Carbon fiber reinforced plastic (CFRP or CRP), is a very strong, light and expensive composite material or fiber-reinforced plastic. Similar to glass-reinforced plastic, one uses commonly the name of its reinforcing fibers (carbon fiber) for the composite material.
Market Analysis and Insights: Global Carbon Fiber Reinforced Plastics (CFRPs) Market
Due to the COVID-19 pandemic, the global Carbon Fiber Reinforced Plastics (CFRPs) market size is estimated to be worth US$ 19630 million in 2022 and is forecast to a readjusted size of US$ 36290 million by 2028 with a CAGR of 10.8% during the forecast period 2022-2028. Fully considering the economic change by this health crisis, Thermosetting CRFPs accounting for % of the Carbon Fiber Reinforced Plastics (CFRPs) global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While Aerospace segment is altered to an % CAGR throughout this forecast period.
North America dominated the global carbon fiber reinforced plastics market in 2017. The demand for CFRP is the region is mainly due to growing end-user industries. CFRPs are extensively used in major end-user industries in the region, such as aerospace, wind power, building & construction, and automotive. CFRP is considered to be a key ingredient in numerous areas of the automobile industry. The enactment of fuel economy norms has led the automobile manufacturers to using CFRP in the manufacturing of vehicles in place of steel and aluminum components and body. In addition, many automotive companies are expanding their production plants in countries, including the United States, Canada, and Mexico. Therefore, the demand for CFRP in North America is expected to grow during the forecast period.
Global Carbon Fiber Reinforced Plastics (CFRPs) Market: Drivers and Restrains
The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2017 to 2028. This section mentions the volume of production by region from 2017 to 2028. Pricing analysis is included in the report according to each type from the year 2017 to 2028, manufacturer from 2017 to 2022, region from 2017 to 2022, and global price from 2017 to 2028.
A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert’s opinions have been taken to understand the market better.
Global Carbon Fiber Reinforced Plastics (CFRPs) Market: Segment Analysis
The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2017 to 2028. by Application segment also provides consumption during the forecast period of 2017 to 2028. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Segment by Type
Thermosetting CRFPs
Thermoplastic CRFPs
Segment by Application
Aerospace
Automotive
Sports and Leisure
Construction
Wind Power Industry
Other
By Company
Teijin
Mitsubishi Rayon
SABIC
Toray Industries
SGL Group
Solvay
Hexcel
Formosa Plastics
A&P Technology
Hyosung
Nippon Graphite Fiber
Quickstep Technologies
Holding Company Composite (HCC)
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Mexico
Brazil
Argentina