Global Carbon Fiber Reinforced Plastics Market is Expected to Expand at an Impre

Posted by Priyanka Thakare on January 3rd, 2020

Global Carbon Fiber Reinforced Plastics Market: Overview

The global carbon fiber reinforced plastics market is foreseen to take advantage of the increasing application in the automotive industry. Carbon fiber reinforced plastics can easily replace traditional materials, which include iron, steel, and metal alloys. Carbon fiber reinforced plastics offer easy workability and show high compressive, tensile strength, and fatigue resistance but low coefficient of thermal expansion.

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The global carbon fiber reinforced plastics market could be classified according to end-use industry, type, and product type. Among different types of products, polyacrylonitrile (PAN)-based is anticipated to rank higher in the global carbon fiber reinforced plastics market in terms of demand.

The report offered here is a detailed account of the global carbon fiber reinforced plastics market where the key focus is on market segmentation, dynamics, regional analysis, and competition. It provides useful guidelines for players to take informed decisions when operating in the global carbon fiber reinforced plastics market.

Global Carbon Fiber Reinforced Plastics Market: Trends and Opportunities

The high cost factor is foretold to restrict the use of carbon fiber reinforced plastics. However, the need to fulfill corporate average fuel economy (CAFE) standards which concentrate on the reduction in vehicular emission and achievement of the required fuel economy could improve the demand in the global carbon fiber reinforced plastics market. Such standards have compelled auto manufacturers and OEMs to build body panels of premium cars using carbon fiber reinforced plastics. The use of carbon composite materials in place of metals can help reduce a vehicle’s weight by 100-150 kg.

Besides automotive, the aerospace industry is prognosticated to propel the growth of the global carbon fiber reinforced plastics market. The adoption of lighter materials for the manufacture of aircrafts to increase fuel economy could set the tone for valuable growth of the global carbon fiber reinforced plastics market. Aerospace is considered to be one of the largest consumers of carbon fiber reinforced plastics. The early penetration of the global carbon fiber reinforced plastics market in the sports goods industry could also bode well. Carbon fiber reinforced plastics are used in the manufacture of tennis rackets, golf shafts, and finishing rods.

Global Carbon Fiber Reinforced Plastics Market: Regional Analysis

North America is predicted to emerge as a leading region for the carbon fiber reinforced plastics market. Automotive manufacturing witnessing a move toward the use of modern lightweight materials and heavy presence of large defense and aircraft manufacturing companies in the region could catapult the North America carbon fiber reinforced plastics market.

On the other hand, Asia Pacific is envisaged to bank on infrastructure development, aggressive rate of industrialization and urbanization, deeper oil and gas exploration, and development of the wind power market to achieve growth in the carbon fiber reinforced plastics market.

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Global Carbon Fiber Reinforced Plastics Market: Companies Mentioned

The global carbon fiber reinforced plastics market includes some of the prominent names of the industry such as Hexcel Corp., Toray Industries, Inc., SGL Group, Inc., Cytec Industries, Inc., and Mitsubishi Rayon Co. Ltd.