CFRP in Automotive Armor Sleeves Market Overview
Carbon Fiber Reinforced Plastic (CFRP) is a sub-class of Fiber-Reinforced Plastic (FRP) containing carbon fibers in a binding matrix made up of polymers/plastics. In Fiber-Reinforced Plastics, polymers act as a bulk material that is basically monolithic and homogeneous in a continuous phase with fibers made of carbon, glass, or aramid reinforced in a dispersed phase. The main function of polymer is to provide a medium for containing and binding fibers together while offering a barrier from external damages. The CFRP in Automotive Armor Sleeves Market is estimated to grow at a CAGR of 9.5% during the forecast period 2018–2023. APAC is forecast to be the fastest growing market with a CAGR of 10.2%, which can be mainly attributed to the utilization of CFRP in the production of turbine blades, and roof top and door panels in the automotive sector.
CFRP in Automotive Armor Sleeves Market Outlook
CFRP is a sub-class of Fiber-Reinforced Plastic (FRP) containing carbon fibers in a binding matrix made up of polymers/plastics. CFRP is the most sought after material for the construction or fabrication of materials in a wide range of industrial verticals. According to IndustryARC findings, the thermosetting segment is estimated to hold 73% of the market share during the forecast period 2018–2023.
CFRP in Automotive Armor Sleeves Market Growth Drivers
The growing customer demand for better fuel efficiency, reduced emissions, weight reduction, rising awareness about climate change, growing emphasis on environmental issues, and high fuel prices, are driving the sales of cars with improved fuel economy. The increase in uptake of electric vehicles in some regions such as Europe, the U.S. and China is another driving factor for the CFRP in automotive armor sleeves industry.
CFRP in Automotive Armor Sleeves Market Challenges
High cost of raw materials to manufacture CFRP is the major factor restraining the growth of the market. Continuous innovation in improved performance materials like Hybrid Fiber composites prove to be a threat for the CFRP market. Furthermore, the lack of suitable higher volume manufacturing methods and higher value recycling processes continue to be some of the major limiting factors for the growth of the market.
CFRP in Automotive Armor Sleeves Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the CFRP in CFRP in Automotive Armor Sleeves market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of fibers and their specific applications in the CFRP in Automotive Armor Sleeves market.
CFRP in Automotive Armor Sleeves Report: Industry Coverage
Types of material in CFRP in Automotive Armor Sleeves: Thermosetting and Thermoplastic.
Vehicle Type of CFRP in Automotive Armor Sleeves: Passenger Vehicles and Commercial Vehicles.
CFRP in Automotive Armor Sleeves market report also analyzes the major geographic regions for the market. The regions covered in the study include:
- North America
- South America
- Europe, Middle East, and Africa
CFRP in Automotive Armor Sleeves Market Key Players Perspective
Teijin is a major company that manufactures CFRP in bulk. The company is headquartered in Japan and operates in North America, South America, Europe, and Asia-Pacific.
Toray, headquartered in Japan, has been active in fibers, resins, finished products, information and communication materials, carbon fiber composite materials, equipment, life sciences, and engineering and environmental. It has operations in Europe, North America, South America, and Asia-Pacific.
CFRP in Automotive Armor Sleeves Market Trends
CFRP is used in multiple industries due to its high performance and light weight. The recent advances in composites are driving carbon composites to be more effective in automobiles. The automobile industry is seeking for solutions that reduce fuel consumption as well as emissions, which can be attained by lightweight materials. CFRP is generally used in high-end racing applications. The high-end racing cars adopt this technology for use in Monocoque chassis. The low weight but high strength of carbon fiber allows the frames to be smaller and lighter while still being extremely strong. This reduces the fuel consumption and increases the efficiency by decreasing the emission output.