According to the latest market research report released by Technavio, the global carbon fiber reinforced plastic market is expected to grow at a CAGR of around 12% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global carbon fiber reinforced plastic (CFRP) market based on end-user:
Global CFPR market share by end-user 2015
|
Aerospace and Defense |
48.03% |
|
Wind Energy |
13.11% |
|
Automotive |
12.35% |
|
Sporting Goods |
7.03% |
|
Civil Engineering |
4.60% |
|
Pressure Vessels |
3.06% |
|
Marine Applications |
1.82% |
|
Others |
10.00% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global CFRP market in aerospace and defense segment: The global CFRP market in the aerospace and defense segment generated revenues of almost $9 billion in 2015 and is estimated to post a CAGR of over 13% by 2020. The extensive use of CFRPs for manufacturing light aircraft and lightly loaded structural components will help boost the demand for these materials in this market segment. CFRPs are high-performance and high-strength lightweight materials that are extensively used in commercial, passenger, freight aircraft, chopper, rockets, and satellites. The composite materials used in aerospace industry are carbon fibers or filaments embedded in a resin matrix, and the resin matrix comprises of polyester or an epoxy.
“The increasing demand for lightweight and fuel efficient aircraft is primarily driving the growth of this market segment. The various application areas of CFRPs include structural materials, main wings, stabilizers, ailerons, rudders, elevators, seats, tables, hydraulic cylinders, C/C brakes, vertical stabilizers, horizontal stabilizers, nozzle cones, motor casings, antennas, tube truss structures, and solar panels. The increasing production of passenger and cargo jets, business aircraft, helicopters, and space and sports aviation will help in the development of CFRP market over the next four years,” says Ajay Adhikari, a lead analyst at Technavio for research on textile, fiber, and composites.
Global CFRP market in wind energy segment: The global CFRP market in the wind energy segment generated revenues of more than $2 billion in 2015 and is estimated to post a CAGR of around 12% by 2020. CFRP composite materials have properties like stiffness, fatigue resistance, strength, high specific module, and lightweight find application in the production of large turbine blades. The use of longer blades to increase the size of turbines, offshore wind energy development, and the need to access sites with lower wind speeds will help in the growth of these materials in this market segment. The vendors in the market are focusing on building lighter and longer blades to increase the output of the turbine and these materials help reduce the dynamic stress on these blades. The rising awareness of sustainable energy resources will drive the market growth.
Global CFRP market in automotive segment: The global CFRP market in the automotive segment generated revenues of around $2 billion in 2015 and is estimated to post a CAGR of close to 14% by 2020. The use of CFRPs in the production of braking materials and handles in racing bikes and racing cars will boost the demand for these composites in this market segment. These materials are used for manufacturing drive shafts, engine parts, spoilers, racing car bodies, suspension balls, shaft bearings, and steering wheels. These are lightweight, durable, and resistant to corrosion and fatigue materials that help in reducing fuel consumption and emissions of GHGs of cars.
The top vendors operating in the global CFRP market are:
- Hexcel
- Mitsubishi Rayon
- SGL Group
- Toray
- Teijin
Other prominent vendors in the market include DowAksa, Holding Company Composite, Nippon Graphite Fiber Corporation, and Plasan Carbon Composites.
A more detailed analysis is available in the Technavio report titled, ‘Global Carbon Fiber Reinforced Plastic Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Carbon Fiber in Sports Equipment Market 2017-2021
- Global Carbon Fiber Market 2016-2020
- Global Carbon Fiber Prepreg Market 2015-2019
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