PUBLISHER: Grand View Research | PRODUCT CODE: 1571503
PUBLISHER: Grand View Research | PRODUCT CODE: 1571503
The global carbon thermoplastic composites market size is anticipated to reach USD 10.21 billion by 2030 and is projected to grow at a CAGR of 6.6% during the forecast period, as per a new report by Grand View Research, Inc. The demand for lightweight materials in automobile production, so as to reduce the overall fuel consumption is splurging the carbon thermoplastic market demand globally.
Many developed countries such as the United States, Japan, Germany, etc. have a high concentration of automobile, aerospace and defense equipment manufacturing companies and so is the consumption of carbon thermoplastics composites in these regions.
North America is anticipated to grow lucratively over the forecast period for the product on account of the presence of major aircraft manufacturing giants like Boeing and many other top notch automobile manufacturers. Europe is expected to witness the highest growth over the forecast period. The presence of key automotive manufacturers such as BMW, Volkswagen, Mercedes, Fiat, etc. which emphasizing on building low-weight, fuel efficient, low emission, environment-friendly cars, has led to the increased consumption of CFRTP composites in the Europe.
The market is growing and is composed of several large players. However, product cost is a major challenge faced by these companies. Key market participants have adopted strategies such as agreements, joint ventures, partnerships, and alliances so as to sustain the growing market competition.