Carbon Fiber Reinforced Plastic Market Size, Share, Growth Analysis, By Raw Material Insights(On the basis of raw material, the global market is segmented as PAN-based CFRP and pitch-based CFRP. Polyacrylonitrile is the most commonly used raw material for CFRP production. It was the leading raw material in 2017, accounting for a 96.4% share of the total volume. The properties of CFRP including high tensile strength depend on the precursor used for its production. The market is majorly dominated by PAN based carbon fiber reinforced plastic, which is anticipated to witness significant growth in the coming years.), By Product Insights(Thermosetting CFRP was the leading product segment in 2017, accounting for 76.2% share of the total volume. The segment is expected to witness a decline in the coming years on account of increasing demand for thermoplastic CFRP from the automotive and aerospace industries, owing to its superior properties of stability and strength over thermosetting., Thermoplastic CFRP is projected to gain traction over the forecast period. Recent advances in plastics), By Application Insights(Aerospace and defense was the leading application segment in 2017, accounting for 31.1% share of the total volume. The segment is expected to witness significant growth on account of increasing demand for lightweight and fuel-efficient aircraft. Technological developments in carbon fiber reinforced plastic can help reduce the high cost of aerospace grade CFRP as compared to other grades in the market., Carbon fiber reinforced plastic is popularly used in military planes and helicopters owing to its ability to reduce the weight of an object. Reduction in weight is considered important in order to increase fuel efficiency and overall performance of these flying machines. Moreover, growing commercial aviation sector and growing concerns over aircraft weight are expected to spur the product demand in the aviation industry.) - Industry Forecast 2024-2031

Report ID: UCMIG20A2145 | Region: Global | Published Date: Upcoming |
Pages: 165 |Tables: 0 |Figures: 0

Carbon Fiber Reinforced Plastic Market Insights

Market Overview:

In 2017, the global market for carbon fiber reinforced plastic (CFRP) achieved a substantial valuation of USD 14.5 billion, a figure poised to experience remarkable expansion throughout the projected period. The market's growth trajectory is underpinned by several influential factors, including a rising appetite for carbon fiber reinforced plastic within the automotive and aerospace sectors. As these industries seek lighter yet stronger materials, CFRP emerges as a compelling solution, driven by its remarkable strength-to-weight ratio. The automotive sector's pursuit of fuel efficiency further fuels the demand for CFRP, as its application can contribute to the creation of lightweight vehicles that consume less fuel. Moreover, stringent governmental regulations aimed at curbing vehicular emissions and pollution are compelling manufacturers to explore sustainable and advanced materials, propelling the adoption of CFRP in the pursuit of greener transportation solutions.

Carbon Fiber Reinforced Plastic Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Aerospace & Defense by segment aggregation, the contribution of the Aerospace & Defense in Capital Goods and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Carbon Fiber Reinforced Plastic Market is segmented by Raw Material Insights, Product Insights, Application Insights. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Carbon Fiber Reinforced Plastic Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Raw Material Insights the market is segmented as, On the basis of raw material, the global market is segmented as PAN-based CFRP and pitch-based CFRP. Polyacrylonitrile is the most commonly used raw material for CFRP production. It was the leading raw material in 2017, accounting for a 96.4% share of the total volume. The properties of CFRP including high tensile strength depend on the precursor used for its production. The market is majorly dominated by PAN based carbon fiber reinforced plastic, which is anticipated to witness significant growth in the coming years., However, raw material prices play a crucial role in CFRP cost component. The production is an energy-intensive process that requires a large amount of energy, which further adds up to the final product cost. Lower raw material conversion rate is also responsible for higher CFRP prices.
  • Based on Product Insights the market is segmented as, Thermosetting CFRP was the leading product segment in 2017, accounting for 76.2% share of the total volume. The segment is expected to witness a decline in the coming years on account of increasing demand for thermoplastic CFRP from the automotive and aerospace industries, owing to its superior properties of stability and strength over thermosetting., Thermoplastic CFRP is projected to gain traction over the forecast period. Recent advances in plastics, polymers, and resins are expected to revolutionize the industry and boost the product segment growth over the forecast period. Numerous advantages offered by thermoplastic carbon fiber reinforced plastic over thermosetting including high impact resistance, short processing time, recyclability, and easy storage are anticipated to fuel demand for thermoplastic CFRP over the forecast period., Through research and development activities, companies are developing various manufacturing techniques that can produce thermoplastic CFRP with properties similar or superior to thermosetting CFRP, which is anticipated to drive the thermoplastic segment over the forecast period.
