Carbon Fiber Reinforced Plastic (CFRP) Market Outlook – 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 made through infusion of a resin and a carbon fiber reinforcement. Established metallic structures, such as manipulators are redesigned with the use of CFRP, which in turn decrease the weight of the structures and increase performance level.
Load-bearing capacity, light weight, and high fatigue strength makes CFRP a widely used material over steel and aluminum in aerospace, automotive, and robotics end-use industries. Safety is an utmost important factor considered during manufacturing of high-performance race cars. CRPF has the capability of absorbing high impact energy as compared to steel, making it ideal and widely-used during the production of high-performance race car parts. In addition, high-end car manufacturers are constantly trying to improve fuel efficiency and reduce greenhouse gas emissions. CRPF is 30 times lighter than aluminum, making it viable to be used during production of performance-oriented cars. For instance, BMW i8 and i3 are performance-oriented cars that use CRPF composed automotive parts, which in turn increases the fuel efficiency of these cars. All these factors collectively surge the demand for carbon fiber reinforced plastic (CFRP), thereby augmenting the global market growth.
However, the price of CFRP products is approximately 10 times higher than the price of steel counterparts, which makes it difficult for CFRP products to expand in domestic markets. This factor is anticipated to hamper the market growth. In addition, CFRP products are manufactured through long production cycles, which leads to less production of goods in a specific time interval, limiting the use of CFRP products in applications where higher number of products are required in a short time interval.
On the contrary, increase in number of governmental regulations over the concern of rising greenhouse gas emissions from cars, light weight vehicles, heavy duty vehicles, and others, is anticipated to offer new growth opportunities to the carbon fiber reinforced plastic market during the forecast period. In addition, National Highway and Traffic Safety Administration along with the U.S. Environmental Protection Agency has set up standards that is aimed to achieve more than 50 miles per gallon of mileage. CFRP is 50 times lighter than steel, making it widely used during production of automotive parts, such as panels, bumper guards, dashboard, and other under-hood components. Light weight of CFRP improves fuel efficiency and in turn, reduces greenhouse gas emission. It is a key factor that is anticipated to offer new opportunity in the global carbon fiber reinforced plastic (CFRP) market.
The carbon fiber reinforced plastic (CFRP) market analysis is done on the basis of raw material, resin type, application, and region. On the basis of raw material, the market is divided into polyacrylonitrile (PAN), petroleum pitch, and others. On the basis of resin type, the market is divided into thermosetting and thermoplastic. On the basis of applications, the market is segmented into aerospace & defense, wind turbines, automotive, sports equipment, building & construction, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include 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, and Zhongfu Shenying Carbon Fiber Co. Ltd.
By Region
LAMEA would exhibit highest CAGR of 8.9% during 2021-2030.
Carbon Fiber Reinforced Plastic (CFRP) Market, By Region
The LAMEA carbon fiber reinforced plastic (CFRP) market size is projected to grow at the highest CAGR of 8.9% during the forecast period and accounted for 45% of carbon fiber reinforced plastic (CFRP) market share in 2020.
Light-weight and high-strength are utmost important factors considered during manufacturing of aircraft structures. Tensile strength, modulus, and fatigue strength of CFRP make it ideal to be used during production of aircraft structures, which in turn reduces fuel consumption. In addition, CFRP is radiolucent making it viable to be used during manufacturing of imaging structures too support limbs. The aerospace sector in the Saudi Arabia is gaining importance owing to indigenous aerospace engineering competence and advanced maintenance, repair and overhaul (MRO) capabilities. In addition, presence of large number of aerospace parts manufacturers such as Alsalam Aerospace Industries have further pushed the demand and production for CFRP in LAMEA.
By Raw Material
Petroleum pitch segment is the most lucrative segment
Carbon Fiber Reinforced Plastic (CFRP) Market, By Raw Material
In 2020, the polyacrylonitrile (PAN) segment was the largest revenue generator, and is anticipated to grow at a CAGR of 8.1% during the forecast period. PAN is a widely used raw material during production of carbon fiber reinforced plastic owing to its superior strength and stability. In addition, about 90% of CFRP are produced using polyacrylonitrile, which drives the demand for CFRP in the global market.
By Resin Type
Thermoplastic segment is the most lucrative segment
Carbon Fiber Reinforced Plastic (CFRP) Market, By Resin Type
In 2020, the thermosetting segment was the largest revenue generator, and is anticipated to grow at a CAGR of 8.2% during the forecast period. Thermosetting resins, such as epoxy, polyester, and vinyl resins are widely used during formulation of carbon fiber reinforced plastic owing to advantages, such as adhesion, adaptability, high strength, and low shrinkage which escalates the demand in the global market.
