The latest research study “Carbon Fiber Reinforced Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global carbon fiber reinforced plastic market reached a value of US$ 17.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 26.4 Billion by 2027, exhibiting a CAGR of 6.8% during 2022-2027. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Carbon fiber reinforced plastics (CFRPs) are non-metallic composite materials that are manufactured using thermosetting resins, such as epoxy, polyester and vinyl ester. They are strong, lightweight and resistant to numerous chemicals. Besides this, they exhibit high tensile and fatigue strength and can withstand high temperatures. Consequently, they are employed in the automotive industry for manufacturing premium sports cars, bicycles and motorbikes. They also find applications in the aerospace and defense industry for producing lightweight military planes and helicopters.
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Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited., Toray Industries, Inc., etc.
Global CFRP Industry Trends and Drivers:
CFRP is presently gaining traction across the aerospace industry as it reduces fuel consumption. This can also be attributed to the rising environmental concerns across the globe. These plastics are used in the manufacturing of laptops, tripods, fishing rods, racquet frames, stringed instrument bodies and golf clubs. Additionally, on account of its several benefits, CFRP is employed as an alternative to steel in the production of cable structures. Other than this, it is also utilized in the healthcare industry for manufacturing various medical instruments. Thus, the expanding applications of CFRP are expected to create a positive outlook for the market in the coming years.
Report Segmentation:
The report has been segmented the market into following categories:
Market Breakup by Raw Materials:
Polyacrylonitrile
Pitch-based
Rayon-based
Market Breakup by Type:
Thermoset
Epoxy Resin
Polyester Resin
Vinyl Resin
Thermoplastic
Polyurethane
Polyether Ether Ketone
Polyethersulfone
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Market Breakup by Manufacturing Process:
Layup
Pultrusion and Filament Winding
Resin Transfer
Injection and Compression Moulding
Others
Market Breakup by Application:
Aerospace & Defense
Automotive
Wind Energy
Civil Engineering
Sporting Goods
Electrical and Electronics
Marine Applications
Others
Market Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
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