Global Carbon Fibre Reinforced Plastics (CFRPs) Market Overview
Fastest growing sector for OEMs and carbon fibres is automotive industry operating in this area are likely to employ a combination of composites, steel, and aluminium, based on demands for fabrication costs and requirements. The additional sector likely to contribute to substantial growth in demand for carbon fibre reinforced plastics is pressure vessels that are used for transporting and storing liquefied and compressed natural gas in the fleet and automotive applications, with regions in South America, Asia, and Europe. Carbon fibre reinforced plastics (CFRPs) is widely used in aircraft structures and components, as in comparison with any traditional metal, carbon fibre reinforced plastics have a superior strength-to-weight ratio. Growing demand for composites in the manufacturing of aircraft components, including as ailerons, floor beams, elevators, wings, vertical stabilizers, and engine nacelles is driving the carbon fibre reinforced plastics (CFRP) market.
Global Carbon Fibre Reinforced Plastics (CFRPs) Market Dynamics
The global carbon fibre reinforced plastics (CFRPs) market is anticipated to gain a significant market share in chemical industry over the forecast period, and the global carbon fibre reinforced plastics (CFRPs) market is expected to register a stable compound annual growth rate (CAGR) from 2018 to 2028. The market across the globe has grown considerably owing to the rising demand for carbon fibre reinforced plastics which is also driven by its continuous usage in body Armor, Blackhawk helicopters, holsters, helmets, space shuttles, and numerous other military applications, such as fairings, satellites, rocket motor casing, missiles, and antenna dishes. The global carbon fibre reinforced plastics (CFRPs) market in developed economies such as the U.S., Germany, UK, and France are expected to be driven by various growth factors such as the presence of key prominent manufacturers and highly classified manufacturing facilities. However, the carbon fibre reinforced plastics (CFRPs) market is expected to exhibit robust growth in the developing countries, such as China, India, Mexico, and the Middle East & African countries.
Increasing amounts of exhaust emissions, environmental concerns are spreading among people results in putting constant force on automobile manufacturers to manufacture fuel-efficient vehicles. Thereby, diminishing the exhaust emissions. An important aspect in the manufacturing and designing of automobiles is the use of light-weight designs and materials, which is one of the key factors driving the growth of the carbon fibre reinforced plastics (CFRPs) market.
However, the cost of this material is relatively high, is one of the key factors that are likely to hinder the growth of the carbon fibre reinforced plastics (CFRPs) market.
Global Carbon Fibre Reinforced Plastics (CFRPs) Market Segmentation
Based on the type, the carbon fibre reinforced plastics market can be segmented into two categories: thermoplastic and thermosetting. Based on resin type, thermosetting carbon fibre reinforced plastic can be further segmented into polyester resin, epoxy resin, and vinyl resin. Thermoplastics carbon fibre reinforced plastic, on the other hand, can be segmented into polyurethane, polyether ether ketone (PEEK), polypropylene and others. Thermosetting carbon fibre reinforced plastic is the largest product segment and accounts for over 75% of total sales.
Geographically, the global carbon fibre reinforced plastics (CFRPs) market can be segmented into seven regions, namely North America, Latin America, Europe, CIS & Russia, Japan, Asia Pacific excluding Japan, and Middle East & Africa.
In 2017, global sales are dominated by North America in the carbon fibre reinforced plastics market. Europe is witnessing the fastest growth rate among all regions. The major European countries in the global carbon fibre reinforced plastics market are U.K., Germany, Spain, and France. The largest carbon fibre reinforced plastics consumers in Asia Pacific include China, Japan, and Taiwan.
Global Carbon Fibre Reinforced Plastics (CFRPs) Market Key Players
Despite the concentration of prominent players in European and North American countries, carbon fibre reinforced plastics (CFRPs) manufacturers are Toray Industries, Cytec Industries, Hexcel Corporation, SGL-Group, Mitsubishi Rayon Co. Ltd, Teijin Limited, Plasan Carbon Composites, and Hyosung, Kringlan Composites.