Between 2015 and 2020, the global carbon fibre reinforced plastic (CFRP) market grew at a moderate rate. The market is expected to increase at a CAGR of roughly 6% during the forecast period, according to the publisher (2021-2026). Carbon fibre reinforced plastic (CFRP) is a composite material made up of a polymer matrix and fibre reinforcement. Epoxy, polyester, nylon, and vinyl are some of the most prevalent CFRPs, which are made by infusing a resin with carbon fibre reinforcing. They're made in a variety of ways, including layup, pultrusion and winding, compression and injection, and so forth.
Impact resistance, fatigue resistance, high tensile strength, durability, and light weight are just a few of the physical qualities of these plastics. As a result, they are widely used in the production of sports equipment, aerospace and automotive components, protective helmets, wind turbine blades, and building materials.
One of the primary drivers driving the market's growth is the aerospace industry's continued expansion, as well as rising product demand for the manufacture of lightweight automotive components. CFRPs aid in the fabrication of environmentally friendly and lightweight components with increased fuel economy and higher efficiency when compared to traditional materials such as aluminium and steel. Another key growth-inducing aspect is the widespread use of CFRP in the manufacture of various building and construction materials.
CFRP is used to make columns, piers, pylons, and reinforcing structures because of its longevity and resistance to electromagnetic interference. Other factors, such as the rising demand for high-performance items in the defence sector and the expanding use of the products in surgical implants and other medical applications, are expected to fuel the market even more.
Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited, Toray Industries, Inc., and others have all been profiled in the industry's competitive landscape.
The CFRP Market (Carbon Fiber Reinforced Plastic Market) was valued at $11,781 million in 2017 and is predicted to reach $20,284 million by 2022, with an 8.1 percent CAGR. CFRPs are carbon fibre reinforced composite materials created by infusing a resin with carbon fibre reinforcement. They are suited for usage in a variety of industrial applications due to their considerable weight savings, enhanced tensile strength, fatigue resistance, impact resistance, and durability. In several automobile applications, CFRP components are rapidly replacing metals, largely to lower fuel consumption. Tennis racquets, aerospace and automotive components, and protective helmets are all made with them.
Due to its low cost and ability to mould according to end-user requirements, polyester resin CFRP is the most prominent sector and is predicted to be the top choice for market competitors. It also has good handling characteristics, dimensional stability, and chemical resistance.
Compared to traditional materials like steel and aluminium, CFRP market items offer greater weight savings and consequently improved fuel economy. Vehicle makers are required to lower average energy use, and lightweight components can help them achieve this aim. Furthermore, the automotive industry's need for CFRP goods is being fueled by rising expectations for eco-friendly and low-VOC components in automobiles.
For applications in commercial aeroplanes, engines, satellites, helicopters, and launchers, the aerospace industry has stringent performance product requirements. CFRP products are used to make structural materials in aircrafts, such as panelling interiors.
Despite the significant weight savings offered by CFRP goods, the cost of CFRP products is about ten times that of steel counterparts, making it difficult for CFRP products to expand in domestic markets. Only ultra-expensive vehicle manufacturers, such as Lamborghini, use CFRP components in their supercars, resulting in carbon fibre supply instability in the automotive sector.
CFRP products are made using extended production cycles, which results in fewer production of goods in a given time period, restricting their use in applications that require a large number of items in a short time period.
Columns, piers, pylons, and reinforcing structures such as architectural memorials and hydrotechnical facilities are all made with CFRP materials. CFRP materials can be utilised as a shield against electromagnetic interference due to their conductivity. A large number of R&D projects are underway, and major businesses are substantially investing in the utilisation of CFRP materials as primary building materials.
The demand for CFRP materials in the medical business is predicted to rise as more CFRP products are used in implants, spine surgery, orthopaedic trauma, high tibial osteotomy, and musculoskeletal oncology.
Increased use of CFRP products in the automotive industry, increased demand for high-performance products in the aerospace & defence industry, and expanding application scope in building & construction and wind turbines are all key factors for the global CFRP market. Because of its cheaper material cost, higher char production, and high degree of orientation, polyacrylonitrile (PAN) holds a significant portion of the CFRP market by raw material.
CFRP products are widely used in the medical industry, and demand from rising nations such as Asia-Pacific is on the rise, providing a variety of growth potential. Although the conductivity of CFRP materials and high variable pricing may limit the market's growth.
The market has had rapid expansion in recent years, owing to increased demand in end applications, and this trend is expected to continue in the future. Key players are investing in R&D operations in order to expand the uses of existing products and to produce new revolutionary items.
Due to differences in regulatory regulations and other considerations such as diversified demand from different industries in terms of grades, CFRP materials are used and chosen differently in different geographic regions. The global CFRP market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean. In terms of revenue, North America has the largest share of the CFRP market, followed by Asia-Pacific. In terms of volume and revenue, Asia Pacific is the world's fastest expanding CFRP market.
In 2015, the CFRP market in Italy earned $536.57 million in revenue. By 2022, it is expected to reach $970.37 million, with a CAGR of 8.9% over the projected period.
Cytec Industries Inc. (U.S.), DowAksa Advanced Composites Holdings B.V. (Turkey), Formosa Plastics Corporation (U.S.), Hexcel Corporation (U.S.), Jiangsu Hengshen Fibre Material Co., Ltd. (China), Mitsubishi Rayon Co., Ltd. (Japan), SGL Carbon SE (Germany), Teijin Limited. (Japan), Toray Industries, Inc. (Japan (China).
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