Accelerating Growth: Global Carbon Fiber Reinforced Plastic (CFRP) Market Set to Double to $15.4 Billion by 2030 with an Impressive 8.3% CAGR

According to a new report published by Allied Market Research, titled, "Carbon Fiber Reinforced Plastic (CFRP) Market by Raw Material, Resin Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global carbon fiber reinforced plastic (CFRP) market was valued at $7.0 billion in 2020, and is projected to reach $15.4 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.

Carbon fiber reinforced plastic (CFRP) is a composite material composed of carrier substance (matrix), reinforcing component, and carbon fiber embedded into carrier substanc

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Carbon fiber reinforced plastic embedded with epoxy resin can be molded into complicated shapes where steel and aluminum tend to be molded, making CFRP widely used in production of aerospace seats to different frame structures. Metal parts tend to corrode when they come in contact with other metallic surface, owing to environmental conditions. CFRP materials are resistance to corrosion when they are in contact with metals or itself. This in turn enhances longevity of metal parts. These factors are predicted to notably contribute toward the growth of the global market. Moreover, helicopter rotor blades and tail sections are made up of CFRP. Use of carbon fiber reinforced plastic in production of instrument enclosures, doors, and interior components also drives the demand for CFRP in the global market.

However, conductivity and cost of carbon fiber composites is anticipated to hamper the market growth. Conductivity of CFRP may be advantageous or disadvantageous depending upon its application. CFRP are highly conductive in nature while fiber glass is insulative in nature. Thus, many applications in the utility industry use fiberglass over CFRP, which is expected to hamper the carbon fiber reinforced plastic market growth during the forecast period.

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The exceptional weight-to-strength ratio of Carbon Fiber Reinforced Plastic (CFRP) stands out as its primary advantage, positioning it as an optimal alternative to traditional materials such as steel and aluminum. A noteworthy illustration of this superiority comes from a 2019 study by Oak Ridge National Laboratory (ORNL), indicating that replacing conventional steel or aluminum structures with CFRP can result in a remarkable 60% reduction in mass and a corresponding 30% improvement in fuel efficiency. This significant reduction in vehicle weight not only translates to cost savings but also enhances the durability of body parts, all while maintaining or even improving overall performance levels.

The implications of this weight advantage extend beyond fuel efficiency, encompassing a broad range of benefits for the automotive industry. Lighter vehicles contribute not only to fuel economy but also to reduced environmental impact and enhanced maneuverability. Additionally, the lower mass leads to decreased wear and tear on various vehicle components, positively impacting maintenance costs and overall longevity.
IMPACT OF COVID-19:

The global COVID-19 pandemic has significantly impacted the carbon fiber reinforced plastic (CFRP) market, affecting building & construction, automotive, and aerospace sectors. Workforce infections led to delays in construction projects, impacting CFRP usage. Shutdowns and reduced operations by manufacturers caused supply chain disruptions. Decreased customer income resulted in lower demand for CFRP in the automotive sector. Travel restrictions and halted aircraft manufacturing projects temporarily reduced CFRP demand in aerospace & aviation. Overall, COVID-19 has hampered CFRP market growth across various industries.

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Key Market Players:
• Solvay S.A.
• DowAksa Advanced Composites Holdings B.V.
• Formosa Plastics Corporation
• Hexcel Corporation
• Jiangsu Hengshen Fibre Material Co., Ltd.
• Mitsubishi Rayon Co. Ltd.
• SGL Carbon SE
• Teijin Limited
• Toray Industries
• Zhongfu Shenying Carbon Fiber Co. Ltd.

Key Benefits For Stakeholders
• Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current carbon fiber reinforced plastic (CFRP) market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Similar Reports:
Carbon Fiber Market: https://www.alliedmarketresearch.com/carbon-fiber-market

Reinforcement Materials Market: https://www.alliedmarketresearch.com/carbon-fiber-market

Activated Carbon Market : https://www.alliedmarketresearch.com/activated-carbon-market

About us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

About us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.