According to a new report published by Allied Market Research, titled, “Carbon Fiber Reinforced Plastic (CFRP) Market by Raw Material, Resin Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global carbon fiber reinforced plastic (CFRP) market was valued at $7.0 billion in 2020, and is projected to reach $15.4 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.
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The CFRP market is driven by the increasing demand for lightweight products in the automotive industry and growing need of high-performance products in the aerospace & defense industry. Aerospace & defense projects such as Boeing and Airbus are the primary drivers for growth and development of the CFRP market. Structural material in aircraft such as paneling interiors are made using CFRP products. Excellent mechanical properties such as high tensile strength, fuel efficiency, impact resistance, and reliability make them ideal for use in the aerospace & defense industry. CFRP, being the lightweight material, would improve fuel consumption. Furthermore, the increase in number of electric vehicles fuels the need for CFRP products in the automotive industry. CFRP products are employed in the manufacture of hoods, wheels, front gearing, spars, wings, root, fairings, nacelle, flight controls, and engines in different industries such as automotive & defense and wind turbines. However, high costs of CFRP and long production cycles is expected to restrain the market growth.
The thermosetting segment accounted for more than two-thirds of the market revenue in 2015 and would continue to lead the market until 2030. This was attributed to its mechanical properties such as tensile strength, compressive strength, hardness, and temperature independence. Thermosetting resins are mostly applicable in high-temperature applications, such as encapsulations, as they retain their mechanical properties over a wide range of temperature. The epoxy resin segment accounted for more than 60% share in world thermosetting CFRP market, in terms of both market volume and revenue, in 2015. The polyester resin and Vinyl resin thermosetting CFRP market segments exhibit potential growth opportunities during the forecast period. The consumption of vinyl resin thermosetting CFRP was about 7,708 tons in 2021 and would reach 15,010 tons by 2030, growing at CAGR of 10%.
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Polyester resin CFRP is the most prominent segment and is expected to be the first preference for market players, due to its low cost and ability to mold according to end-user requirement. It also offers ease of handling, dimensional stability, and resistance to chemicals.
Increase in Demand for Lightweight Products in Automotive Industry
CFRP market products offer higher weight saving and thus a better fuel economy than the traditional materials such as steel and aluminum. Vehicle manufacturers are obliged to reduce the average energy consumption of vehicles, and this goal can be met using lightweight products. In addition, increased demands for eco-friendly and low VOCs products in vehicles enhance the need for CFRP products in automotive industry.
Rise in Demand for High Performance Products in Aerospace & Defence
Aerospace industry has strict performance product requirements for applications in commercial aircrafts, engines, satellites, helicopters, and launchers. Structural material in aircrafts such as panelling interiors are made using CFRP products.
Raw Material Availability and Volatile Costs
Though CFRP products offer such high weight savings, the price of CFRP products is approximately 10 times higher than the price of steel counterparts, which makes it difficult for CFRP products to expand in domestic markets. Only ultra-expensive vehicle manufacturers like Lamborghini use CFRP products for their supercars, which leads to uncertainty in supply of carbon fiber in automotive sector.
Long Production Cycles
CFRP products are manufactured through long production cycles, which leads to less production of goods in a specific time interval, limiting the use of CFRP products in applications where higher number of products are required in a short time interval.
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Increase in Applications in Building & Construction Sector
CFRP materials are used for making columns, piers, pylons, and reinforcing structures such as architectural memorials and hydrotechnical facilities. Due to conductivity of CFRP materials, they can be used as a shield material against electromagnetic interference. Large number of R&D activities are in process and key players are investing heavily for use of CFRP materials as main building materials.
Growth in Usage in Medical Science
Growing usage of CFRP products in implants, spine surgery, orthopedic trauma, high tibial osteotomy, and musculoskeletal oncology is expected to increase the demand for CFRP materials in the medical industry.
There are myriad growth drivers for the world CFRP market including increasing usage of CFRP products in automotive industry, rising demand for high performance products in aerospace & defence industry, and growing application scope in building & construction and wind turbines. Polyacrylonitrile (PAN) accounts for a major share in CFRP market by raw material attributing to lower material cost, higher char yield and high degree of orientation. High adoption of CFRP products in medical industry and increasing demand from emerging economies like Asia-Pacific offer various growth opportunities. Though conductivity of CFRP materials and high volatile costs can restrict the growth of this market.
The market, with its surging demand in end applications, has witnessed high growth during the past few years, and this growth trend is estimated to continue in the future too. Key players are investing in R&D activities for increasing the existing applications of products formed and development of new innovative products.
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