Carbon Fiber Reinforced Polymer Market Overview
In addition, the worldwide carbon fiber reinforced polymer market has been estimated to grow at a CAGR of 5.40%, with a value of USD 15.4 billion over the forecasting period of 2022-2030.
Carbon fiber reinforced polymer is a composite material made through resin and carbon fiber reinforcement infusion. The established metallic structures like manipulators have been redesigned with the usages of carbon fiber reinforced polymer, which is turned due to the decrease of the weight of the structures and the increase in the performance level. The load-bearing capabilities and the lightweight and high fatigue strength make such carbon fiber reinforced polymer market a widely used material over the steel and aluminum in aerospace, automobile, and robotics end-use industries. Safety is a major factor considered in the manufacturing industries that produce high-performance racing vehicles. Carbon fiber reinforced polymer can absorb the huge energy impact compared to steel, making it an ideal and widely used during the production of such sports vehicle parts. However, the high-end car manufacturing companies constantly focus on developing fuel efficiency and reducing greenhouse gas emissions. The carbon fiber reinforced polymer is 30 times higher than aluminum, which makes it workable to use in the production of high-performance cars.
Carbon fiber reinforced plastic combines the lightweight strength of carbon fibers with the durability of plastic, making it a versatile material for aerospace and high-performance sports equipment
Some leading high-performance vehicle manufacturing industries like BMW, Porsche, Audi, Lamborghini, Ferrari, Lexus, and Nissan have used such materials to make high-performance vehicles. Moreover, the cost of carbon fiber reinforced polymer market products is approximately 10 times higher than the price of steel counterparts, making it more difficult for the carbon fiber reinforced plastic products to increase in the domestic market sectors. Such effective factors have led to a decrement in global carbon fiber reinforced polymer market growth. The carbon fiber reinforced plastic products are manufactured through long production of cycles, which leads the lower good production in a specific time interval, the limiting use of the carbon fiber reinforced plastic products in applications where a higher number of the products that are needed in the limited period of the time. The increase in government regulations over the concern of the rising greenhouse gas emissions from lightweight vehicles, heavy-duty vehicles, and others is expected to offer exceptional growth opportunities to the carbon fiber reinforced polymer market over the estimated forecasting period.
Due to the spread of the global pandemic, several nations have been bound to implement strict lockdown procedures in the entire region. This is one of the major factors of the market slowdown in the second quarter of 2020. Moreover, it has been hugely impacted the global carbon fiber reinforced polymer market. This is one of the major issues for every industry. Due to the stoppage of international borders, most commercial vehicles did not reach their destination. As a result, the factories, as well as the manufacturing products, have been facing insufficient raw materials as well as other useful industrial equipment. The global carbon fiber reinforced polymer market sharehas fallen seriously, for which most of the investors and leading market shareholders have faced a huge loss in the revenue section. The entire economy and the financial sectors have bound to close their sectors due to the implementation of the strict lockdown.
Chief Existing Factors in the Market
Key market drivers:
The continuous growth of the aerospace industries and the increasing demand for the product and manufacturing industries might be the key factors that drive the growth of the international carbon fiber reinforced polymer market sector. The continuous growth of the population and rising demand for the production rate might lead the major industrial key drivers to focus on generating more production within a few periods.
Key market challenges:
Due to the increasing demand for production worldwide, most industrial facilities shave focused on manufacturing large quantities of products to meet the challenge of global needs. Compared to the traditionally used materials like aluminum and steel, carbon fiber reinforced polymers can assist the entire carbon fiber reinforced polymer market or manufacturing industries with improving fuel economy and higher efficiency.
Numerous new business sectors have come up in the present market due to which the level of competition has been increased so high. The carbon fiber reinforced polymer market size has always been in demand for a higher production rate. In contrast, the emergence of new technology and advanced factory equipment has hugely impacted the production rate time. Such a thing might impact the growth of the global carbon fiber reinforced polymer market and all the manufacturing industries.
The cost of raw materials and other useful industrial materials has been raised hugely. After the release of the lockdown, most industrial facilities have been facing such issues and insufficient workers in the industries, which ultimately creates large carbon fiber reinforced polymer market restraints in such industries.
Cumulative Evaluation of the market:
Carbon fiber reinforced polymer is heavily used in the automobile industries to reduce the maximum fuel consumption and emissions and manufacture lightweight vehicles. Numerous governments worldwide have been forced to implement strict lockdown procedures in the entire region. As a result, the entire commercial and business sectors and trade activities have a stop for a few periods. During the lockdown, most industrial sectors have been facing a huge loss due to the stoppage of production work. Due to the global health emergency, investors and other industry owners will shut down their industries. The entire global market and the carbon fiber reinforced polymer market value have continuously decreased for a few periods. No such companies didn’t cross the share value within this lockdown period.
According to the carbon fiber reinforced polymer market analysis report, the global market has been segmented into resin type, end-user industry and geographical section. According to the resin type, the market has been classified into two types: thermosetting carbon fiber reinforced polymer and thermoplastic carbon fiber reinforced polymer market. The end-user industry has segmented the global market into six sections: aerospace, automobile, sports and leisure, building and construction, wind power, and other end-user industries. In the geographical section, the global carbon fiber reinforced polymer market has been divided into five sections: Asia-Pacific, Europe, South America, North America, and Middle East & Africa.
