CFRTP Market Expected Growth Opportunities Forecast by 2029 | Know the Russia Ukraine Impact On CFRTP Industry
The global CFRTP market size is set to exhibit potential growth owing to the increasing applications in CFRTP in the aerospace industry. This information is published by Fortune Business Insights™ in an upcoming study, titled, “CFRTP Market, 2022-2029.” The material can be utilized in applications where high thermal mass and rigidity are required. It can be shaped in tape and sheet formats, which can be further used with thermoforming techniques.
The demand for CFRTP has been affected negatively during the COVID-19 pandemic. The primary factor attributed to this is the traveling restrictions worldwide, halting the operations of the aerospace industry. The latter industry has suffered huge losses during the pandemic and is reluctant to focus on further production, reducing the growth of the global CFRTP market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the CFRTP Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global CFRTP Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
We have categorized the market on the basis of resin type, product type, application, and geography. In terms of resin type, the market is divided into Polyetheretherketone (PEEK), Polyamide (PA), Polycarbonate (PC), and Polyphenylene Sulfide (PPS). Based on product type, it is fragmented into continuous carbon fiber, long carbon fiber, and short carbon fiber. On the basis of application, the market is bifurcated into aerospace, automotive, and consumer durables. Lastly, on regional basis, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report:
The report offers a detailed analysis of latest trends and growth drivers of the market. Apart from this, it includes a comprehensive study of the various segments in which the market has been divided along with the current scenario regarding competition in the market. In addition to this, the report provides region wise insights and the key factors fluctuating the demand in those regions.
Drivers & Restraints-
Increasing Utilization from Aerospace Sector Backed By Structural Accuracy and Resistance to Drive Growth
Increasing applications in CFRTP from the aerospace industry due to properties, such as structural accuracy and resistance against chemicals, are estimated to drive the CFRTP market growth. In addition, steady growth in the global aerospace and defense sector is expected to strengthen the demand for CFRTP globally. For instance, according to a study by Deloitte, the industry revenues of the global aerospace and defense industry reached USD 685.6 billion in 2017, recording a growth of 2.7% from the previous year. However, the high prices associated with CFRTP coupled with the intense competition in the region are predicted to hinder market growth.
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Increasing Demand from U.S. Aerospace Industry to Boost Demand in North America
North America is anticipated to dominate the global CFRTP market during the forecast period. The flourishing aerospace industry in the U.S. is projected to drive the demand for CFRTP in the region. For instance, according to the statistics presented by the Aerospace Industries Association, the industry witnessed a sales revenue of over USD 929 billion in 2018, recording a 4.17% hike from the previous year.
The market in Asia Pacific is predicted to showcase eminent growth during the forecast timeline. The region holds a significant market share owing to the high demand for domestic flights in developing nations. In addition, the high population in countries including India and China coupled with the increasing disposable income in these countries is expected to strengthen the demand for CFRTP in the region.
Expansion strategies to Aid Key Players Increase their Customer Base
The global CFRTP market comprises manufacturers and developers focusing on expanding the industry on a global scale. Prominent corporations are embarking on various expansion strategies for their businesses. In addition, they are focusing on the development of innovative products under their product lines. These strategies will help them increase their customer base as well as their product portfolio.
- In January 2017, Teijin, a Japanese chemical company acquired Continental Structural plastics (CSP), a global leader in lightweight composite automobiles for USD 825 million. Through this purchase, Teijin will be able to extend its automotive sponsoring beyond glass fiber and carbon fiber composites to fulfill the needs of its customers.
A List of Key Manufacturers Operating In the CFRTP Market Report:
- Solvay S.A.
- Royal Ten Cate N.V.
- Teijin Limited
- Toray Industries, Inc.
- SGL Group
- Celanese Corporation
- Covestro AG
- PolyOne Corporation
- PlastiComp, Inc.
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