  • Based on Application Insights the market is segmented as, Aerospace and defense was the leading application segment in 2017, accounting for 31.1% share of the total volume. The segment is expected to witness significant growth on account of increasing demand for lightweight and fuel-efficient aircraft. Technological developments in carbon fiber reinforced plastic can help reduce the high cost of aerospace grade CFRP as compared to other grades in the market., Carbon fiber reinforced plastic is popularly used in military planes and helicopters owing to its ability to reduce the weight of an object. Reduction in weight is considered important in order to increase fuel efficiency and overall performance of these flying machines. Moreover, growing commercial aviation sector and growing concerns over aircraft weight are expected to spur the product demand in the aviation industry., Moreover, rise in demand from the automotive industry is projected to fuel global CFRP demand over the forecast period. Increasing demand for fuel-efficient vehicles and stringent government regulations regarding the air pollution are expected to further drive the carbon fiber reinforced plastic market. However, creation of waste is a key issue associated with CFRP manufacturing. Numerous regulatory bodies have imposed regulations, including Solid Waste Laws and Regulations, regarding waste dumping and treatment of poisonous gases, which govern the overall industry., The automotive pollution control norms have forced automotive manufacturers to cut down automotive curb weight for reducing pollution. Rising fuel prices have driven the need for fuel-efficient vehicles, which has further compelled automotive manufacturers to incorporate carbon fiber reinforced plastic in automotive production., Regional Insights, North America dominated the market and accounted for 36.9% share of the total volume in 2017. Growth of the automotive and aerospace and defense industries in the U.S., along with stringent government regulations regarding automotive pollution, is expected to drive the regional market. Technological advancements and government regulations on energy efficient and environmentally friendly products are expected to drive product demand in this region., Europe emerged as the second largest regional market in 2017 and accounted for 35.2% share of the total volume. Presence of key aircraft and automotive manufacturers in the region has fueled the product demand in Europe. Governments of the U.S. and Japan have been jointly supporting CFRP development activities in both the regions as carbon fiber reinforced plastic is the most preferred solution for automotive weight reduction., Carbon Fiber Reinforced Plastic Market Share Insights, The market is dominated by global multinational companies. It is majorly concentrated in developed regions including North America and Europe. Key manufacturers occupy a majority of the global market share. Asia Pacific provides potential opportunities for extensive business growth. Pricing and other strategic initiatives depend on the top players., The carbon fiber reinforced plastic industry is highly characterized by technological innovations. Prominent market participants have developed their own CFRP manufacturing technology. Europe and U.S. based manufacturers have been using borrowed technology. However, these companies have also been working on developing their own production technology., Increased usage of carbon fiber reinforced plastic is expected to create a large amount of waste in the absence of recycling. Manufacturers in association with national governments have been investing in R&D for developing CFRP-effective recycling technology., KEY PLAYER

Regional Analysis:

Carbon Fiber Reinforced Plastic Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Carbon Fiber Reinforced Plastic Market Attractiveness Analysis, By Region 2020-2028
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Carbon Fiber Reinforced Plastic Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Carbon Fiber Reinforced Plastic Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Carbon Fiber Reinforced Plastic Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Carbon Fiber Reinforced Plastic Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Carbon Fiber Reinforced Plastic Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • sights
  • The global carbon fiber reinforced plastic market size was valued at USD 14.5 billion in 2017 and is estimated to witness significant growth over the forecast period. Increasing demand for carbon fiber reinforced plastic (CFRP) from the automotive and aerospace industries, growing need for fuel-efficient vehicles, and government regulations to curb vehicular pollution are expected to drive the market.
  • Rise in demand for lightweight vehicles is projected to propel market growth in the coming years. Numerous government organizations, coupled with the favorable regulatory framework, facilitated the manufacturers to invest and enhance the research and development capabilities, quality, and automation in the process.
  • The most commonly used raw material for CFRP production is polyacrylonitrile (PAN). CFRP properties depend on the precursor of carbon fiber used for its production. PAN has superior properties than pitch. It is projected to gain traction in the forecast period owing to its increasing application and demand as compared to pitch-based CFRP.
  • Demand for PAN has witnessed substantial growth as compared to pitch. Rise in the production of propylene has driven the demand for polyacrylonitrile. Extensive R&D activities by market players are anticipated to drive the CFRP market demand. Market players in U.S. including Hexcel Corporation and Solvay S.A., along with major end users such as Boeing Co., are expected to propel the market growth in the coming years.
