The global CF & CFRP market size is projected to grow from USD 17.5 billion in 2020 to USD 31.5 billion by 2025, at a CAGR of 12.4%
The CF & CFRP materials offer exceptional properties, such as low weight, stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties, conventional materials, such as aluminum and steel, are less preferred in high-performance applications in various end-use industries, including aerospace & defense, wind energy, sporting goods, and among others. However, the global pandemic disease COVID-19 has forced the composite component manufacturers to shut down their operations partially, which is expected to decrease the demand for CF & CFRP in 2020.
The virgin carbon fiber segment of Carbon Fiber to be the fastest-growing segment.
The carbon fiber based on the source is segmented into virgin carbon fiber and recycled carbon fiber. Virgin is made from precursors such as PAN and pitch. These fibers find applications in various aerospace & defense, wind energy, sporting goods, and other industries. Virgin carbon fiber offers better thermal and mechanical properties than recycled carbon fiber. They are preferred over recycled carbon fiber in high-end aerospace applications.
PAN carbon fiber to be the faster-growing precursor type, in terms of value.
C PAN-based carbon fiber is a type of fiber produced by the carbonization of PAN precursor. Having high tensile strength and high elastic modulus, it is extensively used for structural material composites in aerospace & defense, automotive, and sporting goods industries. These properties are driving the use of PAN carbon fiber in various end-use industries.
Owing to the COVID-19 pandemic, the new aircraft deliveries and wind energy installations are expected to reduce in 2020, which will result in reduced demand for PAN carbon fiber from these industries. The demand is expected to recover after 2020.
The thermoplastic segment to be the fastest-growing resin type, in terms of value, in the CF & CFRP market.
The application of thermoplastic polymer as a matrix material in CFRP composites has grown significantly in recent years. The thermoplastic resin is used with continuous fiber to create structural composite products. The main advantage of thermoplastic resin as matrix material is that, unlike thermoset resin, the composite formed can be reshaped and reformed. The composite formed is also easily recyclable. These factors are expected to drive the thermoplastic resin in the CFRP market during the forecast period.
The filament winding to be the fastest-growing manufacturing process, in terms of value, in the CF & CFRP market.
The filament winding process produces hollow or circular components such as compressed air tanks, high-pressure CO2 tanks & bottles, water softener systems, rescue air tanks, sailboat masts, CNG tanks, light poles, and other construction materials. This automated process is used to make highly engineered structures. The increased demand for CFRP from CNG and CHG tanks applications is expected to drive the filament winding CFRP market during the forecast period.
The COVID-19 pandemic has reduced the demand for CFRP tanks. Due to the lockdown situation, the demand for CFRP tanks has reduced from the gas transportation industry. The demand is expected to recover after the pandemic situation.
APAC is projected to be the fastest-growing CF & CFRP industry.
APAC is projected to be the fastest-growing CF & CFRP market during the forecast period. The region comprises countries such as Japan, China, South Korea, and Taiwan, having significant potential owing to the presence of established raw material suppliers, product manufacturers, and increasing new aircraft deliveries and wind energy installations in the region. There is a high demand for CF & CFRP from the wind energy, sporting goods, and aerospace industry in the region.
However, COVID-19 has negatively affected these industries in the APAC region. Japan, China, and Malaysia provide various components to aircraft manufacturers; China is the world's largest wind energy installer. The COVID-19 pandemic has resulted in less demand for the new aircraft and less wind energy installations, which are expected to reduce composite consumption in these countries in 2020.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the CF & CFRP Market 4.2 CFRP Market, by End-Use Industry and Region, 2019 4.3 Carbon Fiber Market, by Source 4.4 Carbon Fiber Market, by Precursor Type 4.5 CFRP Market, by Resin Type 4.6 CFRP Market, by Manufacturing Process 4.7 CFRP Market, by End-Use Industry 4.8 CFRP Market, by Key Countries
