The carbon fiber reinforced thermoplastic composites (CFRTP) market was worth USD 695.83 million in 2021 and is predicted to reach USD 1,686.73 million by 2026, at a CAGR of 11.94% between 2021 and 2026.

Carbon Fiber Reinforced Thermoplastic Composites are lightweight materials that display high. Strength, high elastic modulus, and high potential for. low-cost manufacturing or secondary fabrication, which are attractive characteristics for many industries ; these are the main factors that have considerably increased the demand for the Carbon Fiber Reinforced Thermoplastic Composites in the market, thereby driving the huge growth of the Carbon Fiber Reinforced Thermoplastic Composites market in the upcoming years

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Market Drivers and Restrains:

The main factors that have considerably increased the demand for the Carbon Fiber Reinforced Thermoplastic Composites in the market is mainly due to the surge in demand for light weight vehicles across the globe acts as one of the major factors driving the growth of carbon fiber reinforced thermoplastic composites (CFRTP) market. The rise in demand for the material across aerospace, defense, and energy and power industries for excellent performance characteristics at very high temperatures, and high inclination towards CFRTP owning to their functional stability accelerate the market growth. The rise in awareness among population towards pollution fee and efficient vehicles, and high usage of the material to optimize efficiency in automotive applications further influence the market. Additionally, rapid urbanization and industrialization, expansion of end-use industries, surge in investments and research these are the main factors that have considerably increased the demand for the Carbon Fiber Reinforced Thermoplastic Composites in the market, thereby driving the huge growth of the Carbon Fiber Reinforced Thermoplastic Composites market in the upcoming years

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Report is segmented as:

Carbon Fiber Reinforced Thermoplastic Composites Market is segmented on the basis of by:

By Product Type (Continuous, Long & Short),
By Raw Material (Polyacrylonitrile (PAN) and Petroleum Pitch),
By Application (Aerospace, Automotive & Consumer Durables)
Geographical Segmentation:

Carbon Fiber Reinforced Thermoplastic Composites Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Carbon Fiber Reinforced Thermoplastic Composites is due to the increase in demand for lightweight materials these are the main factors that have considerably increased the demand for the Carbon Fiber Reinforced Thermoplastic Composites in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Market

Impact of COVID-19 on Market

Covid-19 pandemic has impacted the growth of the Carbon Fiber Reinforced Thermoplastic Composites market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Carbon Fiber Reinforced Thermoplastic Composites market. Covid-19 pandemic has impacted huge on the sales revenue of Carbon Fiber Reinforced Thermoplastic Composites market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Carbon Fiber Reinforced Thermoplastic Composites growth

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