  • The market is majorly ruled by numerous standards, regulations, and policies. The industry safety standards are the major targets for the value chain participants and they are bound to follow these regulations and standards, which structures the CFRP market globally.
  • KEY MARKET SEGMENTS
  • By Raw Material Insights
  • On the basis of raw material, the global market is segmented as PAN-based CFRP and pitch-based CFRP. Polyacrylonitrile is the most commonly used raw material for CFRP production. It was the leading raw material in 2017, accounting for a 96.4% share of the total volume. The properties of CFRP including high tensile strength depend on the precursor used for its production. The market is majorly dominated by PAN based carbon fiber reinforced plastic, which is anticipated to witness significant growth in the coming years.
  • However, raw material prices play a crucial role in CFRP cost component. The production is an energy-intensive process that requires a large amount of energy, which further adds up to the final product cost. Lower raw material conversion rate is also responsible for higher CFRP prices.
  • By Product Insights
  • Thermosetting CFRP was the leading product segment in 2017, accounting for 76.2% share of the total volume. The segment is expected to witness a decline in the coming years on account of increasing demand for thermoplastic CFRP from the automotive and aerospace industries, owing to its superior properties of stability and strength over thermosetting.
  • Thermoplastic CFRP is projected to gain traction over the forecast period. Recent advances in plastics, polymers, and resins are expected to revolutionize the industry and boost the product segment growth over the forecast period. Numerous advantages offered by thermoplastic carbon fiber reinforced plastic over thermosetting including high impact resistance, short processing time, recyclability, and easy storage are anticipated to fuel demand for thermoplastic CFRP over the forecast period.
  • Through research and development activities, companies are developing various manufacturing techniques that can produce thermoplastic CFRP with properties similar or superior to thermosetting CFRP, which is anticipated to drive the thermoplastic segment over the forecast period.
  • By Application Insights
  • Aerospace and defense was the leading application segment in 2017, accounting for 31.1% share of the total volume. The segment is expected to witness significant growth on account of increasing demand for lightweight and fuel-efficient aircraft. Technological developments in carbon fiber reinforced plastic can help reduce the high cost of aerospace grade CFRP as compared to other grades in the market.
  • Carbon fiber reinforced plastic is popularly used in military planes and helicopters owing to its ability to reduce the weight of an object. Reduction in weight is considered important in order to increase fuel efficiency and overall performance of these flying machines. Moreover, growing commercial aviation sector and growing concerns over aircraft weight are expected to spur the product demand in the aviation industry.
  • Moreover, rise in demand from the automotive industry is projected to fuel global CFRP demand over the forecast period. Increasing demand for fuel-efficient vehicles and stringent government regulations regarding the air pollution are expected to further drive the carbon fiber reinforced plastic market. However, creation of waste is a key issue associated with CFRP manufacturing. Numerous regulatory bodies have imposed regulations, including Solid Waste Laws and Regulations, regarding waste dumping and treatment of poisonous gases, which govern the overall industry.
  • The automotive pollution control norms have forced automotive manufacturers to cut down automotive curb weight for reducing pollution. Rising fuel prices have driven the need for fuel-efficient vehicles, which has further compelled automotive manufacturers to incorporate carbon fiber reinforced plastic in automotive production.
  • Regional Insights
  • North America dominated the market and accounted for 36.9% share of the total volume in 2017. Growth of the automotive and aerospace and defense industries in the U.S., along with stringent government regulations regarding automotive pollution, is expected to drive the regional market. Technological advancements and government regulations on energy efficient and environmentally friendly products are expected to drive product demand in this region.
  • Europe emerged as the second largest regional market in 2017 and accounted for 35.2% share of the total volume. Presence of key aircraft and automotive manufacturers in the region has fueled the product demand in Europe. Governments of the U.S. and Japan have been jointly supporting CFRP development activities in both the regions as carbon fiber reinforced plastic is the most preferred solution for automotive weight reduction.
  • Carbon Fiber Reinforced Plastic Market Share Insights
  • The market is dominated by global multinational companies. It is majorly concentrated in developed regions including North America and Europe. Key manufacturers occupy a majority of the global market share. Asia Pacific provides potential opportunities for extensive business growth. Pricing and other strategic initiatives depend on the top players.
  • The carbon fiber reinforced plastic industry is highly characterized by technological innovations. Prominent market participants have developed their own CFRP manufacturing technology. Europe and U.S. based manufacturers have been using borrowed technology. However, these companies have also been working on developing their own production technology.
  • Increased usage of carbon fiber reinforced plastic is expected to create a large amount of waste in the absence of recycling. Manufacturers in association with national governments have been investing in R&D for developing CFRP-effective recycling technology.