By Application
Wind turbines segment is the most lucrative segment
Carbon Fiber Reinforced Plastic (CFRP) Market, By Application
In 2020, the aerospace & defense application was the largest revenue generator, and is anticipated to grow at a CAGR of 8.0% during the forecast period. Rise in R&D activities to reduce flight weight and increase flight safety has opened up new growth opportunities for CFRP in the aerospace and defense sectors. Carbon fiber reinforced plastic materials are used in planes, helicopters, and even space shuttles, which drives growth of the carbon fiber reinforced plastic market.
Global Carbon Fiber Reinforced Plastic (CFRP) Market
- The novel coronavirus (COVID-19) is an incomparable global pandemic that has spread over 180 countries and caused huge losses of lives and economy around the globe. The carbon fiber reinforced plastic market has been negatively impacted due to the wake of COVID-19 owing to its dependence on building & construction, automotive, aerospace, and other sectors.
- The increasing risk of infection among the workforce has resulted in delayed construction projects amid the, where carbon fiber reinforced plastic is widely used in beams, columns, and slabs to enhance its tensile strength. For instance, according to an article published by CNA in 2020, the construction Industry Joint Committee (CIJC) said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors.
- Moreover, several carbon fiber reinforced plastic manufacturers have either shut down or shrank their operations, which in turn has resulted in supply chain disruptions. This has temporarily hampered the demand for carbon fiber reinforced plastic market during the period.
- In addition, the falling income of customers has led to decrease in demand for carbon fiber reinforced plastic among the automotive sectors. For instance, according to a report published by Wipro, the sales of passenger cars saw a 30% decline in March 2020 as compared to March 2019, owing to lockdowns and shutdowns of auto plants.
- In addition, the travel restrictions imposed by the governments of various countries have led the aerospace & aviation sectors to witness temporary downfall. Also, temporary break on various aircraft manufacturing projects, which in turn has shrank the demand for carbon fiber reinforced plastic among the aerospace & aviation sectors.
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.
Carbon Fiber Reinforced Plastic (CFRP) Market Report Highlights
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Analyst Review
The global carbon fiber reinforced plastic (CFRP) market is expected to exhibit high growth potential owing to its use in automotive, sporting goods, wind turbine blades, and aerospace applications. In addition, key-players in the automotive market are launching new commercial vehicles that are made of CFRP. For instance, General Motors launched new edition of Sierra Denali pickup truck in 2019, that has carbon-fiber truck bed and hood, composed of carbon fiber reinforced plastic material. Light weight of CFRP makes it an ideal and viable product to be used during production of sporting goods, such as golf shafts, snow boards, fishing rods, and hockey sticks. Moreover, stiffness of CFRP makes it an ideal choice during manufacturing of skis, racquets, helmets, and bicycles, thus driving the demand for CFRP in the global market.
In addition, growing acceptance of CFRP in the aerospace industry is predicted to offer lucrative growth opportunities in the future. For instance, wing spars and fuselage components used in Airbus A350 XWB, are made up of 52% CFRP and Boeing 787 Dreamliner has 50% CFRP by weight ratio. Continuous flowing cross section area in CFRP allows improved aerodynamic efficiency, making it widely used in the aerospace sector. Medical sector is another consumer of CFRP that is anticipated to escalate the demand for CFRP in the global market.
Rocket structures and launcher systems are applications that use carbon fiber reinforced plastic during production of these military goods. Moreover, structural performance, strength, and lightweight of CFRP, make it suitable to be used in military protective helmets and other personal protective gears, producing light weight protective gears without compromising on the protective strength of the gears.
Increase in demand for lightweight products in automotive industry and rise in demand for high performance products in aerospace & defence sector are the key factors boosting the CFRP market growth.
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.
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, and Zhongfu Shenying Carbon Fiber Co. Ltd. are the most established players of the global CFRP market.
Aerospace & defence industry is projected to increase the demand for CFRP Market.
The carbon fiber reinforced plastic (CFRP) market analysis is done on the basis of raw material, resin type, application, and region. On the basis of raw material, the market is divided into polyacrylonitrile (PAN), petroleum pitch, and others. On the basis of resin type, the market is divided into thermosetting and thermoplastic. On the basis of applications, the market is segmented into aerospace & defense, wind turbines, automotive, sports equipment, building & construction, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
CFRP market products offer higher weight saving and thus a better fuel economy than the traditional materials such as steel and aluminum. Vehicle manufacturers are obliged to reduce the average energy consumption of vehicles, and this goal can be met using lightweight products. In addition, increased demands for eco-friendly and low VOCs products in vehicles enhance the need for CFRP products in automotive industry.
CFRP market products offer higher weight saving and thus a better fuel economy than the traditional materials such as steel and aluminum. Vehicle manufacturers are obliged to reduce the average energy consumption of vehicles, and this goal can be met using lightweight products. In addition, increased demands for eco-friendly and low VOCs products in vehicles enhance the need for CFRP products in automotive industry.
Wind turbine blade and automotive under hood applications are expected to drive the adoption of CFRP.
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