The global carbon fiber reinforced plastic (CFRP) market 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.
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.
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.
Full Research
Report On carbon fiber reinforced plastic
(CFRP) market Analysis:
http://www.grandviewresearch.com/industry-analysis/carbon-fiber-market
http://www.grandviewresearch.com/industry-analysis/carbon-fiber-market
Further key findings from the report suggest:
·
Global carbon fiber reinforced
plastic (CFRP) market demand was 92.9 kilo tons in 2015 and is expected to
reach 269.5 kilo tons by 2024, growing at a CAGR of 12.5% from 2016 to 2024
·
The low cost and high strength
to weight ratio of PAN-based carbon composites are expected to drive
polyacrylonitrile demand for CFRP production over the forecast period
·
Automotive is expected to be
the fastest growing segment of carbon fiber reinforced plastic market with a
market share of 19.7% of the total volume in 2015
·
North America emerged as the
most dominant regional market accounted for 36.9% in 2015 of the market volume
because of the growing demand in automotive and aviation industry
·
Most of the key market players
such as Cytec Industries, Toray, Zoltek, Toho, Mitsubishi Rayon Corporation,
Hexcel, and Hyosung have integrated along the major part of the value chain ranging
from production and raw material supply to CFRP distribution. High level of
integration enables companies to cut down the cost associated with raw material
procurement and strengthens their market share with the development of
specialty products.
View More Reports Of This Category By Grand View Research
At: https://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand View Research has segmented the
carbon fiber reinforced plastic market on the basis of raw material, product,
application and region:
Global Carbon Fiber Reinforced Plastic Raw Material
Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
·
PAN
·
Pitch
Global Carbon Fiber Reinforced Plastic Product Outlook
(Volume, Tons; Revenue, USD Million, 2014 - 2024)
·
Thermosetting CFRP
·
Thermoplastic CFRP
Global Carbon Fiber Reinforced Plastic Application
Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
·
Automotive
·
Aerospace & Defense
·
Wind Turbines
·
Sport Equipment
·
Molding & Compounding
·
Construction
·
Pressure Vessels
·
Others
Global Carbon Fiber Reinforced Plastic Regional Outlook
(Volume, Tons; Revenue, USD Million, 2014 - 2024)
·
North America
o U.S.
o Canada
o Mexico
·
Europe
o Germany
o UK
o France
·
Asia Pacific
o Japan
o Taiwan
o China
·
Middle East and Africa
·
Central and South America
o Brazil
Access Full Press Release of this Report:
https://www.grandviewresearch.com/press-release/global-carbon-fiber-reinforced-plastic-cfrp-market
https://www.grandviewresearch.com/press-release/global-carbon-fiber-reinforced-plastic-cfrp-market
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: https://www.grandviewresearch.com/