Global Carbon Fibre Reinforced Plastic (CFRP) Composites market is projected to grow at a CAGR of 12.5% by 2032: Visiongain Reports Ltd

Visiongain Reports Ltd
Visiongain Reports Ltd

Visiongain has published a new report entitled Carbon Fibre Reinforced Plastic (CFRP) Composites 2022-2032. It includes profiles of Carbon Fibre Reinforced Plastic (CFRP) Composites and Forecasts Market Segment by Resin, (Thermosetting, Thermoplastic) Market Segment by Precursor Type, (PAN-based CFRP, Pitch-based CFRP, Rayon-based CFRP) Market Segment by Manufacturing Process, (Prepreg Layup Process, Pultrusion and Winding Process, Wet Lamination & Infusion Process, Press and Injection Process, Other Manufacturing Process) Market Segment by End-Use Industry, (Automotive Industry, Machinery/Equipment Industry, Wind Energy Industry, Aerospace & Defense Industry, Sporting Goods Industry, Other End-Use Industry) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.

The global carbon fibre reinforced plastic (CFRP) composites market was valued at US$18,800 million in 2021 and is projected to grow at a CAGR of 12.5% during the forecast period 2022-2032.

CFRP Is a Lightweight Material with Enhanced Strength and a Wide Variety of Applications

Carbon fibre reinforced polymers are composite materials that rely on carbon fibre for strength and stiffness, while the polymer provides a cohesive matrix to protect and hold the fibres together, as well as some toughness. Carbon fibres have highly directional properties that distinguish them from the metals most commonly used in these automotive applications. They can be engineered to achieve mass reductions that metals cannot. Because these are synthetically composited materials, their properties and performance can be tailored to the application by varying the strength, length, directionality, and amount of reinforcing fibres, as well as the polymer matrix. The major drivers for the growth of the carbon fibre reinforced polymer market are numerous advantages to incorporating carbon fibre into a polymer, lightweight material with enhanced strength and a wide variety of applications in the future market. On the other hand, factors such as cost of carbon fibre reinforced plastic, easily damageable properties are restraining the growth of this market.

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How has COVID-19 had a significant negative impact on the Carbon Fibre Reinforced Plastic (CFRP) Composites Market?

The human coronavirus (covid-19) epidemic struck before the end of 2019 and into early 2020. The carbon fibre sector was not insulated from these serious worldwide effects. The substance was severely impacted in some markets. International air traffic, for instance, in the commercial aviation sector, was less than 10% of what it would have been in mid- to late 2020, and it is unlikely to return to pre-covid levels until at least 2024. Therefore, some progress has been made in the development of commercial aircraft. Prior to the pandemic, 12 of the labor-intensive A350s were made each month; currently, only five are manufactured each month. The 787's monthly production has decreased from 14 to six. As a result, the aircraft sector used about 20 kt of carbon fibre annually in 2019 and almost 14 kt in 2021.

The epidemic also hindered car production in the automobile industry. For instance, the production of light automobiles fell by 20% in Europe and by 15% in the USA in 2020 compared to 2019. Although the automobile industry is now in the process of rebounding, the usage of CFRP is still in its infancy. Due to the material's high cost, it is currently only used in a small number of niche and high-performance vehicles, making up only 10% of the global carbon fibre market.

How will this Report Benefit you?

Visiongain’s 255-page report provides 116 tables and 114 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global carbon fibre reinforced plastic (CFRP) composites market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Carbon Fibre Reinforced Plastic (CFRP) Composites. Get financial analysis of the overall market and different segments including resin type, manufacturing process, end-user and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing carbon fibre reinforced plastic (CFRP) composites market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

CFRP Is a Lightweight Material with Enhanced Strength

A traditional fibreglass reinforced composite made of continuous glass fibre with a glass content of 70% (weight of glass / total weight) will typically have a density of.065 pounds per cubic inch. A CFRP composite with the same 70 percent fibre weight might have a density of.055 pounds per cubic inch.

Carbon fibre composites are not only lighter in weight, but they are also much stronger and stiffer per unit of weight. This is true when comparing carbon fibre composites to glass fibre, but even more so when comparing carbon fibre composites to metals. When comparing steel to CFRP composites, for example, a good rule of thumb is that a carbon fibre structure of equal strength will often weigh one-fifth the weight of steel. You can see why automakers are looking into using carbon fibre instead of steel.

Carbon Fibre Composites Are Used for a Variety of Applications

It's a popular item that's always in high demand. Carbon fibre parts are less prone to wear and tear. Carbon does not fatigue; it will not rot or degrade in poor conditions; it is a long-lasting and hard-wearing material. Carbon fibre is also resistant to corrosive environments. The composite is suitable for use in chemically infused industries and environments where other materials are prone to corrosion.

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Where are the Market Opportunities?

Carbon Fibre Reinforced Plastic (CFRP) Composites (CFRP) Composite Materials Are in High Demand

General transportation, including aerospace, automotive, and sea vehicles; defense; wind turbines; construction; marine; sports; leisure; and storage tanks are driving growth. The growing demand for CFRP composites as a high-performance, light-weight material (four times the annual growth rate of global GDP per capita over the last decade) is due to their high specific strength, high specific stiffness, high fatigue resistance, good corrosion resistance, high durability, and low density. The final property is critical for the aerospace and automotive industries, which strive for energy efficiency while reducing reliance on oil.

Emerging Market Trends in Carbon Fibre Reinforced Plastic

Emerging trends that have a direct impact on the dynamics of the industry include the development of technologies such as plasma oxidation (used to oxidize the PAN precursor) and HP-RTM, which will reduce the cost of raw material, and reuse of CFRP, which will reduce the cost of product and environmental impact. Carbon fibre reinforced plastic manufacturers include GKN Fokker, Mitsubishi, Voith, Hexcel Corporation, SGL Group, Plasan Carbon Composite, DowAksa, and Toray, among others.

Competitive Landscape
The major players operating in the carbon fibre reinforced plastic (CFRP) composites market are BASF SE Company, Berry Global Inc, Crow Holdings Inc, Cytex Solvay Group, Formosa Plastics Corporation, Gurit Holding, Hexcel Corporation, Melrose Industries Plc, Mitsubishi Chemical Corporation, Owens-Illinois, Saint Gobain S.A., SGL Carbon SE, Silgan Holdings Inc., Sonoco Product Co, WestRock Company, .These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • March 2022, Saint-Gobain, through its insulation subsidiary ISOVER, will invest €120 million in the coming years, starting in 2022, to increase its insulation production capacity in France and support the acceleration of the energy renovation market.

  • February 2022, Solvay invests in 9T Labs to accelerate 3D printing adoption in transportation. By replacing metal with 3D printed thermoplastic composites, manufacturers can build lighter vehicles and aircrafts that consume less fuel and reduce CO2 emissions, at a much faster rate.

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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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