Market Overview:
The global market for Continuous Fiber-Reinforced Thermoplastic Composites (CFRTP) estimated at USD 989.25 Million in the year 2022, is projected to reach a revised size of USD 1,764.31 Million by 2030, growing at a CAGR of 7.5% over the analysis period 2023-2030.
Continuous fiber-reinforced thermoplastic composites are strong and lightweight, which results in end products with significantly less weight and more strength and stiffness. Due to their multiple benefits, including their high strength-to-weight ratio, superior load-carrying capacity, low coefficient of thermal expansion, and resistance to deformation and cracking, CFRTP composites are utilized in a variety of end-use industries, including automotive, aerospace, electronics, and others. Since they are less harmful to the environment, electric cars (EVs) have grown in popularity. Because of their great strength and significant weight-saving potential, CFRTP composites are incredibly helpful in the production of EV parts. As the market for electric vehicles grows, customer awareness of clean, efficient, and lightweight vehicles rises, which in turn fuels demand for those vehicles.
Top Key Players Covered in The Continuous Fiber Reinforced Thermoplastic Composites For Electric Vehicles Market:
- Aonix (UK)
- AXIA Materials (South Korea)
- Celanese (Germany)
- Guangzhou Kingfa Carbon Fiber (China)
- Lingol (US)
- Lanxess (Germany)
- Ningbo Huaye Material (China)
- Polystrand (US)
- QIYI Tech (China)
- TenCate (Netherlands)
- Tri-Mack (US)
- US Liner (US)
- Zhejiang Double Fish Plastics (China) and Other Major Players
Market Dynamics and Factors:
Electric vehicles require lightweight materials to improve energy efficiency and maximize their range. Continuous fiber-reinforced thermoplastic composites offer a high strength-to-weight ratio, making them an attractive choice for lightweight applications in EVs. These composites help reduce the overall weight of the vehicle, increasing its energy efficiency and extending the range. Moreover, continuous fiber-reinforced thermoplastic composites can contribute to better battery efficiency in EVs. By reducing the weight of the vehicle, these composites can help offset the heavy weight of EV batteries, resulting in improved overall vehicle efficiency. Additionally, the high strength and stiffness of these composites can enhance the structural integrity of battery enclosures, ensuring the safety of the battery pack.
Carbon fiber composites are known for their exceptional strength-to-weight ratio. By incorporating carbon fiber materials into EV components such as body panels, chassis, and interior parts, manufacturers can significantly reduce the weight of the vehicle. This lightweight approach helps improve energy efficiency, extend the range of electric vehicles, and enhance overall performance. Additionally, Carbon fiber composites can play a crucial role in the design and manufacturing of battery enclosures for EVs. The high strength and stiffness of carbon fiber materials can ensure the structural integrity of the battery pack, providing protection and safety. Additionally, carbon fiber composites can assist in thermal management, helping to dissipate heat generated by the battery, which is essential for optimizing battery performance and longevity.
The Continuous Fiber Reinforced Thermoplastic Composites For Electric Vehicles Market Report Highlight:
- By Type, Carbon Fiber CFRTP Composites Segment is expected to dominate the market, due to its exceptional strength and stiffness properties compared to other types of continuous fiber reinforced thermoplastic composites.
- By Application, the EV Exterior segment is expected to dominate the market. By utilizing continuous fiber-reinforced thermoplastic composites in these exterior components, manufacturers can achieve significant weight reduction compared to traditional materials like metals.
- Asia Pacific is expected to dominate the market, due to factors such as Asia Pacific is home to some of the largest automotive markets, including China, Japan, and South Korea. The region has experienced significant growth in the automotive industry, with rising demand for passenger vehicles and electric vehicles.
Key Industry Development:
- In May 2023, Celanese announced a new strategic partnership between its Micromax™ Electronic Inks and Pastes and nScrypt, which designs and manufactures high-precision micro dispensing and direct digital manufacturing (3D printing) equipment for various industrial applications.
- In March 2023, Hexcel, a leading advanced composites company, has achieved a groundbreaking milestone with the development of a pioneering Automated Fiber Placement (AFP) system designed for the high-volume production of Carbon Fiber Reinforced Thermoplastic (CFRTP) components
Continuous Fiber Reinforced Thermoplastic Composites for Electric Vehicles Market Segmentation:
By Type
- Carbon Fiber CFRTP Composites
- Glass Fiber CFRTP Composites
- Aramid Fiber CFRTP Composites
By Application
- EV Interior
- EV Exterior
For this report, Introspective Market Research has segmented the Continuous Fiber Reinforced Thermoplastic Composites for Electric Vehicles Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