  • KEY PLAYER
  • SABIC

SkyQuest's Expertise:

The Carbon Fiber Reinforced Plastic Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Raw Material Insights - On the basis of raw material, the global market is segmented as PAN-based CFRP and pitch-based CFRP. Polyacrylonitrile is the most commonly used raw material for CFRP production. It was the leading raw material in 2017, accounting for a 96.4% share of the total volume. The properties of CFRP including high tensile strength depend on the precursor used for its production. The market is majorly dominated by PAN based carbon fiber reinforced plastic, which is anticipated to witness significant growth in the coming years., However, raw material prices play a crucial role in CFRP cost component. The production is an energy-intensive process that requires a large amount of energy, which further adds up to the final product cost. Lower raw material conversion rate is also responsible for higher CFRP prices.
  • By Product Insights - Thermosetting CFRP was the leading product segment in 2017, accounting for 76.2% share of the total volume. The segment is expected to witness a decline in the coming years on account of increasing demand for thermoplastic CFRP from the automotive and aerospace industries, owing to its superior properties of stability and strength over thermosetting., Thermoplastic CFRP is projected to gain traction over the forecast period. Recent advances in plastics, polymers, and resins are expected to revolutionize the industry and boost the product segment growth over the forecast period. Numerous advantages offered by thermoplastic carbon fiber reinforced plastic over thermosetting including high impact resistance, short processing time, recyclability, and easy storage are anticipated to fuel demand for thermoplastic CFRP over the forecast period., Through research and development activities, companies are developing various manufacturing techniques that can produce thermoplastic CFRP with properties similar or superior to thermosetting CFRP, which is anticipated to drive the thermoplastic segment over the forecast period.
  • By Application Insights - Aerospace and defense was the leading application segment in 2017, accounting for 31.1% share of the total volume. The segment is expected to witness significant growth on account of increasing demand for lightweight and fuel-efficient aircraft. Technological developments in carbon fiber reinforced plastic can help reduce the high cost of aerospace grade CFRP as compared to other grades in the market., Carbon fiber reinforced plastic is popularly used in military planes and helicopters owing to its ability to reduce the weight of an object. Reduction in weight is considered important in order to increase fuel efficiency and overall performance of these flying machines. Moreover, growing commercial aviation sector and growing concerns over aircraft weight are expected to spur the product demand in the aviation industry., Moreover, rise in demand from the automotive industry is projected to fuel global CFRP demand over the forecast period. Increasing demand for fuel-efficient vehicles and stringent government regulations regarding the air pollution are expected to further drive the carbon fiber reinforced plastic market. However, creation of waste is a key issue associated with CFRP manufacturing. Numerous regulatory bodies have imposed regulations, including Solid Waste Laws and Regulations, regarding waste dumping and treatment of poisonous gases, which govern the overall industry., The automotive pollution control norms have forced automotive manufacturers to cut down automotive curb weight for reducing pollution. Rising fuel prices have driven the need for fuel-efficient vehicles, which has further compelled automotive manufacturers to incorporate carbon fiber reinforced plastic in automotive production., Regional Insights, North America dominated the market and accounted for 36.9% share of the total volume in 2017. Growth of the automotive and aerospace and defense industries in the U.S., along with stringent government regulations regarding automotive pollution, is expected to drive the regional market. Technological advancements and government regulations on energy efficient and environmentally friendly products are expected to drive product demand in this region., Europe emerged as the second largest regional market in 2017 and accounted for 35.2% share of the total volume. Presence of key aircraft and automotive manufacturers in the region has fueled the product demand in Europe. Governments of the U.S. and Japan have been jointly supporting CFRP development activities in both the regions as carbon fiber reinforced plastic is the most preferred solution for automotive weight reduction., Carbon Fiber Reinforced Plastic Market Share Insights, The market is dominated by global multinational companies. It is majorly concentrated in developed regions including North America and Europe. Key manufacturers occupy a majority of the global market share. Asia Pacific provides potential opportunities for extensive business growth. Pricing and other strategic initiatives depend on the top players., The carbon fiber reinforced plastic industry is highly characterized by technological innovations. Prominent market participants have developed their own CFRP manufacturing technology. Europe and U.S. based manufacturers have been using borrowed technology. However, these companies have also been working on developing their own production technology., Increased usage of carbon fiber reinforced plastic is expected to create a large amount of waste in the absence of recycling. Manufacturers in association with national governments have been investing in R&D for developing CFRP-effective recycling technology., KEY PLAYER
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • sights
  • The global carbon fiber reinforced plastic market size was valued at USD 14.5 billion in 2017 and is estimated to witness significant growth over the forecast period. Increasing demand for carbon fiber reinforced plastic (CFRP) from the automotive and aerospace industries, growing need for fuel-efficient vehicles, and government regulations to curb vehicular pollution are expected to drive the market.
