Global CF & CFRP Market (2020 to 2025) - Reduction in the Cost of Carbon Fiber Presents Opportunities
DUBLIN, Oct. 16, 2020 /PRNewswire/ -- The "CF & CFRP Market by Source (Virgin, Recycled), Precursor (PAN, Pitch, Rayon), Resin (Thermosetting, Thermoplastic), Manufacturing Process, End-use Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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:
1 Introduction
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
5.2.1.1 Government Stimulus Packages for Aerospace and Other Industries for COVID-19 Crisis
5.2.1.2 Increase in Demand for Fuel-Efficient Vehicles
5.2.1.3 Increasing Demand from Wind Energy Industry
5.2.2 Restraints
5.2.2.1 Decrease in Number of Commercial Aircraft Deliveries
5.2.2.2 Disruption in Supply Chain and Lower Production Capacity Utilization due to COVID-19 Pandemic
5.2.2.3 High Cost of Carbon Fiber
5.2.3 Opportunities
5.2.3.1 Reduction in the Cost of Carbon Fiber
5.2.3.2 Potential Opportunities in New Applications
5.2.3.3 Growing Demand from Emerging Markets
5.2.4 Challenges
5.2.4.1 Maintaining Uninterrupted Supply Chain and Operating at Full Capacity
5.2.4.2 Liquidity Crunch
5.2.4.3 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
8.2.1.1 Small-Tow (<_4k__br />8.2.1.1.1 Small-Tow Carbon Fiber Finds Major Applications in Aerospace Industry
8.2.1.2 Large-Tow (>24K)
8.2.1.2.1 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
9.3.1.1 Epoxy Resin is Preferred in High-End Applications
9.3.2 Vinyl Ester
9.3.2.1 Vinyl Ester Resin Fin Applications in Transportation, Marine, and Pipe & Tank Industries
9.3.3 Polyester
9.3.3.1 Polyester is Cost-Competitive Resin
9.3.4 Others
9.4 Thermoplastic CFRP
9.4.1 Polyetherethereketon (Peek)
9.4.1.1 Peek Finds Extensive Use in Aerospace & Defense Applications
9.4.2 Polyamide (Pa)
9.4.2.1 Resistance to Wear, Heat, and Chemicals Supporting Growth of Polyamide Segment
9.4.3 Polypropylene (Pp)
9.4.3.1 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
11.2.1.1 Phenolic and Thermoplastic Composites Mainly Used in Aircraft Interior Structures
11.2.2 Exterior Parts
11.2.2.1 Fuselage, Wings, Rotor Blades, Tail Boom, and Radomes are Major Exterior Parts
11.3 Wind Energy
11.3.1 Wind Blades
11.3.1.1 Carbon Fiber Widely Used for Making Spar Caps
11.4 Automotive
11.4.1 Interior Parts
11.4.1.1 Seat Backs, Headliners, Package Trays, and Dashboards are Major Automotive Interior Parts
11.4.2 Exterior Parts
11.4.2.1 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
14 Company Profiles
14.1 Toray Industries Inc.
14.2 Teijin Limited
14.3 Mitsubishi Chemical Holdings Corporation
14.4 Hexcel Corporation
14.5 Solvay Group
14.6 Sgl Group
14.7 Formosa Plastics Corporation
14.8 Hyosung
14.9 Zhongfu Shenying Carbon Fiber Co., Ltd.
14.10 Kureha Corporation
14.11 Dowaksa
14.12 Taekwang Industrial Co. Ltd.
14.13 Jiangsu Hengshen Co., Ltd.
14.14 Elg Carbon Fibre Ltd.
14.15 Nippon Graphite Fiber Corporation
14.16 Plasan Carbon Composites
14.17 Kemrock Industries and Exports Ltd.
14.18 Hindoostan Composite Solutions
14.19 Crosby Composites
14.20 Sigmatex Limited
14.21 Zhongao Carbon
14.22 Aeron Composite Pvt. Ltd.
14.23 Weihai Tuozhan Fibers Co. Ltd.
14.24 Cfk Valley Stade Recycling GmbH & Co. Kg
14.25 Alabuga Fiber, LLC
15 Appendix
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