Market Trends of Carbon Fiber Reinforced Thermoplastic (CFRTP) Composite Industry
Polyacrylonitrile (PAN) Raw Material Type to Dominate the Market
- Due to its exceptional properties, polyacrylonitrile (PAN) surpasses petroleum pitch in popularity as the primary raw material for manufacturing CFRTP composites. PAN serves as the precursor polymer for the carbon filament in CFRTP production.
- PAN plays a pivotal role in CFRTPs, serving as the structural backbone for carbon fibers. This key function allows for the production of composites that are not only lightweight but also exceptionally strong.
- PAN is transformed into carbon fibers through a series of processes: stabilization, carbonization, and occasionally graphitization. These processes entail heating the PAN fibers under controlled conditions, modifying their chemical structure, and yielding fibers that are predominantly made up of carbon atoms.
- To create CFRTP, PAN-derived carbon fibers such as polypropylene, polyamide, or PEEK are embedded in a thermoplastic matrix. This thermoplastic matrix not only binds the carbon fibers but also imparts shape and enhances the composite's durability.
- Industries such as aerospace, automotive, sports equipment, and industrial machinery rely on CFRTPs for high-performance applications that require lightweight yet strong materials. An increase in the demand and production of aircraft is expected to fuel the demand for carbon fiber-reinforced thermoplastic composite.
- According to the Boeing Commercial Outlook 2023-2042, with a resurgence in international traffic and domestic air travel back to pre-pandemic levels, the company projected global demand for 48,575 new commercial jets by 2042.
- Airbus, a leading aircraft manufacturer, has many assembly plants in China, which boosts aircraft parts production in the country. Airbus signed a next-phase partnership contract with China in 2023. Under this agreement, the company agrees to allocate 160 aircraft to China Airlines and expand its Tianjin production capacity by almost 100%.
- Further, rising needs from sectors like construction and sports equipment are propelling the demand for CFRTP, specifically those based on PAN.
- Hence, owing to the above-mentioned factors, PAN is expected to witness significant demand in the market during the forecast period.
Understand The Key Trends Shaping This Market
Download PDF
North America to Dominate the Market
- North America is expected to witness strong growth for CFRTP owing to the growing demand from major aircraft producers, such as Boeing and others.
- Boeing has been increasing its production of single-aisle airplanes in North America, which is likely to drive the market studied in the region.
- According to the Federal Aviation Administration (FAA), boosted by the sharp recovery in demand for air travel and cargo, the number of aircraft in the commercial fleet grew by 0.2% during 2022-2023. Additionally, US airline enplanements are estimated to grow 2.4% per year over the next 20 years to USD 1.32 trillion in 2044 compared to USD 922 billion in 2023, with the US mainline jet fleet to grow from 4,832 in 2023 to 6,894 in 2044.
- The total number of commercial aircraft is expected to increase from 6,852 in 2022 to 10,286 in 2043, with an average growth rate of 2.0% annually. Between 2022 and 2043, the number of jets in the mainline carrier fleet is forecasted to grow from 3,915 to 5,925, a net average of 96 aircraft annually. The cargo carrier’s large jet aircraft fleet is forecasted to increase from 935 in 2022 to 1,974 in 2043.
- Canada has a well-established aircraft component manufacturing industry. Some key companies operating in the Canadian aerospace industry are Bombardier and Bell Helicopter Textron Canada. The Canadian aerospace industry maintained its first position in R&D ranking among all Canadian manufacturing industries in 2022, investing USD 683 million in research and development.
- Additionally, the growing building and construction industry in the United States is expected to drive the demand for CFRTP in the region.
- According to the US Census Bureau, the annual value for construction in the United States accounted for USD 1,978.7 billion in 2023, an increase of about 7.03% compared to 2022.
- According to the US Census Bureau, the value of private construction in 2023 stood at USD 1,541.0 billion, 4.7% (± 1.2%) higher than the USD 1,472.4 billion in 2022. Residential construction spending in 2023 was USD 864.9 billion, up 5.8% (±2.1%) from USD 917.9 billion in 2022, while non-residential construction spending accounted for USD 676.0 billion, up 21.9% (±1.2%) from USD 554.5 billion in 2022.
- One of the major commercial projects is the construction of West Henderson Hospital in South Carolina, which is expected to be completed in Q2 2024. This project involves the construction of a 28,912.44 m2, 128-bed hospital, which started in Q1 2022. Similarly, in the same area, the construction of the BMW Group supplier EV plant started in December 2022.
- Hence, owing to the above-mentioned trends in end-user industries, North America is likely to dominate the market during the forecast period.
Get Analysis on Important Geographic Markets
Download PDF
