ratio, making them attractive for applications where weight reduction is critical. Carbon fiber-reinforced thermoplastics provide excellent mechanical properties, including high tensile strength, stiffness, and impact resistance. This makes them suitable for demanding applications in industries like aerospace, defense, and sports equipment.  Carbon thermoplastic composites are inherently corrosion-resistant, which is advantageous in environments where exposure to harsh chemicals, moisture, or saltwater can degrade traditional materials like metals. Thermoplastic composites can be easily molded into complex shapes using processes like injection molding. This flexibility in design makes them suitable for applications with intricate geometries, allowing for creative and efficient product designs. The aerospace sector demands lightweight materials that can withstand extreme conditions. Carbon thermoplastic composite finds use in aircraft components, leading to increased demand from this industry. Ongoing research and development efforts are improving the manufacturing processes, performance, and cost-effectiveness of thermoplastic composites, making them more accessible for various industries. All these factors are boosting carbon thermoplastic composites market growth.

Restraining Factors

"High Cost of Raw Materials to Restrict Market Growth "

Carbon fiber-reinforced thermoplastics involve expensive raw materials, primarily due to the cost of carbon fibers themselves. The production process is also intricate, which contributes to higher manufacturing costs. This can limit their adoption in cost-sensitive industries. The manufacturing processes for carbon thermoplastic composites can be more intricate than those for traditional materials. They often require specialized equipment and skilled labor, which might restrict the ease of mass production.

Regional Insights

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"Presence of Key Players in North America Anticipated to Drive Market Expansion "

North America holds leading position in carbon thermoplastic composites market share. The U.S. and Canada have been prominent players in the market. The region's strong aerospace, automotive, and defense industries have contributed to the demand for lightweight and high-strength materials like thermoplastic composites. Major companies in the aerospace sector, for instance, have shown interest in using these materials to reduce the weight of aircraft components, leading to improved fuel efficiency and performance.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are DowAksa, Cytec Solvay Group, Toray Industries, Inc., SGL Group, Hexcel Corporation, Teijin Limited, Mitsubishi Rayon Co., Ltd., Hyosung Corporation, Gurit Holding AG, Plasan Carbon Composites. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• DowAksa (Turkey)
• Cytec Solvay Group (Belgium)
• Toray Industries, Inc. (Japan)
• SGL Group (Germany)
• Hexcel Corporation (U.S.)
• Teijin Limited (Japan)
• Mitsubishi Rayon Co., Ltd. (Japan)
• Hyosung Corporation (South Korea)
• Gurit Holding AG (Switzerland)
• Plasan Carbon Composites (U.S.)

Report Coverage

This report examines an understanding of the carbon thermoplastic composites market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.