  • Rise in demand for lightweight vehicles is projected to propel market growth in the coming years. Numerous government organizations, coupled with the favorable regulatory framework, facilitated the manufacturers to invest and enhance the research and development capabilities, quality, and automation in the process.
  • The most commonly used raw material for CFRP production is polyacrylonitrile (PAN). CFRP properties depend on the precursor of carbon fiber used for its production. PAN has superior properties than pitch. It is projected to gain traction in the forecast period owing to its increasing application and demand as compared to pitch-based CFRP.
  • Demand for PAN has witnessed substantial growth as compared to pitch. Rise in the production of propylene has driven the demand for polyacrylonitrile. Extensive R&D activities by market players are anticipated to drive the CFRP market demand. Market players in U.S. including Hexcel Corporation and Solvay S.A., along with major end users such as Boeing Co., are expected to propel the market growth in the coming years.
  • The market is majorly ruled by numerous standards, regulations, and policies. The industry safety standards are the major targets for the value chain participants and they are bound to follow these regulations and standards, which structures the CFRP market globally.
  • KEY MARKET SEGMENTS
  • By Raw Material Insights
  • On the basis of raw material, the global market is segmented as PAN-based CFRP and pitch-based CFRP. Polyacrylonitrile is the most commonly used raw material for CFRP production. It was the leading raw material in 2017, accounting for a 96.4% share of the total volume. The properties of CFRP including high tensile strength depend on the precursor used for its production. The market is majorly dominated by PAN based carbon fiber reinforced plastic, which is anticipated to witness significant growth in the coming years.
  • However, raw material prices play a crucial role in CFRP cost component. The production is an energy-intensive process that requires a large amount of energy, which further adds up to the final product cost. Lower raw material conversion rate is also responsible for higher CFRP prices.
  • By Product Insights
  • Thermosetting CFRP was the leading product segment in 2017, accounting for 76.2% share of the total volume. The segment is expected to witness a decline in the coming years on account of increasing demand for thermoplastic CFRP from the automotive and aerospace industries, owing to its superior properties of stability and strength over thermosetting.
  • Thermoplastic CFRP is projected to gain traction over the forecast period. Recent advances in plastics, polymers, and resins are expected to revolutionize the industry and boost the product segment growth over the forecast period. Numerous advantages offered by thermoplastic carbon fiber reinforced plastic over thermosetting including high impact resistance, short processing time, recyclability, and easy storage are anticipated to fuel demand for thermoplastic CFRP over the forecast period.
  • Through research and development activities, companies are developing various manufacturing techniques that can produce thermoplastic CFRP with properties similar or superior to thermosetting CFRP, which is anticipated to drive the thermoplastic segment over the forecast period.
  • By Application Insights
  • Aerospace and defense was the leading application segment in 2017, accounting for 31.1% share of the total volume. The segment is expected to witness significant growth on account of increasing demand for lightweight and fuel-efficient aircraft. Technological developments in carbon fiber reinforced plastic can help reduce the high cost of aerospace grade CFRP as compared to other grades in the market.
  • Carbon fiber reinforced plastic is popularly used in military planes and helicopters owing to its ability to reduce the weight of an object. Reduction in weight is considered important in order to increase fuel efficiency and overall performance of these flying machines. Moreover, growing commercial aviation sector and growing concerns over aircraft weight are expected to spur the product demand in the aviation industry.
  • Moreover, rise in demand from the automotive industry is projected to fuel global CFRP demand over the forecast period. Increasing demand for fuel-efficient vehicles and stringent government regulations regarding the air pollution are expected to further drive the carbon fiber reinforced plastic market. However, creation of waste is a key issue associated with CFRP manufacturing. Numerous regulatory bodies have imposed regulations, including Solid Waste Laws and Regulations, regarding waste dumping and treatment of poisonous gases, which govern the overall industry.
  • The automotive pollution control norms have forced automotive manufacturers to cut down automotive curb weight for reducing pollution. Rising fuel prices have driven the need for fuel-efficient vehicles, which has further compelled automotive manufacturers to incorporate carbon fiber reinforced plastic in automotive production.
