The Global Carbon Fiber Reinforced Plastics (CFRP) Market showed crucial growth in the recent years and is anticipated to witness a steep rise by generating estimated revenue of USD xx.xx billion over the forecast period. According to latest study conducted by our analysts and industry experts, the global market is expected to grow at a CAGR of 8.12% during the forecast period that is 2017-2025.
Global Market Growth Opportunities (Revenue, Growth) By 2017-2025
Carbon Fiber Reinforced Plastics (CFRP) are made of composite material, and is light-weight and durable. It is considered similar in terms of strength to conventional products such as aluminum and steel. Due to its strength, and weight they are used in the aerospace & defense and automobile industry. The carbon fiber reinforced plastics (CFRP) market is anticipated to grow with a highest CAGR over the forecast period owing to the after-use results of carbon fiber reinforced plastics such as consumption of less fuel coupled with lowering down the weight of the vehicles.
Growing prominence of fuel-efficient vehicles and aircrafts
The rising pressure to use fuel-efficient vehicles and aircrafts is driving the global carbon fiber reinforced plastics market. Light weight vehicle are considered to use less power due to which vehicle consumes less fuel. According to the U.S. Department of Energy, the light-weight vehicle can improve the fuel efficiency by 6-8 percent. Therefore, reduction in the weight would have positive affects on the environment. Further, it would also benefit the performance and other vehicle’s capabilities such as braking, safety, acceleration and others. Additionally, numerous companies are adapting the carbon fiber reinforced plastics including Ford Motors, BMW and Nissan among others. For instance, in 2016, RW Carbon, a leading supplier of carbon fiber BMW took ownership of BMW F80 M3, a custom order from BMW in Ontario California which was completed successfully.
Resin Insights: Thermosetting CFRP is dominating the market owing to its numerous benefits over thermoplastic CFRP. One of the major advantages which is leading to wide adoption of thermosetting CFRP is that it is in liquid state; therefore, they are uncured at room temperatures. Its other ubiquitous properties include its high resistance to solvents, heat, corrosives, adhesives, finishing, elasticity and others. Companies such as MCM Composites, LLC, Mar-Bal, Inc, Akron Porcelain & Plastics Co., PSM Industries, Inc and others are offering thermosetting CFRP in the global carbon fiber reinforced plastics (CFRP) market.
Manufacturing Process Insights: Pultrusion process is anticipated to hold the major share in the global market over the projected period followed by a filament winding process. The growth is primarily attributed to its numerous advantages such as ease in fabrication, high stiffness and also provides thickness to a wall. The common products manufactured by this process includes window frames, leaf springs, rods and I-beams among others. The products produced via pultrusion process are considered to be good quality products as they become resistant to chemicals, low in thermal expansion and non-magnetic in nature. Companies using this type of process are Graco, Goodwinds Composites, Bedford Plastics, Strongwell Corporations, and others.
End-use Industry Insights: Aerospace and Defense, to dominate the carbon fiber reinforced plastics market followed by automotive, majorly owing to its extensive utilization during the manufacturing of aircraft. Numerous aircrafts manufacturing companies such as Boeing, Hexcel Corporation and Airbus are investing in the R&D activities owing to the rising environmental issues across the globe. For instance, in 2017 Hexcel Corporation invested $20 million to open its new plant in Casablanca to manufacture carbon fiber for the aerospace industry.
Moreover, various aircraft manufacturers such as Boeing and Airbus are investing in R&D activities for manufacturing aircraft that can face high environmental stresses. These aerospace applications includes stringent compliances, high standards, and require high licensing & inspection costs. Additionally, stringent policies by aerospace industry to monitor strict performance of carbon fiber in aerospace applications such as paneling interiors. Therefore, the stringent norm may lead to manufacturing of robust carbon fiber. Thus, it would improve the quality of the carbon fiber for aerospace applications in the global carbon fiber reinforced plastics market.
North America is anticipated to dominate the global carbon fiber reinforced plastics market over the projected period. The dominance is majorly attributable to the established big players in the region producing vehicles such as Ford Motors, General Motors, Volkswagen, BMW, Audi, and several others. These companies have initiated the adoption of composite materials, particularly natural fiber and bio-resin based parts for cars and light trucks in their vehicles over steel and aluminum. Moreover, the norms has been initiated in US for the adoption of Carbon Fiber Reinforced Plastics to increase the demand of the market. For instance, Corporate average Fuel Economy regulation has been made in US in favor to reduce fuel consumption by deducing the weight of the vehicle may also surge up the demand for reinforced plastics in the automobile market in the region.
Global Carbon Fiber Reinforced Plastics Market Size, Share Analysis By Region 2017
Asia Pacific is expected to grow with a highest CAGR over the forecast period, owing to the growing construction industry, and industrialization in this region particularly in China and India. According to export.gov, the construction industry was valued at 782.61 (USD billion) in 2017 from 717.71 (USD billion) in 2016, this will further boost the demand for carbon fiber reinforced plastics in the coming decades. The construction industry in this region is actively seeking for constant improvement in the type of material to make the buildings more sustainable. Carbon fiber is highly known for its strength and rigidity. Therefore, it used for supporting in the facilitating high strength to the steel, timber, concrete and others during the constructing activities.
The key players operating in the carbon fiber reinforced plastics market includes Hexcel Corporation, Hyosung Tencate, Teijin Ltd., Cytec Industries Inc., SGL Group, Plasan Carbon composites, Formtech Composites, Cristex Composite Materials, and several others. Numerous companies are adapting the various strategies to expand the business, to stay competitive in the market. For instance, in October 2017, Hexcel Corporation has acquired Structile SA, a leading supplier and manufacturer of composites material tonumerous industries including defense, aerospace, automotive and others to be used in their respective applications.
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