What is the current scenario of Global Carbon Fiber Reinforced Polymer market?

Carbon Fiber Reinforced Polymer Market

Carbon Fiber Reinforced Polymer is an extremely strong and light fiber-reinforced plastic containing carbon fibers, also called as CFRP. Carbon fibers are primarily used for the application where strength-to-weight ratio and stiffness are required, such as automotive, aerospace, sports equipment superstructure of ships, civil engineering, among others. In Carbon Fiber Reinforced Polymer, the binding polymer is often a thermoset resin such as epoxy. However, other thermosets or thermoplastic polymers, such as polyester, vinyl ester, or nylon, are seldom used. The composite material may contain aramid, aluminum, ultra-high-molecular-weight polyethylene (UHMWPE), glass fibers in addition to carbon fibers. The properties of the final CFRP product, however, differ in accordance with the additives introduced to the binding matrix (resin); the most common additive is silica. But other additives such as rubber and carbon nanotubes can also be used.

Automobile manufacturers are after alternatives for the conventionally used products such as iron and aluminum in the automotive parts manufacturing. The carbon fiber reinforced polymer market revenue generated from the automotive industry was around USD 5 billion in 2018 globally. In the automotive sector, the carbon fiber reinforced polymers are well known in the racing yacht and superyacht sectors for its lightweight carbon fiber rigging.
The global demand for carbon fiber reinforced polymer is expected to grow at a high pace, owing to its widespread adoption in the aerospace industry. The aerospace industry is now witnessing the replacement of aluminum with carbon fiber reinforced polymers. It is extensively used in the manufacturing of tail of radio controlled helicopters, manufacturing of airbus livery, and other structural materials such as paneling interiors, among others. According to Statista, the global demand for CFRP was around 128,500 metric tons in 2018.

Carbon fiber reinforced polymers are expensive as compare to other fiber-reinforced polymers such as glass fiber and aramid. In addition, the price of CFRP is almost 10 times higher than that of steel and aluminum used in the automobile sector. This factor can become a hampering factor in the growth of carbon fiber reinforced polymer in the global market. As of now, aerospace, defense, and high-end car manufacturing companies are primarily using carbon fiber reinforced polymers. For instance, expensive car manufacturer Lamborghini uses CFRP in their supercars. Besides, the long production cycle of carbon fiber reinforced polymer leads to less production of goods in a specific time interval, which limits its use in the application where a higher number of CFRP is required in a short time interval.

North America accounts for the largest share in the carbon fiber reinforced polymer market, followed by Europe, owing to the giant automotive, aerospace, and defense industry presence. In the year 2018, the carbon fiber production capacity in the U.S. was 45,300 metric tons.  Europe accounts for the second-largest share in the carbon fiber reinforced polymer market due to the burgeoning building and construction industry as well as the automotive sector. In the European region, Italy generated around USD 586.3 million in 2017. The trend is expected to remain the same during the forecast period.

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The Major Prominent Players Covered in this Report:
Hexcel Corporation (the U.S.), Formosa Plastics Corporation (the U.S.), DowAksa Advanced Composites Holdings B.V. (Turkey), Cytec Industries Inc. (the U.S.), Zhongfu Shenying Carbon Fiber Co., Ltd. (China), Toray Industries, Inc. (Japan), Teijin Limited. (Japan), SGL Carbon SE (Germany), Mitsubishi Rayon Co., Ltd (Japan), and Jiangsu Hengshen Fibre Material Co., Ltd. (China).

By Resin, Thermosetting Resin, Thermoplastic Resin, By End-User, Automotive, Aerospace, Sports Equipments, Building and Construction, Wind power industry, Others

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Carbon Fiber Reinforced Polymer Market Trends:
- The report identifies, determines, and forecasts the Global Carbon Fiber Reinforced Polymer Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Carbon Fiber Reinforced Polymer Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Carbon Fiber Reinforced Polymer Market.

Advantages of CFRP Composites -
Composite materials reinforced with carbon are different from other fiber-reinforced polymers composites using traditional materials such as fiberglass or aramid fiber. The properties of CFRP composites that are advantageous include:
Lightweight: A traditional fiberglass reinforced composite has a higher density compared to carbon fiber reinforced composite. Carbon fiber reinforced composites have a density of 0.055 pounds per cubic inch, whereas conventional fiber-reinforced composites such as glass fiber or aramid commonly have a density of 0.065 pounds per cubic inch. This reduced density makes them much lighter than conventional fiber-reinforced composites.

Increased Strength: Not only CPRFs are lighter in weight, but they are much more robust and stiffer per unit of weight.

Properties of CFRP Composites:
CFRP is alkali resistant
It is corrosion-resistant too, and for the same reason, it is preferably used for corrosion control and rehabilitation of reinforced concrete structures
Carbon fiber reinforced polymers have low thermal conductivity.
It has a high strength to weight ratio, and hence it eliminates requirements of heavy construction equipment and supporting structures
CFRP needs a short curing time, which reduces the project duration and down-time of the structure to a great extent
It posses high ultimate strain
It has high fatigue resistance, and hence it does not degrade
It is a bad conductor of electricity and is non-magnetic

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