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Carbon Fiber Reinforced Plastic Market to Register a Stellar Growth Rate of CAGR of 5.1% by 2023
Carbon Fiber Reinforced Plastic Market
Carbon Fiber Reinforced Plastic (CFRP) is a high-strength material used in the manufacturing of components for industrial, aerospace, and automotive applications. The Carbon Fiber Reinforced Plastic Market is projected to grow at an impressive Compound Annual Growth Rate (CAGR) of 5.1% by 2023.
A lightweight composite material with good strength is carbon fiber reinforced plastic. Because of this, it can be used in various fields such as aerospace, defense, wind power, automotive, sports equipment, marine, construction and molding. Carbon fibers are also increasingly being used to make structures for high-end devices, sports racquets, tripods and notebooks. High-strength crystalline strands of carbon atoms a few millimeters long form carbon fibers.
The market for carbon fiber reinforced plastics is growing rapidly as demand for this material increases, especially in industries such as aerospace and automotive. The carbon fiber reinforced polymer market is dominated by the aerospace segment, although the automotive segment is growing faster. The main markets for carbon fiber reinforced plastics are Europe and North America.
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The increasing emphasis on fuel-efficient vehicles and aircraft in response to rising oil prices is expected to boost market demand for carbon fiber reinforced plastics. The expanding market for electric and hybrid vehicles also offers opportunities for the market for carbon fiber reinforced plastics.
Government regulations also encourage the use of carbon fiber and carbon fiber reinforced plastic composites. Increased demand for renewable energies such as wind power and increased oil and gas exploration activities will further increase the penetration of carbon fiber reinforced plastics.
Based on the type, the carbon fiber reinforced plastics market can be divided into two categories: thermosets and thermoplastics. According to the type of resin, thermosetting carbon fiber reinforced plastics can be divided into epoxy resins, polyester resins and vinyl resins.
On the other hand, carbon fiber reinforced plastic thermoplastics can be divided into polyether ether polyurethane, polypropylene, etc. The thermosetting carbon fiber reinforced plastics are the largest product segment and account for more than 75% of total sales.
The main raw materials for carbon fiber reinforced plastics include polyacrylonitrile (PAN) and petroleum pitch. Both together make up about 90% of the total raw materials used in production. The high cost of raw materials is a major obstacle for the global carbon fiber reinforced plastics market.
North America was the world's top-selling market for carbon fiber reinforced plastics in 2014. However, Europe has the fastest growth rate of any region. The most important European countries in the world market for carbon fiber reinforced plastics are Germany, Great Britain, France and Spain. The largest consumers of carbon fiber reinforced plastics in Asia-Pacific are Japan, China and Taiwan.
Most of the players in the global carbon fiber reinforced plastics market are based in the United States and Japan. The major market players are Cytec Industries, Toray Industries, SGL-Group, Hexcel Corporation, Teijin Limited, Mitsubishi Rayon Co. Ltd, Hyosung, Kringlan Composites and Plasan Carbon Composites.
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The main regions assessed in this report are:
• North America
• Us
• You have
• Europa
• France, Germany, Italy, Spain, Great Britain
• Eastern Europe
• GUS
• APAC
Main features of this report
• Drivers, restraints and challenges shaping the dynamics of the Carbon Fiber Reinforced Plastics market
• Latest innovations and major events in the industry
• Analysis of trading strategies of top players.
• Carbon Fiber Reinforced Plastics Market Estimates and Forecasts (2015-2021)
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