The global Carbon Fiber market was valued at USD 3,340.5 Million in 2019 and is projected to reach USD 6,935.9 Million by 2027, expanding at a CAGR of 9.6% during the forecast period. The global Carbon Fiber Reinforced Plastic Market is projected to reach 43,955.8 Million with 11.6% CAGR from 18,248.0 Million revenue in 2019. Carbon fiber (CF) is a polymer that consists of a long chain of carbon atoms bonded together. These fibers are very strong, extremely stiff, and light in weight. A carbon fiber is thinner than a strand of human hair. The fiber becomes extremely strong when twisted together in the same manner as a yarn. Strands of fiber can be also woven together to produce cloth. Carbon fiber reinforced plastic (CFRP) is a composite material that uses carbon fibers, as the principal structural component. This combination of reinforcing carbons and a polymer matrix leads to high-performance materials, which allows weight reduction by 50%, while steel decrease weight by 20%, as compared to aluminum.
Companies in industries such as automotive, construction, and aerospace are engaging in extensive research and development (R&D) activities to move from niche to high-volume applications. Carbon fiber reinforced plastic is sometimes also referred to as carbon fiber reinforced polymer. CFRP materials are widely used in the manufacturing of top-end sports cars that require strong and light materials. Furthermore, high-end competition motorbikes and bicycles use CRPF frames, handlebars, and forks to keep the weight to a minimum.
Superior mechanical and physical properties of CF materials such as lightweight, high tensile strength, and impact resistance make these materials ideal for making vehicles fuel-efficient and reliable. This, in turn, is increasing the demand for CF materials in various industries such as aerospace & defense, automotive, sports, and wind turbines.
The aerospace & defense industry has stringent performance product requirements for applications in commercial aircraft, satellites, helicopters, engines, and launchers. This, in turn, is increasing the demand for high-performance products in the aerospace and defense industry, which is fueling the demand for CRPF products.
CFRP product manufacturing requires a long production cycle; therefore, fewer number of goods are produced in a particular period of time, thus restricting the use of CFRP products in applications where higher number of products are required in a short time period. The high cost of manufacturing composite materials is likely to hinder the growth of the market.
On the basis of raw materials, the market has been segmented into polyacrylonitrile carbon fibers (PAN-based CF), pitch-based carbon fiber, and rayon-based carbon fiber. The PAN-based CF dominates the market and is projected to expand at a CAGR of 9.3% during the forecast period. Polyacrylonitrile (PAN) is extensively used in the production of CF owing to its excellent mechanical properties such as high tensile strength and temperature resistance. Moreover, PAN is less expensive than other raw materials.
Based on resin types, the market has been bifurcated into thermosetting CFRP and thermoplastic CFRP. Thermosetting CFRP is projected to constitute more than 79% share of market by 2026.
In terms of applications, the market has been classified as aerospace & defense, sports & leisure, wind energy, automotive, pressure vessels, construction & infrastructure, chemical, oil & gas, and others. In terms of volume and revenue, the aerospace & defense segment is anticipated to account for a key share of the market, during the forecast period. The automotive segment is estimated to expand at a significant CAGR of 12.8% owing to the rising global demand for automobile sector. CFRP is light weight as compared to metals thus gives high mileage and, less cost and weight. CF is employed in the manufacture of part such as blade spar caps, root sections, blade shells, drive shafts, and towers.
On the basis of sales channels, the market has been bifurcated into manufacturers and distributors. Leading manufacturers of CF have increased their production capacity to cater to the increasing global demand. The CF market is highly concentrated. Major manufacturers include Hexcel Corporation, SGL Carbon SE, Mitsubishi Chemical Carbon Fiber and Composites, Toho Tenax, and Toray Industries Inc. among others. Distribution is the process of making a service or product available for the consumer or business users who demand them. Distributors usually have a business relationship with manufactures that produces product.
On the basis of regions, the global carbon fiber and carbon fiber reinforced plastics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is a promising region for the market. Growing research and development activities in the aerospace and defense sector in the US, is expected to boost the demand for CF and CFRP during the forecast period.
Key Benefits for Industry Participants & Stakeholders
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the data is available on request.
Yes, the report covers raw material type specific information such as polyacrylonitrile carbon fibers (PAN-based CF), pitch-based carbon fiber, and rayon-based carbon fiber.
According to this Growth Market Reports report, the market from Carbon Fiber & Carbon Fiber Reinforced Plastic market is likely to register a CAGR of 9.6% and 11.6% during forecast period 2020-2027, with an anticipated valuation of USD 3,340.5 Million and 18,248.0 Million by the end of the 2027.
In addition to market size (in USD Million) and Company Market Share (in % for base year 2019), other data such macro-economic factors, COVID-19 Impact on the Carbon Fiber & Carbon Fiber Reinforced Plastic is available in final report.
The market is driven by major factors such as increasing demand for carbon fiber (CF) and carbon fiber reinforced plastics (CFRP) products from aerospace & defense, wind energy, and automotive industries. CFRP products are replacing several metals in various automotive applications to reduce fuel consumption. This, in turn, is boosting market growth.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness decrease in demand owing to the negative impact of COVID-19 pandemic on the Carbon Fiber & Carbon Fiber Reinforced Plastic market.
The base year considered for the global Carbon Fiber & Carbon Fiber Reinforced Plastic market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Aerospace & defense, sports & leisure, wind energy, automotive, pressure vessels, construction & infrastructure, chemical, oil & gas, and others are the key applications that are driving the Carbon Fiber & Carbon Fiber Reinforced Plastic market.
Major Manufactures include, TEIJIN LIMITED, Formosa Plastics Corporation, Hexcel Corporation, TORAY INDUSTRIES, INC., and others.
Some other reports from this category!