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Carbon Fiber Reinforced Plastics (CFRP) Market size is mounting at a significant pace due to the increasing demand for lightweight materials in the vehicles to improve its fuel efficiency and reduce carbon emission. Carbon fiber reinforced plastics are strong and lightweight composite materials. They are formulated by combining carbon fibers into plastic resin to escalate the strength.The aerospace and automotive industry will advance during the estimated timespan owing to the improved living standards and increasing spending power of the consumers worldwide. The budding tourism industry in the APAC countries such as China, India, Malaysia, Hong Kong, Thailand and Singapore, will boost the growth of the aerospace industry, which will. directly propel the demand for CFRP products in the forecast period.
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These products are gradually replacing metals in numerous automotive applications, mainly to enhance the efficiency and decrease fuel consumption. The product also has a widespread application in the manufacturing of tennis racquets, protective helmets, aerospace components, blades for wind turbines, building & construction plates, molding compounds, imaging equipment structures, etc. that is projected to boost the CFRP market size in the near future.
Advancing demand for lightweight vehicles is anticipated to boost the market growth in the coming years. Various favorable regulatory frameworks by government organizations, facilitated the automotive and aerospace manufacturers to invest in the research and development activities, to improve the quality and to escalate the production. For instance, BMW and McLaren are heavily employing CFRP parts in their cars in order to increase the vehicle performance while conforming to the regularly updating emission norms.
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Moreover, McLaren has plans to build a sports car completely with carbon fiber parts. Similarly, Boeing’s Dreamliner aircrafts, that is known for its greater fuel efficiency, depends on CFRP components for weight reduction. These modern automotive and aerospace developments will assuredly propel the product market size by 2025.
Based on the end-use industries, the product market is classified into building and construction, automotive, aerospace, sports equipment, wind turbines, molding & compounding and few others. Aerospace industry is projected to record the maximum share in the product market size. Conventional metals are widely substituted by carbon fiber reinforced plastics in aircrafts, due to their lightweight yet sturdy designs and ease of fabrication, that will directly augment the CFRP industry size in the near future.
North America is anticipated to be the dominant region in the carbon fiber reinforced plastics market size due to the extensive automotive and aerospace industries in the U.S. Moreover, strict government regulations regarding vehicular pollution is projected to propel the consumption for CFRP products for the production of lightweight transports in the region. This would aid the product market in growing affluently in the projected timeframe.
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The major market players contributing in the carbon fiber reinforced plastics market includes Solvay Inc., Hexcel Corporation, Formosa Plastics Corporation, Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Carbon SE, Teijin Limited, Nippon Inc., SABIC, Cytec Industries Inc. etc.
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