CFRP Market Overview:
CFRP Market (Carbon Fiber Reinforced Plastic Market) was valued at $11,781 million, and is expected to reach $20,284 million by 2022, supported by a CAGR of 8.1%. CFRP are composite materials made through infusion of a resin and a carbon fiber reinforcement. They offer high weight savings, increased tensile strength, fatigue resistance, impact resistance and durability which make them ideal for use in diversified industrial applications. CFRP products are increasingly substituting metals in various automotive applications, primarily to reduce fuel consumption. They are used in manufacturing of tennis racquets, aerospace & automotive components, protective helmets, blades for wind turbines, molding compounds, plates for building & construction and imaging equipment structures. These materials can be used as a chemical or water purifier owing to carbon being a powerful absorbent.
Top Investment Pockets
Polyester resin CFRP is the most prominent segment and is expected to be the first preference for market players, due to its low cost and ability to mold according to end-user requirement. It also offers ease of handling, dimensional stability, and resistance to chemicals.
Increase in Demand for Lightweight Products in Automotive Industry
CFRP 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.
Rise in Demand for High Performance Products in Aerospace & Defence
Aerospace industry has strict performance product requirements for applications in commercial aircrafts, engines, satellites, helicopters, and launchers. Structural material in aircrafts such as panelling interiors are made using CFRP products.
Raw Material Availability and Volatile Costs
Though CFRP products offer such high weight savings, 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. Only ultra-expensive vehicle manufacturers like Lamborghini use CFRP products for their supercars, which leads to uncertainty in supply of carbon fiber in automotive sector.
Long Production Cycles
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.
Increase in Applications in Building & Construction Sector
CFRP materials are used for making columns, piers, pylons, and reinforcing structures such as architectural memorials and hydrotechnical facilities. Due to conductivity of CFRP materials, they can be used as a shield material against electromagnetic interference. Large number of R&D activities are in process and key players are investing heavily for use of CFRP materials as main building materials.
Growth in Usage in Medical Science
Growing usage of CFRP products in implants, spine surgery, orthopedic trauma, high tibial osteotomy, and musculoskeletal oncology is expected to increase the demand for CFRP materials in the medical industry.
There are myriad growth drivers for the world CFRP market including increasing usage of CFRP products in automotive industry, rising demand for high performance products in aerospace & defence industry, and growing application scope in building & construction and wind turbines. Polyacrylonitrile (PAN) accounts for a major share in CFRP market by raw material attributing to lower material cost, higher char yield and high degree of orientation. High adoption of CFRP products in medical industry and increasing demand from emerging economies like Asia-Pacific offer various growth opportunities. Though conductivity of CFRP materials and high volatile costs can restrict the growth of this market.
The market, with its surging demand in end applications, has witnessed high growth during the past few years, and this growth trend is estimated to continue in the future too. Key players are investing in R&D activities for increasing the existing applications of products formed and development of new innovative products.
The application and preferred type of CFRP materials often differ according to the geographic regions due to difference in regulatory norms and other factors such as diversified demand from different industries in terms of grades. The world CFRP market is segmented into different geographic regions: North America, Europe, Asia-Pacific, and LAMEA. North America accounts for the major share in CFRP market in terms of revenue followed by Asia-Pacific. Asia Pacific is the fastest growing CFRP market in the world in terms of volume and revenue.
The CFRP market in Italy generated revenue of $536.57 million in 2015. It is estimated to reach $970.37 million by 2022, growing at a CAGR of 8.9% during the forecast period.
Major market players operating in this market include 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), and Zhongfu Shenying Carbon Fiber Co., Ltd. (China).
MARKET KEY BENEFITS
- This report provides the quantitative analysis of the current market and estimations through 2014-2022, which assists in identifying the prevailing market opportunities.
- This report provides an extensive analysis of the current, emerging market trends and dynamics in the world CFRP market.
- Comprehensive analysis of factors that drive and restrict the growth of world CFRP market is included in the study.
- The report includes micro-level analysis study of raw materials, types, applications, manufacturing processes and regions
- Analysis of the technologies using short production cycles and its impact on the world CFRP market is provided in the report.
CARBON FIBER REINFORCED PLASTIC MARKET KEY SEGMENTS
By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum pitch
- Others (Rayon, Coal Tar Pitch)
- Epoxy resin
- Polyester resin
- Vinyl resin
- Others (Phenolic, Urethane)
- Polyether ether ketone (PEEK)
- Polyurethane (PU)
- Polyethersulfone (PES)
- Polyetherimide (PEI)
- Others (Polypropylene and Polycarbonate)
By Manufacturing Process
- Prepreg Layup
- Pultrusion and Winding
- Wet Lamination & Infusion
- Press and Injection
- Aerospace & Defence
- Wind Turbines
- Sports Equipment
- Molding Compounds
- Building & Construction
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa