The CFRTP market was valued at USD 680.0 Million in 2015 and is projected to reach USD 1,690.3 Million by 2026, at a CAGR of 8.66% between 2016 and 2026. CFRTP is widely utilized for varied applications such as aerospace, automotive, and consumer durables, owing to its superior properties, low maintenance, and long product life.

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The CFRTP market is driven by the increasing demand for fuel-efficient vehicles, increasing the use of CFRTP in aerospace applications, and flexibility offered by CFRTP in manufacturing complex shapes & designs. In addition, technological advancements for the mass production of CFRTP are further propelling the growth of the CFRTP market.

Aerospace is the largest application segment of the CFRTP market, in terms of value and volume

Major applications of the CFRTP market include aerospace, automotive, and consumer durables. The aerospace application segment accounted for the largest share of the CFRTP market in 2015, in terms of value and volume. CFRTP encompasses various properties including lightweight, easy to construct, dimensional stability, and resistance against chemicals as well as operational stability at high temperatures in comparison to other conventional materials, such as thermoset composites and metallic alloys. The superior properties of CFRTP have contributed to the extensive usage of CFRTP in the aerospace industry.

However, factors such as high raw material and production costs and stiff competition from thermoset composites are acting as restraints to the growth of the CFRTP market.

Solvay S.A. (Belgium), Royal Ten Cate N.V. (Netherlands), Teijin Limited (Japan), Toray Industries, Inc. (Japan), SGL Group (Germany), Celanese Corporation (U.S.), Covestro AG (Germany), PolyOne Corporation (U.S.), PlastiComp, Inc. (U.S.), and Aerosud (South Africa), among others are leading players in the CFRTP market. These companies have adopted various organic and inorganic growth strategies such as agreements, new product launches, acquisitions, and expansions to enhance their presence in the CFRTP market.

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