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Government Stimulus Packages for Aerospace and Other Industries for COVID-19 Crisis 18.104.22.168 Increase in Demand for Fuel-Efficient Vehicles 22.214.171.124 Increasing Demand from Wind Energy Industry 5.2.2 Restraints 126.96.36.199 Decrease in Number of Commercial Aircraft Deliveries 188.8.131.52 Disruption in Supply Chain and Lower Production Capacity Utilization due to COVID-19 Pandemic 184.108.40.206 High Cost of Carbon Fiber 5.2.3 Opportunities 220.127.116.11 Reduction in the Cost of Carbon Fiber 18.104.22.168 Potential Opportunities in New Applications 22.214.171.124 Growing Demand from Emerging Markets 5.2.4 Challenges 126.96.36.199 Maintaining Uninterrupted Supply Chain and Operating at Full Capacity 188.8.131.52 Liquidity Crunch 184.108.40.206 Development of Technology to Reduce Cycle Time 5.3 Porter's Five Forces Analysis 5.4 Value Chain Analysis 5.5 Value Chain Analysis and Impact of COVID-19 5.6 Pricing Analysis 5.7 Manuafturing Process Analysis 5.8 Patent Analysis 5.9 PESTEL Analysis 5.10 Case Study
6 Macroeconomic Overview and Key Trends 6.1 Introduction 6.2 Trends and Forecast of GDP 6.3 Impact of COVID-19 on Aerospace Industry 6.3.1 Short-Term Strategies to Manage Cost Structure and Supply Chains 6.3.2 New Opportunities 6.4 Impact of COVID-19 on Automotive Industry 6.4.1 Short-Term Strategies to Manage Cost Structure and Supply Chains 6.4.2 Impact on Electric Vehicle (Ev) Demand due to Lower Oil Prices 6.4.3 New Opportunities 6.5 Impact of COVID-19 on Wind Energy Industry 6.5.1 Short-Term Strategies to Manage Cost Structure and Supply Chains 6.5.2 New Opportunities
7 Carbon Fiber Market, by Source 7.1 Introduction 7.2 Virgin Carbon Fiber 7.2.1 Virgin Carbon Offers Better Thermal and Mechanical Properties Than Recycled Carbon Fiber 7.3 Recycled Carbon Fiber 7.3.1 Europe Leads the Demand for Recycled Carbon Fiber 8 Carbon Fiber Market, by Precursor Type 8.1 Introduction 8.2 Polyacrylonitrile (Pan-Based) Carbon Fibers 8.2.1 Pan-Based Carbon Fiber, by Tow Size 220.127.116.11 Small-Tow (<_4k__br />18.104.22.168.1 Small-Tow Carbon Fiber Finds Major Applications in Aerospace Industry 22.214.171.124 Large-Tow (>24K) 126.96.36.199.1 Wind Energy is Major Application of Large-Tow Carbon Fiber 8.3 Pitch-Based Carbon Fiber 8.4 Rayon-Based Carbon Fiber 9 CFRP Market, by Resin Type 9.1 Introduction 9.2 Impact of COVID-19 on Resin Type 9.3 Thermosetting CFRP 9.3.1 Epoxy 188.8.131.52 Epoxy Resin is Preferred in High-End Applications 9.3.2 Vinyl Ester 184.108.40.206 Vinyl Ester Resin Fin Applications in Transportation, Marine, and Pipe & Tank Industries 9.3.3 Polyester 220.127.116.11 Polyester is Cost-Competitive Resin 9.3.4 Others 9.4 Thermoplastic CFRP 9.4.1 Polyetherethereketon (Peek) 18.104.22.168 Peek Finds Extensive Use in Aerospace & Defense Applications 9.4.2 Polyamide (Pa) 22.214.171.124 Resistance to Wear, Heat, and Chemicals Supporting Growth of Polyamide Segment 9.4.3 Polypropylene (Pp) 126.96.36.199 Polypropylene-Based Thermoplastic Composites Have Huge Demand in Automotive Applications 9.4.4 Others
10 CFRP Market, by Manufacturing Process 10.1 Introduction 10.2 COVID-19 Impact on Manufacturing Processes 10.3 Lay-Up Process 10.3.1 Aerospace & Defense End-Use Industry Drives the CFRP Market in Lay-Up Process 10.4 Compression Molding Process 10.4.1 Compression Molding Process Enables Short Cycle Time and a High Production Rate 10.5 Resin Transfer Molding (Rtm) Process 10.5.1 Rtm Process Used for Complex and Three Dimensional Components 10.6 Filament Winding Process 10.6.1 Pipe & Tank End-Use Industry Drives the CFRP Market in Filament Winding Process 10.7 Injection Molding Process 10.7.1 Automotive and Electrical & Electronics End-Use Industries Drives the CFRP Market in Injection Molding Process 10.8 Pultrusion Process 10.8.1 Wind Energy End-Use Industry is Largest Consumer of CFRP Pultruded Components 10.9 Other Processes
11 CFRP Market, by End-Use Industry 11.1 Introduction 11.2 Aerospace & Defense 11.2.1 Interior Parts 188.8.131.52 Phenolic and Thermoplastic Composites Mainly Used in Aircraft Interior Structures 11.2.2 Exterior Parts 184.108.40.206 Fuselage, Wings, Rotor Blades, Tail Boom, and Radomes are Major Exterior Parts 11.3 Wind Energy 11.3.1 Wind Blades 220.127.116.11 Carbon Fiber Widely Used for Making Spar Caps 11.4 Automotive 11.4.1 Interior Parts 18.104.22.168 Seat Backs, Headliners, Package Trays, and Dashboards are Major Automotive Interior Parts 11.4.2 Exterior Parts 22.214.171.124 Exterior Parts are Major Applications in Automotive Industry 11.5 Sporting Goods 11.5.1 APAC Leads the Demand in Sporting Goods Industry 11.6 Civil Engineering 11.6.1 Restorations of Old Structures Driving the Use of Carbon Fiber 11.7 Pipe & Tank 11.7.1 Increase in Demand for Type Iv Cylinders Driving the CFRP Market 11.8 Marine 11.9 Electrical & Electronics 11.9.1 APAC Leads Demand in Electrical & Electronics Segment 11.10 Medical 11.10.1 COVID-19 Pandemic Has Increased Demand for CFRP Materials in Medical Industry 11.11 Other End-Use Industries 12 CFRP Market, by Region 12.1 Introduction 12.2 North America 12.4 APAC 12.5 Latin America 12.6 MEA (Middle East & Africa)
13 Competitive Landscape 13.1 Introduction 13.2 Market Share Analysis 13.3 Market Evaluation Framework 13.3.1 Expansion 13.3.2 Agreement 13.3.3 Acquisition 13.3.4 Product Launch/Technology Launch 13.3.5 Partnership 13.3.6 Joint Venture 13.3.7 Collaboration 13.4 Revenue Analysis of Top Market Players, 2019 13.5 Company Evaluation Matrix 13.5.1 Star 13.5.2 Pervasive 13.5.3 Participant 13.5.4 Emerging Leaders 13.6 Strength of Product Portfolio 13.7 Business Strategy Excellence