Carbon Fiber Reinforced Plastic Market To Hit Value .98 Billion By 2024Posted by Mrudula Anil Karmarkar on April 6th, 2021 The global carbon fiber reinforced plastic market size is expected to reach USD 27.98 billion by 2024, according to a new report by Grand View Research, Inc. Increasing composites demand in the automotive industry is expected to remain a key driving factor for global CFRP market. Aerospace & defense application segment contributed significantly to shape the overall revenue owing to the high cost of aerospace grade CFRP. Research and development in the aviation industry for manufacturing components capable of withstanding high environmental stresses is anticipated to fuel CFRP market growth over the next eight years. The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor. Extensive R&D activities particularly in Japan and Europe have led to the emergence of numerous market players, which in turn is expected to drive the regional market demand. Escalating CFRP demand in sports applications, specifically in the Asia Pacific region, is anticipated to impel CFRP consumption. Although CFRP offers excellent benefits due to its superior strength and lesser weight, its expensive nature has restricted its use to certain high performance applications only. Although CFRP offers considerable advantages, high cost associated with the same poses a challenge for the market across various other application segments. polyacrylonitrile (PAN) precursor is expected to gain some of the market shares over the forecast period and is projected to account for around 97% of the total demand in 2024. PAN has gained popularity on account of its superior properties over pitch precursor. Lower cost of PAN as compared to pitch-based CFRP is also anticipated to foster the industry growth. Further key findings from the report suggest:
Advantages offered by thermoplastic carbon fiber plastic over thermosetting composites such as short processing time, high impact resistance, easy storage, and recyclability are expected to fuel thermoplastic CFRP demand. Rise in demand for lightweight vehicles is projected to propel market growth in the coming years. Numerous government organizations, coupled with the favorable regulatory framework, facilitated the manufacturers to invest and enhance the research and development capabilities, quality, and automation in the process. The most commonly used raw material for CFRP production is polyacrylonitrile (PAN). CFRP properties depend on the precursor of carbon fiber used for its production. PAN has superior properties than pitch. It is projected to gain traction in the forecast period owing to its increasing application and demand as compared to pitch-based CFRP. Demand for PAN has witnessed substantial growth as compared to pitch. Rise in the production of propylene has driven the demand for polyacrylonitrile. Extensive R&D activities by market players are anticipated to drive the CFRP market demand. Market players in U.S. including Hexcel Corporation and Solvay S.A., along with major end users such as Boeing Co., are expected to propel the market growth in the coming years. The market is majorly ruled by numerous standards, regulations, and policies. The industry safety standards are the major targets for the value chain participants and they are bound to follow these regulations and standards, which structures the CFRP market globally. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1357/ibb The market is dominated by global multinational companies. It is majorly concentrated in developed regions including North America and Europe. Key manufacturers occupy a majority of the global market share. Asia Pacific provides potential opportunities for extensive business growth. Pricing and other strategic initiatives depend on the top players. The carbon fiber reinforced plastic industry is highly characterized by technological innovations. Prominent market participants have developed their own CFRP manufacturing technology. Europe and U.S. based manufacturers have been using borrowed technology. However, these companies have also been working on developing their own production technology. Every manufacturer focuses on in-house precursor production. SABIC, a major player in the petrochemical industry, has recently ventured into CFRP development. Increased usage of carbon fiber reinforced plastic is expected to create a large amount of waste in the absence of recycling. Manufacturers in association with national governments have been investing in R&D for developing CFRP-effective recycling technology. Grand View Research has segmented the global carbon fiber reinforced plastic market on the basis of raw material, product, application: Carbon Fiber Reinforced Plastic Raw Material Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
Carbon Fiber Reinforced Plastic Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
Carbon Fiber Reinforced Plastic Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |