The study involves two major activities in estimating the current market size for the CFRTP market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering CFRTP products and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the CFRTP market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the CFRTP market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from CFRTP industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to resin type, product type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using CFRTP products were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of CFRTP products and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
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Market Size Estimation
The research methodology used to estimate the size of the CFRTP market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in CFRTP products in different applications at a regional level. Such procurements provide information on the demand aspects of the CFRTP industry for each application. For each application, all possible segments of the CFRTP market were integrated and mapped.
CFRTP Market Size: Botton Up Approach
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CFRTP Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
CFRTP is made with a combination of carbon fiber and thermoplastic resin, along with additives and pigments. CFRTP replaces conventional aluminum, steel, and other metallic alloys. It has reshaping and reforming flexibility properties. It is widely used in aerospace, automotive, consumer durables, and other industries. CFRTP uses polyamide, polyether ether ketone, polycarbonate, polypropylene, and other thermoplastic resins. It is lightweight, easy to construct, dimensionally stable, and resistant against chemicals and corrosion compared to traditional materials. These properties enhance the shelf life of CFRTP parts compared to steel and other metallic alloys.
Key Stakeholders
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CFRTP Manufacturers
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Raw Materials Suppliers
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Distributors and Suppliers
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End-use Industries
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Industry Associations
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R&D Institutions
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Environment Support Agencies
Report Objectives
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To define, describe, and forecast the carbon fiber reinforced thermoplastic (CFRTP) market size in terms of volume and value
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To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
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To analyze and project the global CFRTP market by resin type, product type, application, and region
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To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and analyze the significant region-specific trends
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To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
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To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
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To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape
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To strategically profile the key market players and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
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Additional country-level analysis of the CFRTP market
Product Analysis
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Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in CFRTP Market