LONDON, April 14, 2016 /PRNewswire/ -- "Increasing demand for lightweight and high strength materials breaches to drive the CF and CFRP market"
The global CFRP market is projected to reach USD 35.75 billion by 2020, registering a CAGR of 9.9% between 2015 and 2020. The major drivers fueling the growth of the CFRP market are increasing use of carbon fiber composites in Boeing and Airbus aircrafts and the demand for lightweight vehicles so as to achieve fuel efficiency and production of electricity from renewables.
"Automotive is the fastest-growing application for the CFRP market."
Carbon fiber composites are being used to manufacture cars of reduced weight for good performance and luxury with economical pricing. Many of the key market players are responding to the needs and expectations of the vehicle original equipment manufacturers (OEMs), system suppliers, and customers. The key driver for the growth of the market for carbon fiber composites is the increasing need for lighter, safer, cleaner, and more cost-effective vehicles. Most common automotive components where carbon fiber composites are used are exterior body parts, hoods, bonnets, and test plates. Additionally, many car companies such as BMW (Germany), Audi (Germany), and GM (U.S.) have entered in high level agreements with carbon fiber composite manufacturers to support low-cost carbon fiber composites manufacturing.
"North America is the fastest-growing market for CFRP."
North America is the fastest-growing market for CFRP, in terms of value and volume. High economic growth rate, growing manufacturing industries, increasing carbon fiber composites patents, new product developments, capacity expansions, and new plant establishments by various leading players are few factors leading to the growth of the market for CFRP in this region.
The U.S. dominates the market for CFRP in North America. Its consumption of carbon fiber composites has grown exceptionally and is expected to witness further growth in the near future. The number of joint ventures and collaborations between carbon fiber manufacturers and OEMs helped to further expand the CFRP business in the aerospace & defense, automotive, and other industries.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided in three categories: by company type, by designation, and by region.
- By company type- Tier 1- 50%, Tier 2- 37%, and Tier 3- 13%
- By designation- C Level- 46%, Director Level- 33%, and Others- 21%
- By region- North America- 34%, Europe- 31%, Asia-Pacific- 23%, and RoW (12%)
The report also provides company profiles and competitive strategies adopted by the major market players; the various key players profiled in the report are as follows:
- Toray Industries Inc. (Japan)
- Teijin Limited (Japan)
- Mitsubishi Rayon Co. Ltd. (Japan)
- SGL-Group (Germany)
- Formosa Plastics Corporation (Taiwan)
- Hexcel Corporation (U.S.)
- Hyosung (South Korea)
- Tencate (Netherlands)
- Dow-Aksa (Turkey)
- Cytec Industries Inc. (U.S.)
- Taekwang Industrial Co. ltd. (Korea)
Reasons to buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the CF and CFRP market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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