Carbon Fiber Reinforced

Carbon Fiber Reinforced Plastics (CFRP) Market - Global Industry
Insights, Trends,Opportunity Analysis, 2018–2024
Fiber reinforced composites finds its application in various fields of engineering such as
automotive, aerospace, and defense industries. Various advancements in technology, have
led to development of lightweight composites with high tensile strength. Carbon fiber
reinforced plastic, also referred to as carbon fiber reinforced thermoplastics, and is
manufactured by blending carbon fiber with plastic, in order to enhance its strength. Carbon
filaments produced from polymers such as polyacrylonitrile (PAN), rayon, and petroleum
pitch, are the essential elements used in the manufacturing of CFRP. The carbon fiber is
woven into resin, mostly epoxy resin, to culminate in the formation of a material exhibiting
extremely high strength, rigidity, low density, excellent damping properties, and high
resistance to thermal expansion.
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CFRP also exhibits enhanced electrical and thermal conductivity as compared to glass fiber
reinforced plastics (GRP). These key attributes of CFRP allow for its incorporation in a wide
range of applications such as aerospace & defense, wind energy, automotive, sports
equipment, construction equipment, pipe & tanks, marine, electrical, and electronics.
Methods such as molding, vacuum bagging, compression bolding, and filament winding are
used in the manufacturing of CFRP. Carbon fiber and carbon fiber reinforced polymers are
recognized as clean energy technologies by the U.S. Department of Energy (DOE), Office of
Energy Efficiency, and Renewable Energy (EERE). Major contributors of the CFRP market
share include the aerospace, defense, wind energy, and sports equipment industries.
Prevalent Scenario in Carbon Fiber Reinforced Plastics Market
Carbon fiber reinforced plastics are extensively used in the aerospace industry for
manufacturing aircraft. Aircraft manufacturers such as Boeing and Airbus are enormously
investing in research and development activities as means of manufacturing aircraft capable
of withstanding high environmental stresses. These aerospace applications are subject to
high standards, stringent compliances, and incur high licensing & inspection costs. Stringent
regulations on vehicle emissions have compelled the key automotive manufacturers such as
Volkswagen, BMW, Ferrari, and Audi to lay more emphasize on reducing the weight of
automobiles. In order to curb the weight of vehicles, CFRP is being widely used as a
polymer composite, resulting in improved fuel-efficiency of vehicles. Also, stringent
regulations such as Corporate Average Fuel Economy (CAFÉ) standards in the U.S. and
carbon emission standards in Europe have led to an increasing demand for lightweight
composites, in turn, driving growth of the CFRP market. Growing awareness about
renewable energy among the populace, has increased the installation of wind farms, in turn,
fueling the demand for CFRP products. The thermosetting CFRP products consist of
cross-linked polymers, which do not melt at high temperatures, during the curing procedure.
This property increases the significance of thermosetting CFRP, among others and is used
in variety of applications, thus contributing a major market share in the CFRP market. The
cost of manufacturing of CFRP products is higher than that of glass and steel polymers, thus
resulting in higher selling price of these products. Research and development of the CFRP
products and its incorporation into a wide range of applications, also incurs high costs. The
manufacturing of CFRP products is highly dependent on the supply of large volumes of raw
materials, which leads to limited production capacities. North America market contributes to
a larger market share as compared to Europe, due to increasing research and development
in aerospace and defense industries in the region. However, the presence of large number
of major automobile manufacturers in Europe, positions it as a high growth region in the
global CFRP market.
Fragmented Market
The global carbon fiber reinforced plastics market is highly fragmented due to the presence
of many established and emerging players in the CFRP market. Major players involved in
the market include Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon
Co. Ltd. (Japan), SGL-Group (Germany), Formosa Plastics Corporation (Taiwan), and
Hexcel Corporation (U.S.).
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Carbon Fiber Reinforced Plastics (CFRP) Market report categorizes global market by raw material type, resin type, manufacturing process, and application - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018–2024

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