According to the latest market report published by Lucintel, the future of the global continuous fiber thermoplastics (CFT) market looks promising with opportunities in transportation, aerospace and defense, industrial, and sporting goods. The global CFT market is expected to grow at a compound annual growth rate of 9.5% from 2017 to 2022. The major driver for the growth of this market is reported to be “growing demand for thermoplastic composites in different end use industries due to its higher performance and environmental benefits,” according to the report. The transportation, and aerospace and defense segments are expected to show above average growth during the forecast period.
|Global continuous fiber thermoplastic composite market set for growth centered on North America.|
Within the global CFT market, the aerospace and defense segment is expected to remain the largest market by value while the transportation segment will be the greatest by volume. Expected growth in the development and production of advanced aircraft models, increasing use of lightweight composites in new aircraft programs, such as the Boeing 787 and the Airbus A350, and growing use of lightweight materials in the transportation industry are the major driving forces that spur growth for these segments.
By material form, unidirectional (UD) tape is expected to remain the largest segment due to its growing use in aerospace & defense and transportation industries.
By usage temperature, the low temperature CFT market segment is expected to remain the largest by both value and volume over the forecast period. By reinforcement type, glass fiber reinforced CFT is expected to remain the largest segment by both value and volume.
By resin type, PEEK-based CFT is expected to remain the largest segment by value while PP-based CFT is expected to remain the largest segment by volume over the forecast period.
Europe is forecast to remain the largest market for CFT due to growing demand for high performance, lightweight, and environmentally sustainable thermoplastic composites in different end use industries.
North America is set to witness the highest growth rate during the forecast period due to the expected increase in production of advanced aircraft models, growing vehicle production and an increasing focus on lightweight composite materials.
For business expansion, Lucintel’s report suggests innovation and new product development to achieve higher mechanical performance, better performance at elevated temperature, and improved flame, chemical and moisture resistance.
Emerging trends which have a direct impact on the dynamics of the industry include continuous innovation and development of new products and applications particularly in automotive and aerospace industries, and close collaboration of players in different nodes in the supply chain. TenCate, Cytec Solvay Group, Lanxess, PolyStrand, AXIA Materials, QIYI Technology, and Celanese are among the major suppliers of CFT.
Lucintel has analyzed growth opportunities in the global CFT market by end use industry, material form, use temperature, reinforcement, resin, and region and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Continuous Fiber Thermoplastics Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” The report details consumption in the transportation, sporting goods, industrial, aerospace and defense, and other sectors. Material forms investigated include