  • Regional Insights
  • North America dominated the market and accounted for 36.9% share of the total volume in 2017. Growth of the automotive and aerospace and defense industries in the U.S., along with stringent government regulations regarding automotive pollution, is expected to drive the regional market. Technological advancements and government regulations on energy efficient and environmentally friendly products are expected to drive product demand in this region.
  • Europe emerged as the second largest regional market in 2017 and accounted for 35.2% share of the total volume. Presence of key aircraft and automotive manufacturers in the region has fueled the product demand in Europe. Governments of the U.S. and Japan have been jointly supporting CFRP development activities in both the regions as carbon fiber reinforced plastic is the most preferred solution for automotive weight reduction.
  • Carbon Fiber Reinforced Plastic Market Share Insights
  • The market is dominated by global multinational companies. It is majorly concentrated in developed regions including North America and Europe. Key manufacturers occupy a majority of the global market share. Asia Pacific provides potential opportunities for extensive business growth. Pricing and other strategic initiatives depend on the top players.
  • The carbon fiber reinforced plastic industry is highly characterized by technological innovations. Prominent market participants have developed their own CFRP manufacturing technology. Europe and U.S. based manufacturers have been using borrowed technology. However, these companies have also been working on developing their own production technology.
  • Increased usage of carbon fiber reinforced plastic is expected to create a large amount of waste in the absence of recycling. Manufacturers in association with national governments have been investing in R&D for developing CFRP-effective recycling technology.
  • KEY PLAYER
  • SABIC
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Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Carbon Fiber Reinforced Plastic Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Carbon Fiber Reinforced Plastic Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • sights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The global carbon fiber reinforced plastic market size was valued at USD 14.5 billion in 2017 and is estimated to witness significant growth over the forecast period. Increasing demand for carbon fiber reinforced plastic (CFRP) from the automotive and aerospace industries, growing need for fuel-efficient vehicles, and government regulations to curb vehicular pollution are expected to drive the market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rise in demand for lightweight vehicles is projected to propel market growth in the coming years. Numerous government organizations, coupled with the favorable regulatory framework, facilitated the manufacturers to invest and enhance the research and development capabilities, quality, and automation in the process.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The most commonly used raw material for CFRP production is polyacrylonitrile (PAN). CFRP properties depend on the precursor of carbon fiber used for its production. PAN has superior properties than pitch. It is projected to gain traction in the forecast period owing to its increasing application and demand as compared to pitch-based CFRP.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Demand for PAN has witnessed substantial growth as compared to pitch. Rise in the production of propylene has driven the demand for polyacrylonitrile. Extensive R&D activities by market players are anticipated to drive the CFRP market demand. Market players in U.S. including Hexcel Corporation and Solvay S.A., along with major end users such as Boeing Co., are expected to propel the market growth in the coming years.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The market is majorly ruled by numerous standards, regulations, and policies. The industry safety standards are the major targets for the value chain participants and they are bound to follow these regulations and standards, which structures the CFRP market globally.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Raw Material Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • On the basis of raw material, the global market is segmented as PAN-based CFRP and pitch-based CFRP. Polyacrylonitrile is the most commonly used raw material for CFRP production. It was the leading raw material in 2017, accounting for a 96.4% share of the total volume. The properties of CFRP including high tensile strength depend on the precursor used for its production. The market is majorly dominated by PAN based carbon fiber reinforced plastic, which is anticipated to witness significant growth in the coming years.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • However, raw material prices play a crucial role in CFRP cost component. The production is an energy-intensive process that requires a large amount of energy, which further adds up to the final product cost. Lower raw material conversion rate is also responsible for higher CFRP prices.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Product Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Thermosetting CFRP was the leading product segment in 2017, accounting for 76.2% share of the total volume. The segment is expected to witness a decline in the coming years on account of increasing demand for thermoplastic CFRP from the automotive and aerospace industries, owing to its superior properties of stability and strength over thermosetting.