Market Highlights
Continuous fiber thermoplastics (CFTs) are intermediate materials, suitable for a range of applications that call for high strength, stiffness, and low weight. CFTs are later processed through different processes in order to fabricate parts/components. These products are used in a wide range of industrial applications due to their lightweight and recyclable nature. CFTs are 20 to 40 percent lighter than aluminum and steel. CFTs are especially significant in the automotive industry because of their potential to replace metal in the production of lightweight automotive parts.
The global CFT market suffered a massive decline of >30% (value basis) in 2020 due to the global economic recession led by the COVID-19 pandemic. Most of the end-use industries faced reduced demand, supply chain disruption, cash flow constraints, and temporary shutdown in production facilities which led to the decline in the demand for CFTs.
However, the market began to get back on track in 2021 as Omicron worries waned, and it is expected to grow at a promising CAGR of 7.1% (value basis) to cross the benchmark figure of US$ 200 million by 2027. Rising demand for CFTs in the aerospace, automotive, and consumer goods industries, owing to an increased demand for lightweight parts, stringent regulations concerning fuel efficiency and emission level, and higher performance w are some of the major factors driving the demand for CFTs.
Market Segments' Analysis
Based on the product type, the market is classified into thermoplastic UD prepreg, thermoplastic fabric prepreg, commingled yarn, and others. UD prepreg is likely to remain the most dominant product type in the market in the foreseen future. The product type captured the lion’s share of the market in 2021 and is expected to grow at a healthy rate during the forecast period. UD prepregs are widely preferred in the aerospace & defense and automotive industries. Commingled yarn is used in cost-sensitive applications. Glass fiber is the most preferred material type for commingled yarns
Based on the fiber type, the market is segmented as carbon fiber CFT and glass fiber CFT. Glass fiber CFT is expected to remain the most dominant fiber type (volume basis) in the market during the forecast period. Glass fiber CFTs are more flexible and lesser expensive than carbon fiber CFTs. They are frequently used in high-volume applications where low unit cost is a priority. It is also the preferred material type for applications that don’t require maximum stiffness. Carbon fiber CFT, on the other hand, allows for greater tensile strength at a lower weight. It is expected to grow at a higher pace during the forecast period.
Based on the process type, the market is segmented as compression molding, injection molding, AFP/ATL, and others. Compression molding is likely to remain the majorly used process type in the market during the forecast period. Compared to other manufacturing processes, compression molding is relatively simple and involves lower tooling costs. The adoption of AFP/ATL in CFT processing is slowly rising. It is anticipated to register an impressive CAGR of more than 9% during the forecast period.
In terms of regions, North America is expected to remain the largest market for CFTs over the forecast period on account of the huge presence of tier players in the aerospace industry. The region is the biggest market for advanced composites, creating ample opportunities for the market participants in the years to come. Asia-Pacific is estimated to witness the fastest growth during the forecast period. Factors, such as increasing automobile production, a gradual shift of the aerospace industry in key Asian economies, and rising penetration of advanced composites, are driving the demand for CFTs in the region.
Key Players
CFT holds a unique position in the composite community. A handful of players have been able to manufacture CFTs, especially thermoplastic UD prepreg. Years of continuous research helped the companies to gain mastery in the CFT business. Also, most of the companies are deploying various strategies regarding product development & differentiation, pricing, brand, technology, and customized products to gain a competitive advantage. The following are some of the key players in the CFT market:
- Toray Industries Inc.
- Solvay S.A. (Cytec Industries Incorporated)
- Teijin Carbon Europe GmbH (Toho Tenax)
- Bond-Laminates (Lanxess AG)
- Avient Corporation (PolyOne Corporation)
- Jiangsu Qiyi Technology Co., Ltd.
- BASF SE
- Celanese Corporation
- Covestro AG
- Kingfa Science & Technology (India) Limited
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s CFT market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The CFT market is segmented into the following categories:
CFT Market, by Product Type
- Thermoplastic UD Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Thermoplastic Fabric Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Commingled Yarn (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
CFT Market, by Fiber Type
- Carbon Fiber CFT (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Glass Fiber CFT (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
CFT Market, by Resin Type
- PPS (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- PEEK (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- PEI (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- PP (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
CFT Market, by End-Use Industry Type
- Aerospace & Defence (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
CFT Market, by Temperature Type
- High-Temperature CFT (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Low-Temperature CFT (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
CFT Market, by Process Type
- Compression Molding (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Injection Molding (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- AFP/ATL (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
CFT Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The Netherlands, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
