Carbon Fiber Reinforced Plastic Market – Growth, Predictions, Study And Trends

Market Insights

Carbon fiber reinforced plastics (CFRPs) are a kind of tremendously light and robust fiber reinforced polymers. They consist of carbon fibers. The carbon fiber reinforced plastic market has risen significantly in the last few years. It is predicted to grow drastically in the coming five years. This is attributed to rising demand for carbon fiber reinforced plastics in the sectors of automotives and aerospace in North America and Europe.

Growing prices of oil would propel the demand for fuel effective aircrafts and automobiles. This would increase further demand for the hybrid and electric vehicles market. Thus, augmented utilization of CFRPs and carbon fibers would occur in the sector of automotives. This would also drive the carbon fiber reinforced plastic market ahead.

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The growing wind power market and offshore drilling, gas detection and deeper oil operations are expected to boost the infiltration of CFRPs in the energy market. The fast developing business aviation segment is also estimated to steer the sales of the market. Rising environmental apprehensions and increased demand for energy preservation are also expected to propel demand for the carbon fiber reinforced plastic market.

The high strength and light weight characteristics of CFRPs work in support of the market and drive its sales. Also, the augmented utilization of CFRPs in wind mills is predicted to steer demand for the carbon fiber reinforced plastic market. High expenses with regard to the production of CFRPs are anticipated to serve as significant difficulties for participants of the market.

Categories

The worldwide carbon fiber reinforced plastic market is segmented in view of four categories. These are products, raw materials, applications and geographical regions. The products market is fragmented on account of thermoplastic CFRPs and thermosetting CRFPs. The raw materials market is divided into petroleum pitch and polyacrylonitrile.

The applications carbon fiber reinforced plastic market is segregated on account of aerospace, automotives, wind turbines, building, pressure vessels, sports/leisure and molding and compound. Rising demand for CFRPs in all these sectors is also expected to drive the carbon fiber reinforced plastic market ahead.

The geographical regions market is segmented into four regions, Asia Pacific, rest of the world, North America and Europe.

Category Leaders

The products market is dominated by thermosetting CFRPs. Thermosetting CFRPs occupy maximum share due to their ample presence. They captured about 77 percent of the carbon fiber reinforced plastic market in 2013. Thermoplastic CFRPs are projected to get more popular with time. They are likely to register a CAGR of around 15 percent during 2014 to 2020.

The raw materials carbon fiber reinforced plastic market is leaded by polyacrylonitrile. Polyacrylonitrile dominates the market due to its quality features. It occupied around 96 percent share in 2013. Polyacrylonitrile is estimated to experience the most rapid expansion in the years ahead. Aerospace dominates the applications market.

It captured for more than 20 percent of the total carbon fiber reinforced plastic market in 2013. The regions sector was dominated by North America in 2013. The region was accountable for capturing more than 35 percent of the total market consumption.

Carbon Fiber Reinforced Plastic Market  

Information Source: Grand View Research