Asia-Pacific regions have accounted for the largest carbon fiber reinforced polymer market share in the global carbon fiber reinforced polymer market sector due to the widespread expansion of industrial sectors like aviation and automobile industries in India, China and Japan. China has been the major contributor to global air traffic growth for the last few years. The average passenger growth rate has been over 10% per year. The rising passenger traffic mainly drives such growth due to the higher spending power and better air connectivity. The increase in passenger traffic is expected to increase the demand for aircraft. The China automobile industry is the largest industrial sector all around the world. The industry has witnessed a slowdown in the production rate in 2019 due to the spreading of the global pandemic.
The carbon fiber reinforced polymer is particularly attractive to defense applications because of its exceptional strength. Also, France has put forth an agreement with the UK government of USD 2.1 billion to build the combat drone prototype that will further increase the carbon fiber reinforced polymer market growth.
Competitive Intensity within the Market:
The cost of the carbon fiber reinforced polymers is at times supposedly higher. Such incidents have been seen just after the release of the lockdown period. During the lockdown, most of the industrial sector has planned to stop their production work due to insufficient raw material and other heavy industrial equipment. The increased advanced technology and modern accessories also led the carbon fiber reinforced polymer market sector to grow significantly. That is why most new market players have come up in this modern market. The global sectors that present a huge opportunity for the industry leaders are now facing a higher level of competition between the manufacturing industries. The amount invested in such industries has this market sector grow the production rate. The improvement of the production facilities led the global share market to grow hugely. During the estimated forecasting period, the entire global market has introduced some of the key industrial players who are the leader in the production market.
Some of the major players are:
- Formosa M Co. Ltd.
- Nikkiso Co. Ltd.
- AllRed & Associates Inc.
- Rochling Group
- DowAksa Advanced Composites Holdings B.V
- Plastic Corporation
- Hexcel Corporation
- Jiangsu Hengshen Fiber Material Co. Ltd.
- Mitsubishi Rayon Co. Ltd.
- SGL Carbon SE
- Teijin Limited
- Toray Industries
- Zhongfu Shenying Carbon Fiber Co. Ltd.
Recent Market Development:
September 2021: With a USD 595,000 funding from the US Office of Naval Research, Penn State College of Engineering researchers teamed up to develop a new, low-cost CFRP manufacturing technology. Manufacturers currently use heat and pressure to mold CFRP into a particular shape in order to produce CFRP airplane parts. This is done in a chamber known as an autoclave, which may occasionally hold a full wing or fuselage. A liquid plastic and stacked sheets of carbon fiber are mixed and cured in a vacuum bag in the novel method. Carbon fibers give the plastic its strength and solidity. The researchers will also look at incorporating carbon nanotubes into the polymer mix before it fuses with the fibers in order to reinforce and electrically conduct the polymers. According to researchers, commercial airlines are very interested in the novel, lightweight material since it will minimize fuel use. Planes could expand their cargo weight allowances and transport more passengers and commodities if they had less fuel to carry.
All the analysis reports offer complete details on the key issues of the global carbon fiber reinforced polymer market and its industrial growth and revenue sectors. The report also presents the impact of the global pandemic on the major industries. Market restraints, market challenges, market opportunities and the key factors have also been included in the report. In the segment section, the report also mentioned the regional basis analysis.
Key Industrial Segmentation:
- Thermosetting CFRP
- Thermoplastic CFRP
- Sports & Leisure
- Building and Construction
- Wind Power Industry
- Other End-User Industry
- South America
- North America
- Middle East & Africa
| Market Size
|| 2030: USD 15.4 billion
|| 2019–2030: 5.40% CAGR
| Base Year
| Forecast Period
| Historical Data
| Forecast Units
|| Value (USD Million)
| Report Coverage
|| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
|| Application, By Production Process and By Region
| Geographies Covered
|| North America, Europe, Asia-Pacific, and Rest of the World (RoW)
| Key Vendors
|| 3M, Aciturri, Bassara, Caproni, Dow Chemical Dr. Schnabel GmbH & Co.KG, DuPont, Nissan, Bombardier, and Gurit
| Key Market Opportunities
|| Mergers, acquisition, product innovations, and partnerships
| Key Market Drivers
|| Carbon fiber reinforced polymer has increased its market growth in recent years
Frequently Asked Questions (FAQ) :
The APAC region is predicted to rule the carbon fiber reinforced polymer market.
It finds extensive applications in marine, industrial, electrical isolation, and construction.
Key players profiled in the carbon fiber reinforced polymer market include Gurit, Bombardier, Nissan, DuPont, Dow Chemical Dr. Schnabel GmbH & Co.KG, Caproni, Bassara, Aciturri, and 3M.
Different strategies adopted by industry players to maintain dominance in the carbon fiber reinforced polymer market include mergers, acquisition, product innovations, and partnerships.
Petroleum pitch precursor and Polyacrylonitrile Precursor are the different product processes used for carbon fiber reinforced polymers.
The growth rate of the global market is at a CAGR of 5.40%, with a value of USD 15.4 billion over the estimated forecasting period.
The study period of the global market is 2021-2030.
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