The market for carbon fiber reinforced plastic (CFRP) is expected to witness a CAGR of more than 8% during the forecast period. Growing demand from the aerospace industry and a rising preference for fuel efficient and light-weight vehicles are the major factors driving the market. However, the high cost of the CFRP and inadequate production capacity are expected to hinder the growth of the market studied.
- Automotive industry dominated the market and is expected to grow during the forecast period, owing to the increasing demand for light-weight vehicles.
- Shifting focus on the development of low-cost products and technologies is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from China and India.
Key Market Trends
Increasing Demand from Aerospace Industry
- CFRP is a composite material consisting of two parts, namely, matrix and reinforcement. The matrix is a polymer resin and reinforcement is a carbon fiber, which provides high strength to the material.
- With the focus on performance improvement in the aerospace industry, CFRP material is being used as a replacement for metals and alloys, as it possesses a high strength-to-weight ratio and rigidity.
- Initially, CFRP was used in Boeing 787 and the Airbus A350, primarily driven by the weight savings of CFRP parts. The latest models in civil aviation, such as the Boeing Dreamliner and Airbus A350, are made of up to 52% CFRP.
- With the increasing defense budget, there are technological changes, resulting in the increasing demand for CFRPs, thereby driving the market. Boeing and Airbus dominate the global market for aerospace CFRPs in the current scenario.
- The above-mentioned factor, along with the growing focus of governments across the region to develop non-oil sectors in the next decade, has been instrumental in developing the tourism and transportation sectors at a significant rate in the recent past.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific accounted for the largest share in the global CFRP market, owing to widespread adoption in industrial and automotive sectors in countries, like India and China.
- The aviation industry in China was said to be adding around 6,000 new airplanes between 2016 and 2033. China’s domestic air passenger market experienced the biggest incremental rise, in terms of the number of journeys made by passengers as compared with previous years.
- The increase in the number of passengers encourages the government to invest more in the production of more flights, which, in turn, increases the consumption of CFRP.
- Japan has its own Japan Carbon Fiber Manufacturers Association, which merged with the Japan Chemical Fibers Association.
- The major end-user industry which uses CFRP in Japan includes aircraft and aerospace, automobiles, sports and recreational, building and civil engineering, wind energy, electronics, and medical science.
- Industries, like sports and leisure, building and construction, and wind power, are continuously finding newer applications for CFRPs, which are likely to further ignite the growth of CFRP market in Asia-Pacific, during the studied period.
The Carbon Fiber Rienforced Plastic (CFRP) market is partly fragmented and is highly competitive among the major players to increase their market share. Some of these major players include Solvay, Formosa Plastics Corporation, Nikkiso Co. Ltd, Allred & Associates Inc., and R?chling Group, amongst others.
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