Carbon Fiber Reinforced Plastic (CFRP) Market Worth 37.19 Billion USD by 2022
PUNE, India, June 14, 2017 /PRNewswire/ --
The report "CF & CFRP Market by End-Use Industry (A&D, Wind Energy, Automotive, Sports, Civil Engineering, Pipe & Tank, Marine, Medical, E&E), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process, Raw Material, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to reach USD 37.19 Billion by 2022, at a CAGR of 10.50% from 2017 to 2022.
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Browse 74 market data tables and 58 figures spread through 188 pages and in-depth TOC on "CF & CFRP Market - Global Forecast to 2022"
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Properties, such as high corrosion resistance, durability, design flexibility, and weight reduction have contributed to the high growth of the CFRP market.
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Aerospace & defense end-use industry segment is driving the CFRP market
CFRP is used widely in aircraft components and structures, as their superior strength-to weight ratio significantly exceeds that of any traditional metal. The increasing demand for composites in the production of aircraft components, such as floor beams, ailerons, vertical stabilizers, elevators, wings, and engine nacelles is driving the CFRP Market. For instance, Airbus superjumbo commercial aircraft A380, A350, and Boeing's B-787 are built with carbon fiber composites. Currently, Boeing 787's fuselage is made of carbon fiber, which reduces its weight by 20%. The Airbus A350 has reportedly already received positive response from different airlines, with Qatar Airways and Delta ordering 80 and 25 airplanes, respectively. Furthermore, recently, Qatar Airways and Spice Jet Airline ordered 100 and 205 Boeing 737-8 MAX aircraft, respectively. Furthermore, the demand for carbon fiber composites is also driven by its increasingly usage in Blackhawk helicopters, body armor, helmets, holsters, space shuttles, and several other military applications, such as radoms, rocket motor casing, fairings, satellites, antenna dishes, and missiles.
Lay-up manufacturing process is projected to lead the CFRP market during the forecast period
The lay-up manufacturing process includes hand lay-up and spray-up processes, and is the largest manufacturing process for CFRP, owing to developed aerospace & defense industry, rapidly growing wind energy industry, and recovery of the marine industry at the global level. This process is applicable for designing simple enclosures and lightly loaded structural panels, as it provides orientation of fibers that are controlled as needed to absorb maximum stresses to which, they are subjected.
North America is the key region for the CFRP market
The North America region is expected to be the largest market for CFRP globally, due to the increase in demand for CFRP from aerospace & defense, wind energy, and automotive industries. Along with existing capacities, several carbon fiber composites manufacturers are expanding their production capacities. For instance, the BMW used carbon fiber in its "i" series, and achieved success in reducing the 250-350 kilos [550-770 pounds] weight of the car and increase the fuel efficiency. The demand for these cars in North America is projected to increase in the future, and the joint venture between BMW and the SGL Group (Germany) is estimated to support this demand by supplying carbon fiber. In addition, in 2016, Teijin Limited acquired 440-acre commercial land in Greenwood, South Carolina in the U.S., to build a carbon fiber production site. Similarly, the SGL Group increased the carbon fiber production capacity of its Moses Lake carbon fiber production plant in the U.S. to cater to the increasing demand from automotive, aerospace, and wind energy industries in the region.
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Some of the key players in the CFRP market are Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL Group (Germany), and Formosa Plastics Corporation (Taiwan). These players adopted various organic and inorganic developmental strategies. For instance, the Toray Industries Inc. (Japan) acquired 55% outstanding shares of Delta Tech S.p.A (Italy) to produce and supply high quality prepeg and process carbon fiber for automobile applications.
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