Product Code: 50827
The market for carbon fiber reinforced plastic (CFRP) is expected to witness a CAGR of more than 8% during the forecast period. Growing demand from the aerospace industry and a rising preference for fuel efficient and light-weight vehicles are the major factors driving the market. However, the high cost of the CFRP and inadequate production capacity are expected to hinder the growth of the market studied.
- Automotive industry dominated the market and is expected to grow during the forecast period, owing to the increasing demand for light-weight vehicles.
- Shifting focus on the development of low-cost products and technologies is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from China and India.
Key Market Trends
Increasing Demand from Aerospace Industry
- CFRP is a composite material consisting of two parts, namely, matrix and reinforcement. The matrix is a polymer resin and reinforcement is a carbon fiber, which provides high strength to the material.
- With the focus on performance improvement in the aerospace industry, CFRP material is being used as a replacement for metals and alloys, as it possesses a high strength-to-weight ratio and rigidity.
- Initially, CFRP was used in Boeing 787 and the Airbus A350, primarily driven by the weight savings of CFRP parts. The latest models in civil aviation, such as the Boeing Dreamliner and Airbus A350, are made of up to 52% CFRP.
- With the increasing defense budget, there are technological changes, resulting in the increasing demand for CFRPs, thereby driving the market. Boeing and Airbus dominate the global market for aerospace CFRPs in the current scenario.
- The above-mentioned factor, along with the growing focus of governments across the region to develop non-oil sectors in the next decade, has been instrumental in developing the tourism and transportation sectors at a significant rate in the recent past.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific accounted for the largest share in the global CFRP market, owing to widespread adoption in industrial and automotive sectors in countries, like India and China.
- The aviation industry in China was said to be adding around 6,000 new airplanes between 2016 and 2033. China's domestic air passenger market experienced the biggest incremental rise, in terms of the number of journeys made by passengers as compared with previous years.
- The increase in the number of passengers encourages the government to invest more in the production of more flights, which, in turn, increases the consumption of CFRP.
- Japan has its own Japan Carbon Fiber Manufacturers Association, which merged with the Japan Chemical Fibers Association.
- The major end-user industry which uses CFRP in Japan includes aircraft and aerospace, automobiles, sports and recreational, building and civil engineering, wind energy, electronics, and medical science.
- Industries, like sports and leisure, building and construction, and wind power, are continuously finding newer applications for CFRPs, which are likely to further ignite the growth of CFRP market in Asia-Pacific, during the studied period.
The Carbon Fiber Rienforced Plastic (CFRP) market is partly fragmented and is highly competitive among the major players to increase their market share. Some of these major players include Solvay, Formosa Plastics Corporation, Nikkiso Co. Ltd, Allred & Associates Inc., and Rochling Group, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Demand from Aerospace Industry
- 4.1.2 Rising Demand for Fuel Efficient and Light-weight Vehicles
- 4.2 Restraints
- 4.2.1 High Cost of the CRFP
- 4.3 Industry Value-Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Resin Type
- 5.1.1 Thermosetting CFRP
- 5.1.2 Thermoplastics CFRP
- 5.2 End-User Industry
- 5.2.1 Aerospace
- 5.2.2 Automotive
- 5.2.3 Sports and Leisure
- 5.2.4 Building and Construction
- 5.2.5 Wind Power Industry
- 5.2.6 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.3.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.3.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 Italy
- 126.96.36.199 France
- 188.8.131.52 Rest of Europe
- 5.3.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.3.5 Middle East & Africa
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Solvay
- 6.4.2 Hexcel Corp
- 6.4.3 Formosa Plastics Corporation
- 6.4.4 Mitsubishi Rayon Co. Ltd
- 6.4.5 Nippon Graphite Fiber Corp.
- 6.4.6 SABIC
- 6.4.7 Teijin Limited
- 6.4.8 Toray Industries Inc.
- 6.4.9 Allred & Associates Inc.
- 6.4.10 Rochling Group
- 6.4.11 Nikkiso Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Shifting Focus Toward the Development of Low Cost Products and Technologies