The global market for Carbon Fiber Reinforced Plastic (CFRP), in terms of value, is projected to reach USD 37.19 Billion by 2022, at a CAGR of 10.50% between 2017 and 2022. In terms of volume, the global market for CFRP is projected to reach 210.19 kilotons by 2022, at a CAGR of 12.50% during the same period.
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The Carbon Fiber (CF) & Carbon Fiber Reinforced Plastic (CFRP) are the key elements of advanced composites materials. The global CFRP market was valued at USD 20.44 Billion in 2016, and is projected to grow at a CAGR of 10.50% between 2017 and 2022.
Increasing number of patents filed for CFRP products and applications by global players, growing manufacturing industries, and continuous agreements, joint ventures & collaborations, and expansion activities undertaken by companies are the key factors driving the global market for CF & CFRP.
Pitch-based carbon fiber is expected to be the fastest-growing raw material type segment in the CF market, as these fibers have ultra-high elastic modulus, which are extensively used in high stiffness components, and have various advantages, such as high thermal and electric conductivity.
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The report also provides company profiles and competitive strategies adopted by major market players. Various key players profiled in the report are as follows:
- Toray Industries Inc. (Japan)
- Teijin Limited (Japan)
- Mitsubishi Rayon Co. Ltd. (Japan)
- SGL-Group (Germany)
- Formosa Plastics Corporation (Taiwan)
- Hexcel Corporation (U.S.)
- Hyosung (South Korea)
- Tencate (Netherlands)
- Dow-Aksa (Turkey)
- Cytec Industries Inc. (U.S.)
- Taekwang Industrial Co. ltd. (Korea)
The automotive application segment of the global CFRP market is projected to grow at the highest CAGR between 2017 and 2022. This can be attributed to the growing needs of lighter, safer, cleaner, and more cost-effective vehicles.
Several car companies, such as BMW (Germany), Audi (Germany), and GM (U.S.) have signed high-level agreements with carbon fiber composite material producers. High-end vehicles are incorporating carbon to make one-piece car frames that will drive the CF and CFRP market in the automotive industry.
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The North America region is expected to lead the CFRP market, in terms of value, between 2017 and 2022. This growth can be attributed to the rising demand for superior performance products in the aerospace & defense industry, demand from Medium-Duty Vehicle (MDV) and Heavy-Duty Vehicle (HDV) for type-II and type-III CNG cylinders, ease of availability of raw materials for CFRP, and increasing adoption of expansions and other developmental strategies in the region.
Scope of the Report:
This research report categorizes the CFRP market based on end-use industry, resin type, manufacturing process, region, and the CF market based on raw material.
CFRP Market, on the Basis of End-Use Industry
- Aerospace & Defense
- Wind Energy
- Sporting Goods
- Civil Engineering
- Pipe & Tank
- Electrical & Electronics
- Others (oil & gas, 3-D printing, and consumer goods)
Additionally, the thermoplastic composite is expected to be the fastest-growing resin type segment in the CFRP market. Thermoplastic resin, as a matrix material, can be reshaped and reformed unlike thermoset resin.
The composite formed is also easily recyclable.
CFRP Market, on the Basis of Resin Type
- Vinyl Ester
CFRP Market, on the Basis of Manufacturing Process
- Filament Winding
- Injection Moulding
- Compression Moulding
- Resin Transfer
- Others (extrusion, centrifugal casting, and close molding)
CFRP Market, on the Basis of Region
- North America
- Middle East & Africa
- South America
This report covers the CFRP market on the basis of end-use industry, manufacturing process, resin type, and region, and the CF market on basis of raw material. It aims at estimating the market size and future growth potential across the abovementioned segments.
Furthermore, the report also includes an in-depth competitive analysis of key players in the market, along with company profiles, DIVE analysis, recent developments, and key growth strategies.
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