Carbon Fiber Reinforced Plastics (CFRP) Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

CFRP Market Overview

Fiber reinforced composites have been used in various fields of engineering since a long time, albeit their use mainly limited to automotive, aerospace, and defense industries. Technological advancements have led to development of lightweight composites with high tensile strength. Carbon fiber reinforced plastic is made by blending carbon fiber into plastic in order to enhance its strength.The main element in manufacturing of CFRP is carbon filament produced from polymers such as polyacrylonitrile (PAN), rayon, and petroleum pitch. The carbon fiber is woven into resin, mostly epoxy resin. The resulting material exhibits extremely high strength, rigidity, low density, excellent damping properties, and high resistance to thermal expansion. CFRP also exhibits enhanced electrical and thermal conductivity as compared to glass fiber reinforced plastics (GRP). These key attributes of CFRP allow for its incorporation in a wide range of applications such as aerospace & defense, wind energy, automotive, sports equipment, construction equipment, pipe & tanks, marine, electrical, and electronics. CFRP are manufactured using methods such as molding, vacuum bagging, compression bolding, and filament winding.The U.S. Department of Energy (DOE), Office of Energy Efficiency, and Renewable Energy (EERE)recognize carbon fiber and carbon fiber reinforced polymers as clean energy technologies.Aerospace, defense, wind energy, and sports equipment together contribute to a major market share.

Global Carbon Fiber Reinforced Plastics Market Taxonomy

The global CFRP market is classified on the basis of the following segments:

  • By raw material type
    • Polyacrylonitrile (Pan-Based) Carbon Fibers
      • Polyacrylonitrile (Pan-Based) Carbon Fibers, by Tow size
        • Small-Tow
        • Large-Tow
      • Pitch-Based Carbon Fiber
      • Rayon-Based Carbon Fiber
  • By resin type
    • Thermosetting CFRP
    • Thermoplastic CFRP
  • By manufacturing process
    • Lay Up Process
    • Compression Molding Process
    • Resin Transfer Molding Process
    • Filament Winding Process
    • Injection Molding Process
    • Pultrusion Process
    • Other Processes
  • By application
    • Aerospace & Defense
    • Wind Energy
    • Automotive
    • Sporting Goods
    • Civil Engineering
    • Pipe & Tank
    • Marine
    • Electrical & Electronics
    • Other Applications

Prevalent Scenario in Carbon Fiber Reinforced Plastics Market

Carbon Fiber Reinforced Plastics is extensively used in the aerospace industry for manufacturing the body of aircraft. Aircraft manufacturers such as Boeing and Airbus are making major investments in research and development of components for manufacturing aircrafts capable of withstanding high environmental stresses. These aerospace applications are subject to high standards, stringent compliances, and incur high licensing & inspection costs.Increasing regulations on vehicle emissions have forced the key automotive manufacturers such as Volkswagen, BMW, Ferrari, Audi, and many more to emphasize more on reducing the weight of automobiles. To curb weight of the vehicles, CFRP is being widely used as a polymer composite and it also results in improved fuel efficiency. Also, stringent regulations such as Corporate Average Fuel Economy (CAFÉ) standards in U.S. and carbon emission standards in Europe has led to increasing demand for lightweight composites for automotive manufacturers which in turn is significantly driving growth of the CFRP market. Growing awareness about renewable energy has led to increasing setting up of wind farms, which in turn fuels the demand for CFRP products.The thermosetting CFRP products consist of cross-linked polymers, which do not melt at high temperatures during the curing procedure. This ability has resulted into increasing applications of thermosetting CFRP and they contribute to a larger market share as compared to thermoplastic CFRP.

The CFRP products are highly expensive when compared to glass polymer and steel polymer products. Also, research and development of the CFRP products and its incorporation into wide range of applications incurs high costs. The manufacturing of CFRP products is highly dependent on the supply of large volumes of raw materials, which leads to limited production capacities. North America market contributes to larger market share as compared to Europe, due to rising research and development in aerospace and defense industries in the region. However, the presence of large number of major automobile manufacturers in Europe positions it as a high growth region in the global CFRP market.

Fragmented Market

The global Carbon Fiber Reinforced Plastics market is highly fragmented due to the presence of many established and emerging players in the CFRP market. Major players involved in the market include Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL-Group (Germany), Formosa Plastics Corporation (Taiwan), and Hexcel Corporation (U.S.).

Research Methodology

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  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
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Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

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Data Processing

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Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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