The Carbon Fibre Reinforced Plastic Market is expected to reach $17.73 billion by 2023.
Asia Pacific dominates the Carbon Fiber Reinforced Plastic Market during forecast period :
Asia Pacific is expected to dominate the Carbon Fiber Reinforced Plastic Market with increasing adoption of CFRP in the automotive and aerospace industries due to its declining prices. China is the fastest growing region and is expected to reach $1.1 billion at 12.6% CAGR. This region accounts for a larger share of global wind energy production and has seen a rise in the wind energy capacity of installations. Hence, the CFRP market in China focuses on the wind energy industry.
In Americas, aerospace and the defense industry are the primary markets in the US. CFRP products are used in Blackhawk helicopters, helmets, body armor, and other military applications such as rocket motor casing, satellites, and missiles.
Selected Analysis done in the full Report:
Defense is the dominant application in the Carbon Fiber Reinforced Plastic Market due to large scale use of carbon fiber as well as use of high value materials. CFRP is used to manufacture specialty components for missile systems, radar panels, rocket motor casing, ballistics applications, and nuclear submarine propulsion systems. M80 Stileto is the largest naval vessel in the US, built using carbon-fiber composites. The materials used in military composites include Kevlar, fiberglass and carbon fiber. U.S. DOD aims to replace UH-60 Black Hawk with Bell Helicopter’s V-280 which incorporates carbon fibers in its wings, fuselage and tail. Other countries like Russia, India and Japan are increasingly using CFRP materials in Submarines, Jets, Sonar Domes and truck components.
U.S., Russia, U.K., India and China spend heavily on defense equipment and maintenance of army. The need for agility during sudden attacks and upgrading the defense technologies has led to the shift from conventional materials to fiber reinforced materials.
Excerpts on Market Growth Factors :
- Carbon fiber reinforced plastic is mostly utilized in myriad applications, despite the high price due to the performance factor. Industries such as aerospace and automobile have also utilized CFRP products in the recent past.
- Automobile manufacturers have increased their capability of producing lightweight materials by using CFRP composites.
- The Wind energy segment is expected to become an important sector for CFRP composites. The other industry verticals in the CFRP market have been seeing stagnant growth in developed economies. However, wind energy generation has been witnessing a high growth as it adheres to new energy regulations.
Key players of the Carbon Fibre Reinforced Plastic Market :
Teijin dominates the Carbon Fibre Reinforced Plastic Market followed by Toray and Cytec. Teijin produces advanced fibers such as aramid and Carbon fibers. The company is working hard to expand its business further. It has provided a breakthrough in medical solutions. Toray produces synthetic fibers such as nylon, polyester, and acrylic. PAN based CFRP is also produced by the company and is used in aerospace and other applications. Cytec produces technologically advanced materials for aerospace industries.
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