According to a new market report published by Lucintel, the future of global continuous fiber thermoplastics (CFT) market looks promising with opportunities in transportation, aerospace & defense, industrial, and sporting goods industries. The global CFT market is expected to grow at a CAGR of 9.5% from 2017 to 2022. The major driver for the growth of this market is growing demand for thermoplastic composites in different end use industries due to its higher performance and environmental benefits.
In this market, transportation, aerospace & defense, industrial, and sporting goods are the major end use industries. On the basis of comprehensive research, Lucintel forecasts that the transportation and aerospace & defense segments are expected to show above average growth during the forecast period.
Within the global CFT market, the aerospace & defense segment is expected to remain the largest market by value and transportation segment by volume. Expected growth in the development and production of advanced aircraft models, increasing use of lightweight composites in new aircraft programs, such as Boeing 787, Airbus A350, and growing use of lightweight materials in transportation industry are the major driving forces that spur growth for these segments over the forecast period.
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 use temperature, the low temperature CFT is expected to remain the largest segment 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 and PP based CFT is expected to remain the largest segment by volume over the forecast period. The growing use of high performance composite material in the end use industries is likely to drive the consumption of PEEK based CFT over the forecast period.
Europe is expected 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 expected 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.