DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "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" report to their offering.
The CFRTP market is projected to reach USD 1,690.3 million by 2026, at a CAGR of 8.66% between 2016 and 2026.
Key factors driving the growth of the CFRTP market include increase in demand for fuel-efficient vehicles, use of CFRTP in aerospace applications, technological advancements, and flexibility in manufacturing complex shapes & designs. However, high raw material and production costs and stiff competition from thermoset composite manufacturers are factors restraining the growth of the market.
The aerospace application accounted for the largest share of the CFRTP market both, in terms of value and volume in 2015. The superior properties exhibited by CFRTP are one of the most significant factors driving the growth of the CFRTP market in the aerospace application segment. CFRTP offers dimensional stability and resistance against chemicals as well as operational stability at high temperatures in comparison to other conventional materials, such as thermoset composites and metallic alloys.
North America is expected to be the fastest-growing market for CFRTP during the next five years. Factors contributing to the growth of the North America CFRTP market include the increasing demand for CFRTP from aerospace and automotive industries and rapid urbanization and industrialization in this region.
- Increasing Demand of Fuel Efficient Vehicles
- Increasing Use of CFRTP in Aerospace Applications
- New Technological Advancements
- Flexibility in Manufacturing Complex Shapes and Designs
- High Raw Material & Production Cost
- Stiff Competition From Thermoset Composites
- Growth of CFRTP in New Applications
- Changing Focus of Automotive Oems Towards CFRTP
Need for Low Cost Technologies
- Celanese Corporation
- Covestro AG
- Plasticomp, Inc.
- Polyone Corporation
- Royal Ten Cate N.V.
- SGL Group
- Solvay S.A.
- Teijin Limited
- Toray Industries, Inc.
For more information about this report visit http://www.researchandmarkets.com/research/4hv4vc/cfrtp_market_by