The Global Carbon Fiber Reinforced Plastic (CFRP) Market is valued at $11.04 billion in 2017 and it is estimated to surpass $15.24 billion with a CAGR of 8.43% during 2018 to 2023. Defense sector generates the maximum revenue of $2.46 billion with a CAGR of 8.4% compared to the others. Use of composite materials is extensive in Europe than in the United States. However, industry insiders estimate CFRP composites will certainly be used in an ever increasing collection of applications in this country, particularly in the transportation industries.
What is CFRP?
Carbon fiber is a state-of-the-art material which is ten times powerful than steel at only a quarter of its heaviness. CFRP, a mixed material made of carbon fiber and plastic, has the added benefit of being highly resistant to deformation and to both acid and alkaline corrosion. It’s potentially supporting to meet demands for energy saving and CO2 reduction in the automotive field has drawn rising attention of late.
It offers great advantages to innovative material solutions such as light-weight, high-tensile strength, manufacturing flexibility and heat resistance. Delivering style of the product is superior in thermal, electrical and has frictional efficiency for a variety of novel applications, including brakes, defense systems & commercial aircraft.
This report incorporates an in-depth assessment of CFRP market by type, end user industries and geography. The major types of services include thermosetting and thermoplastics.
What are the major applications for CFRP?
The various end users assessed includes automobile, industrial, aviation and aerospace, electrical & electronic, medical, sports equipment, wind energy, civil engineering, transportation, mining, oil & gas and among others. CFRP has revolutionized the major Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) spanning across automobiles, industrial goods, and consumer based products, sports equipment and medical devices.
Market Research and Market Trends of Carbon Fiber Reinforced Plastic
- Light Weight & High Performance: Because of their high desirable strength-to-weight traits, carbon fiber-reinforced polymer (CFRP) composites are always treasured by aerospace designers. About 5% of global carbon emission is attributed to the aviation sector. However, global commercial aviation has an opportunity to not only nurtures its environmental hand printing impact by shrinking its carbon footprint, but also to cultivate environmental net positive impacts by creating breakthrough technologies that reduce energy intensity of aircraft structural materials production using sustainable sources.
- Graphene Fiber: Graphene is a 2D monolayer of carbon atoms arranged into a perforate latticework and it is the basic building block for carbon materials for all other dimensionalities. This material gains tremendous recognition because of its interesting properties, such as high electron mobility, high thermal conductivity, and incredible elasticity and stiffness.
- Carbon Fiber Beds: It was developed due to increase in reliability, efficiency and functionality of the truck. It replaces the standard steel inner panels and floor with a weightless, purpose-designed carbon fiber composite that offers best-in-class, scratch and corrosion resistance, making it the most durable pickup box in the segment.
Who are the Major Players in Carbon Fiber Reinforced Plastic market?
The companies referred to in the market research report includes Teijin Ltd. (Japan), Toray Industries, Inc. (Japan), Cytec Industries Inc. (U.S), Mitsubishi Rayon Co. Ltd. (Japan), Hexcel Corporation (U.S), Hexcel Corporation, Hyosung, Tencate, Dowaksa and more than 20 companies.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
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- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.