(CFRP)

Carbon Fiber Reinforced Plastics (CFRP) Market - Global
Industry Insights, Trends, Outlook, and Opportunity
Analysis, 2018–2026
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.
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.
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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.
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, 2016–2024

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