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Thermoplastic CFRP is projected to gain traction over the forecast period. Recent advances in plastics, polymers, and resins are expected to revolutionize the industry and boost the product segment growth over the forecast period. Numerous advantages offered by thermoplastic carbon fiber reinforced plastic over thermosetting including high impact resistance, short processing time, recyclability, and easy storage are anticipated to fuel demand for thermoplastic CFRP over the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Through research and development activities, companies are developing various manufacturing techniques that can produce thermoplastic CFRP with properties similar or superior to thermosetting CFRP, which is anticipated to drive the thermoplastic segment over the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Application Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Aerospace and defense was the leading application segment in 2017, accounting for 31.1% share of the total volume. The segment is expected to witness significant growth on account of increasing demand for lightweight and fuel-efficient aircraft. Technological developments in carbon fiber reinforced plastic can help reduce the high cost of aerospace grade CFRP as compared to other grades in the market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Carbon fiber reinforced plastic is popularly used in military planes and helicopters owing to its ability to reduce the weight of an object. Reduction in weight is considered important in order to increase fuel efficiency and overall performance of these flying machines. Moreover, growing commercial aviation sector and growing concerns over aircraft weight are expected to spur the product demand in the aviation industry.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Moreover, rise in demand from the automotive industry is projected to fuel global CFRP demand over the forecast period. Increasing demand for fuel-efficient vehicles and stringent government regulations regarding the air pollution are expected to further drive the carbon fiber reinforced plastic market. However, creation of waste is a key issue associated with CFRP manufacturing. Numerous regulatory bodies have imposed regulations, including Solid Waste Laws and Regulations, regarding waste dumping and treatment of poisonous gases, which govern the overall industry.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The automotive pollution control norms have forced automotive manufacturers to cut down automotive curb weight for reducing pollution. Rising fuel prices have driven the need for fuel-efficient vehicles, which has further compelled automotive manufacturers to incorporate carbon fiber reinforced plastic in automotive production.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Regional Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America dominated the market and accounted for 36.9% share of the total volume in 2017. Growth of the automotive and aerospace and defense industries in the U.S., along with stringent government regulations regarding automotive pollution, is expected to drive the regional market. Technological advancements and government regulations on energy efficient and environmentally friendly products are expected to drive product demand in this region.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Europe emerged as the second largest regional market in 2017 and accounted for 35.2% share of the total volume. Presence of key aircraft and automotive manufacturers in the region has fueled the product demand in Europe. Governments of the U.S. and Japan have been jointly supporting CFRP development activities in both the regions as carbon fiber reinforced plastic is the most preferred solution for automotive weight reduction.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Carbon Fiber Reinforced Plastic Market Share Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The market is dominated by global multinational companies. It is majorly concentrated in developed regions including North America and Europe. Key manufacturers occupy a majority of the global market share. Asia Pacific provides potential opportunities for extensive business growth. Pricing and other strategic initiatives depend on the top players.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The carbon fiber reinforced plastic industry is highly characterized by technological innovations. Prominent market participants have developed their own CFRP manufacturing technology. Europe and U.S. based manufacturers have been using borrowed technology. However, these companies have also been working on developing their own production technology.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Increased usage of carbon fiber reinforced plastic is expected to create a large amount of waste in the absence of recycling. Manufacturers in association with national governments have been investing in R&D for developing CFRP-effective recycling technology.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY PLAYER
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • SABIC
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Carbon Fiber Reinforced Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carbon Fiber Reinforced Plastic Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carbon Fiber Reinforced Plastic Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Carbon Fiber Reinforced Plastic Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The market for Carbon Fiber Reinforced Plastic was estimated to be valued at US$ XX Mn in 2021.

The Carbon Fiber Reinforced Plastic Market is estimated to grow at a CAGR of XX% by 2028.

The Carbon Fiber Reinforced Plastic Market is segmented on the basis of Raw Material Insights, Product Insights, Application Insights.

Based on region, the Carbon Fiber Reinforced Plastic Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Carbon Fiber Reinforced Plastic Market are sights, The carbon fiber reinforced plastic market size was valued at USD 14.5 billion in 2017 and is estimated to witness significant growth over the forecast period. Increasing demand for carbon fiber reinforced plastic (CFRP) from the automotive and aerospace industries, growing need for fuel-efficient vehicles, and government regulations to curb vehicular pollution are expected to drive the market., Rise in demand for lightweight vehicles is projected to propel market growth in the coming years. Numerous government organizations, coupled with the favorable regulatory framework, facilitated the manufacturers to invest and enhance the research and development capabilities, quality, and automation in the process., The most commonly used raw material for CFRP production is polyacrylonitrile (PAN). CFRP properties depend on the precursor of carbon fiber used for its production. PAN has superior properties than pitch. It is projected to gain traction in the forecast period owing to its increasing application and demand as compared to pitch-based CFRP., Demand for PAN has witnessed substantial growth as compared to