Carbon Fiber Reinforced Plastics (CFRP) Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Sep 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Fiber reinforced composites finds its application in various fields of engineering such as automotive, aerospace, and defense industries. Various advancements in technology, have led to development of lightweight composites with high tensile strength. Carbon fiber reinforced plastic, also referred to as carbon fiber reinforced thermoplastics, and is manufactured by blending carbon fiber with plastic, in order to enhance its strength. Carbon filaments produced from polymers such as polyacrylonitrile (PAN), rayon, and petroleum pitch, are the essential elements used in the manufacturing of CFRP. The carbon fiber is woven into resin, mostly epoxy resin, to culminate in the formation of a material exhibiting 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. Methods such as molding, vacuum bagging, compression bolding, and filament winding are used in the manufacturing of CFRP.  Carbon fiber and carbon fiber reinforced polymers are recognized as clean energy technologies by the U.S. Department of Energy (DOE), Office of Energy Efficiency, and Renewable Energy (EERE). Major contributors of the CFRP market share include the aerospace, defense, wind energy, and sports equipment industries.

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 are extensively used in the aerospace industry for manufacturing aircraft. Aircraft manufacturers such as Boeing and Airbus are enormously investing in research and development activities as means of manufacturing aircraft capable of withstanding high environmental stresses. These aerospace applications are subject to high standards, stringent compliances, and incur high licensing & inspection costs.  Stringent regulations on vehicle emissions have compelled the key automotive manufacturers such as Volkswagen, BMW, Ferrari, and Audi to lay more emphasize on reducing the weight of automobiles. In order to curb the weight of vehicles, CFRP is being widely used as a polymer composite, resulting in improved fuel-efficiency of vehicles. Also, stringent regulations such as Corporate Average Fuel Economy (CAFÉ) standards in the U.S. and carbon emission standards in Europe have led to an increasing demand for lightweight composites, in turn, driving growth of the CFRP market. Growing awareness about renewable energy among the populace, has increased the installation of wind farms, in turn, fueling 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 property increases the significance of thermosetting CFRP, among others and is used in variety of applications, thus contributing a major market share in the CFRP market.  The cost of manufacturing of CFRP products is higher than that of glass and steel polymers, thus resulting in higher selling price of these products. Research and development of the CFRP products and its incorporation into a wide range of applications, also 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 a larger market share as compared to Europe, due to increasing 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.).

Key Developments

  1. Major companies in the global market are adopting various business strategies such as new product and technology developments, in order to gain competitive edge in the market. For instance, in April 2018, Toray Industries, Inc. developed a new out-out-clave fabrication technology for carbon fiber reinforced plastics (CFRP), which enables energy savings and improved dimensional accuracy.
  2. Key players in the marker are involved in various business strategies such as merger and acquisition, in order to gain competitive edge in the market. For instance, Teijin Limited, a Japanese information technology company, acquired Benet Automotive, a supplier of carbon fiber reinforced plastics. This acquisition will expand Teijin’s European automotive business.
  3. Major market players are involved in various growth strategies such as collaboration and agreement, in order to enhance their market position. For instance, in March 2018, Hexcel Corporation, a U.S.-based industrial materials company, entered into agreement with Arkema S.A., a manufacturer of specialty chemicals, to develop thermoplastic composite solutions for the aerospace sector. The lightweight parts of future generation aircrafts will be manufactured from carbon-fiber reinforced thermoplastics.

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

[email protected]

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.