August 13, 2021: Global Carbon Fiber Reinforced Plastic (CFRP) Market is anticipated to witness an exponential growth in the forecast period. Carbon fiber reinforced plastic, also known as “Carbon Fiber Reinforced Polymer” or “Carbon Fiber Reinforced Thermoplastic” (CFRTP, CRP, CFRP carbon composite), is an extremely light and strong fiber-reinforced plastic containing carbon fibers.
The factors that propel the growth of the carbon fiber reinforced plastic market include rise in demand for high-performance products in aerospace & defense, surge in demand for lightweight products in the automotive industry, developing infrastructure prospects, and rapid industrialization. On the other hand, there are factors that may hamper the growth of the market including long production cycles, volatile costs, and low availability of raw material. Carbon fiber reinforced plastic (CFRP) industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Carbon fiber reinforced plastic (CFRP) market could be explored by type, raw material, manufacturing process, application, and geography. The market could be explored by type as Epoxy Resin, Polyetherimide, Polyester Resin, Polyether Ether Ketone, Vinyl Resin, Polyurethane, Polyethersulfone, and Others. The market of carbon fiber reinforced plastic (CFRP) could be explored by raw material as Petroleum pitch, Polyacrylonitrile, and Others.
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Based on manufacturing process, the carbon fiber reinforced plastic industry could span Pultrusion, Lay-up, Injection Moulding, Resin Transfer, Filament Winding, Compression Moulding and Others (centrifugal casting, extrusion, and close molding), and Others. The “Layup” segment led the CFRP market in 2016 and is anticipated to maintain its dominance by 2025. The key factors that could be attributed to the growth of market include robust growth of the wind energy industry, recovery of the marine industry at the global level and developed aerospace & defense industry.
The key applications that could be explored in the carbon fiber reinforced plastic (CFRP) industry include Wind Turbines, Molding Compounds, Aerospace & Defense, Automotive, Building & Construction, Sports Equipment, and Others. The “Aerospace & Defense” segment led the market carbon fiber reinforced plastic (CFRP) in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may be attributed to the growth of market includes increasing demand for composites in the production of aircraft components.
North America accounted for the major market share of the carbon fiber reinforced plastic (CFRP) in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increase in demand for CFRP from wind energy, automotive industries, and aerospace & defense, increasing research and development activities, and prevalence of leading automobile manufacturers. North America is likely to be followed by the European region in the forecast period.
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Some of the key players that fuel the growth of the carbon fiber reinforced plastic (CFRP) industry comprise DowAksa Advanced Composites Holdings B.V., Cytec Industries Inc., Formosa Plastics Corporation, Jiangsu Heng hen Fabre Material Co., Ltd., Hexcel Corporation, Mitsubishi Rayon Co., Ltd, Teijin Limited., SGL Carbon SE, ZhongfuShenying Carbon Fiber Co., Ltd., and Toray Industries, Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Market Segment:
Global Carbon Fiber Reinforced Plastic Raw Material Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
• PAN
• Pitch
Global Carbon Fiber Reinforced Plastic Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
• Thermosetting CFRP
• Thermoplastic CFRP
Global Carbon Fiber Reinforced Plastic Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
• Automotive
• Aerospace & Defense
• Wind Turbines
• Sport Equipment
• Molding & Compounding
• Construction
• Pressure Vessels
• Others
Global Carbon Fiber Reinforced Plastic Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Asia Pacific
• Japan
• Taiwan
• China
• Middle East and Africa
• Central and South America
• Brazil
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