The global carbon fiber reinforced plastic market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising demand for light weight and fuel efficient vehicles worldwide.
Carbon fiber reinforced plastic (CFRP) is a compound material made up of combining a carbon fiber reinforcement and a base or carrier substance known as matrix. In general, synthetic resin is used as a matrix. CFRP offers certain advantages such as more load bearing capacity, high fatigue strength, and more resistant. As a result, it is high preferred over aluminum and steel by many end-user industries such as automotive, robotics, and aerospace for their various applications. CFRP has only about 60% of the weight of aluminum and up to five times lighter than steel; hence, the material is mainly used in the automotive industry for the manufacturing of high-performance race car parts. Existing metal structures such as manipulators are redesigned with CFRP to decrease the weight of components and increase their performance level. The production technology used during the manufacturing of CFRP are namely wet pressing, autoclave technology, resin transfer molding, winding methods, blowing methods, and other techniques. CFRPs are widely utilized in the manufacturing of components including tennis racquets, imaging equipments structures, molding compounds, protective helmets, wind turbine blades, fishing rods, and tripod legs.
The COVID-19 pandemic outbreak had negatively impacted the global carbon fiber reinforced plastic market. During the pandemic, emergency lockdown imposed by government body had forced to temporary shutdown of manufacturing plant as part of policies to curb the virus spread. As a result, the supply chain of CFRP had been completely disrupted across the globe. Additionally, the pandemic had adversely impacted the overall end-user market such as automotive, aerospace, and construction, which have considerably affected the overall performance of the market. The market is expected to recover soon with an uptrend operation due to subsiding COVID cases.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand of CFRP from aerospace industry across the globe is one of the key factors driving the market.
- Growing government initiative to curb vehicular pollution especially in developing countries is projected to boost the market during the forecast period.
- High cost associated with CFRP than steel and aluminum acts as a major challenge that can restrict the market growth in the coming years.
- Decreasing number of commercial aircraft deliveries is expected to hamper the market growth during the projected timeline.
- Shifting focus of key players on the development of cost-effective products and technologies is anticipated to create significant growth opportunities for the market.
Scope of the Report
The report on the global carbon fiber reinforced plastic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Carbon Fiber Reinforced Plastic Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Resin Types (Thermoplastic Carbon Fiber Reinforced Plastic and Thermosetting Carbon Fiber Reinforced Plastic) and End-users (Wind Power Industry, Sports & Leisure, Aerospace, Building & Construction, Automotive, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Röchling Group; ALLRed & Associates Inc.; Solvay; Nikkiso Co., Ltd.; and Formosa M Co., Ltd.
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Market Segment Insights
Thermoplastic CFRP segment to grow at rapid pace
Based on resin types, the global carbon fiber reinforced plastic market is bifurcated into thermoplastic carbon fiber reinforced plastic and thermosetting carbon fiber reinforced plastic. The thermoplastic carbon fiber reinforced plastic segment is expected to grow at a rapid pace during the forecast period due to the easy storage, improved impact resistance, recyclability, and less processing time. Furthermore, the demand of thermoplastic CFRP is increasing from automotive and aerospace industry as it has high stability and is widely applied in the manufacturing of several products within the industries. However, the thermosetting carbon fiber reinforced plastic segment is projected to expand at a substantial growth rate in the coming years attributed to certain properties such as high strength to weight ratio and performance.
Increasing lightweight aircraft demand drives the aerospace segment
On the basis of end-users, the market is divided into wind power industry, sports & leisure, aerospace, building & construction, automotive, and others. The aerospace segment is projected to expand at robust growth rate during the forecast period attributed to the increasing demand for fuel-efficient, cost-effective, and lightweight aircraft. On the other hand, the automotive segment is anticipated to expand at a substantial CAGR during the forecast period owing to the rising adoption of fuel-efficient vehicles and stringent government regulations regarding the air pollution. Additionally, rising fuel prices and increasing need of light-weight vehicles are major driver of the segment.
Asia Pacific to constitute a key market share
In terms of geography, the global carbon fiber reinforced plastic market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key share of the market during the projected period owing to the widespread adoption of CFRP in sectors such as automotive and aviation in the region. However, the market of North America is anticipated to grow at a rapid pace during the forecast period due to the stringent government regulations regarding the automotive pollution, technological advancements in CFRP, increasing government expenditure on aerospace sector, and growing industrialization in the region.
Segments
Resin Types
- Thermoplastic Carbon Fiber Reinforced Plastic
- Thermosetting Carbon Fiber Reinforced Plastic
End-users
- Wind Power Industry
- Sports & Leisure
- Aerospace
- Building & Construction
- Automotive
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Röchling Group
- ALLRed & Associates Inc.
- Solvay
- Nikkiso Co., Ltd.
- Formosa M Co., Ltd.
Competitive Landscape
Key players competing in the global carbon fiber reinforced plastic market are Röchling Group; ALLRed & Associates Inc.; Solvay; Nikkiso Co., Ltd.; and Formosa M Co., Ltd. Companies are focusing on investment in R&D for advancements in CFRP to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquire new buyers.
For instance, in December 2019, Solvay, a Belgium-based chemical company and SGL Carbon, a Germany-based carbon product manufacturers announced a joint development agreement for the development of highly-effective composite material based on tow-large intermediate modulus carbon fiber. These materials can increase the fuel efficiency and manufacturing process of next-generation commercial aircraft and address the need to reduce carbon emissions and costs. In December 2020, Mitsubishi Chemical Corporation, a Japan-based company announced a launch of plans to start a new pilot infrastructure for carbon fiber reinforced thermoplastic in Fukui Prefecture. The plant was planned to be operational by the end of 2021.
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