pitch. Rise in the production of propylene has driven the demand for polyacrylonitrile. Extensive R&D activities by market players are anticipated to drive the CFRP market demand. Market players in U.S. including Hexcel Corporation and Solvay S.A., along with major end users such as Boeing Co., are expected to propel the market growth in the coming years., The market is majorly ruled by numerous standards, regulations, and policies. The industry safety standards are the major targets for the value chain participants and they are bound to follow these regulations and standards, which structures the CFRP market globally., KEY MARKET SEGMENTS, By Raw Material Insights, On the basis of raw material, the market is segmented as PAN-based CFRP and pitch-based CFRP. Polyacrylonitrile is the most commonly used raw material for CFRP production. It was the leading raw material in 2017, accounting for a 96.4% share of the total volume. The properties of CFRP including high tensile strength depend on the precursor used for its production. The market is majorly dominated by PAN based carbon fiber reinforced plastic, which is anticipated to witness significant growth in the coming years., However, raw material prices play a crucial role in CFRP cost component. The production is an energy-intensive process that requires a large amount of energy, which further adds up to the final product cost. Lower raw material conversion rate is also responsible for higher CFRP prices., By Product Insights, Thermosetting CFRP was the leading product segment in 2017, accounting for 76.2% share of the total volume. The segment is expected to witness a decline in the coming years on account of increasing demand for thermoplastic CFRP from the automotive and aerospace industries, owing to its superior properties of stability and strength over thermosetting., Thermoplastic CFRP is projected to gain traction over the forecast period. Recent advances in plastics, polymers, and resins are expected to revolutionize the industry and boost the product segment growth over the forecast period. Numerous advantages offered by thermoplastic carbon fiber reinforced plastic over thermosetting including high impact resistance, short processing time, recyclability, and easy storage are anticipated to fuel demand for thermoplastic CFRP over the forecast period., Through research and development activities, companies are developing various manufacturing techniques that can produce thermoplastic CFRP with properties similar or superior to thermosetting CFRP, which is anticipated to drive the thermoplastic segment over the forecast period., By Application Insights, Aerospace and defense was the leading application segment in 2017, accounting for 31.1% share of the total volume. The segment is expected to witness significant growth on account of increasing demand for lightweight and fuel-efficient aircraft. Technological developments in carbon fiber reinforced plastic can help reduce the high cost of aerospace grade CFRP as compared to other grades in the market., Carbon fiber reinforced plastic is popularly used in military planes and helicopters owing to its ability to reduce the weight of an object. Reduction in weight is considered important in order to increase fuel efficiency and overall performance of these flying machines. Moreover, growing commercial aviation sector and growing concerns over aircraft weight are expected to spur the product demand in the aviation industry., Moreover, rise in demand from the automotive industry is projected to fuel CFRP demand over the forecast period. Increasing demand for fuel-efficient vehicles and stringent government regulations regarding the air pollution are expected to further drive the carbon fiber reinforced plastic market. However, creation of waste is a key issue associated with CFRP manufacturing. Numerous regulatory bodies have imposed regulations, including Solid Waste Laws and Regulations, regarding waste dumping and treatment of poisonous gases, which govern the overall industry., The automotive pollution control norms have forced automotive manufacturers to cut down automotive curb weight for reducing pollution. Rising fuel prices have driven the need for fuel-efficient vehicles, which has further compelled automotive manufacturers to incorporate carbon fiber reinforced plastic in automotive production., Regional Insights, North America dominated the market and accounted for 36.9% share of the total volume in 2017. Growth of the automotive and aerospace and defense industries in the U.S., along with stringent government regulations regarding automotive pollution, is expected to drive the regional market. Technological advancements and government regulations on energy efficient and environmentally friendly products are expected to drive product demand in this region., Europe emerged as the second largest regional market in 2017 and accounted for 35.2% share of the total volume. Presence of key aircraft and automotive manufacturers in the region has fueled the product demand in Europe. Governments of the U.S. and Japan have been jointly supporting CFRP development activities in both the regions as carbon fiber reinforced plastic is the most preferred solution for automotive weight reduction., Carbon Fiber Reinforced Plastic Market Share Insights, The market is dominated by multinational companies. It is majorly concentrated in developed regions including North America and Europe. Key manufacturers occupy a majority of the market share. Asia Pacific provides potential opportunities for extensive business growth. Pricing and other strategic initiatives depend on the top players., The carbon fiber reinforced plastic industry is highly characterized by technological innovations. Prominent market participants have developed their own CFRP manufacturing technology. Europe and U.S. based manufacturers have been using borrowed technology. However, these companies have also been working on developing their own production technology., Increased usage of carbon fiber reinforced plastic is expected to create a large amount of waste in the absence of recycling. Manufacturers in association with national governments have been investing in R&D for developing CFRP-effective recycling technology., KEY PLAYER, SABIC.

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Carbon Fiber Reinforced Plastic Market

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