What is carbon fibre reinforced plastic?
Carbon fiber reinforced plastic (CFRP) refers to an advanced, lightweight composite material produced by combining polymer resin and carbon fiber reinforcement. Epoxy, polyester, nylon, and vinyl are some of the commonly used CFRPs, typically formed by infusing resin with carbon fiber reinforcement. These materials are manufactured through various processes, including layup, pultrusion, winding, compression, and injection. They offer enhanced strength, stiffness, toughness, and a cohesive matrix to protect and support the fibers. They surpass steel in terms of elasticity, possess a diverse range of structural properties, and are widely used for fabricating high-performance drone bodies, carbon-woven fabrics, musical instruments, tripod legs, tent poles, fishing rods, and billiards cues. Compared to traditional plastics, CFRPs exhibit superior durability, exceptional specific tensile strength, and excellent resistance to impact and fatigue. As a result, CFRPs find extensive applications in various industrial sectors for manufacturing aircraft and automotive components, helmets, wind turbine blades, and construction plates across the globe.
How big is the global CFRP market?
The global carbon fiber reinforced plastic market size reached US$ 18.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.5% during 2023-2028.
CFRP Market Trends:
The global carbon fiber reinforced plastic market is primarily driven by the increasing product demand from the automotive industry as it offers numerous advantageous properties, such as high strength-to-weight ratio and load-bearing capacity. Along with this, the rising use of CFRPs in manufacturing various automobile components, including panels, fenders, deck lids, bumper beams, dashboards, and under-the-hood parts, as these materials are considerably lighter than steel, is positively influencing the market growth.
Moreover, the implementation of environmentally friendly government initiatives aimed at promoting lightweight electric vehicles (EVs) has augmented the demand for CFRPs. Additionally, with the shifting focus toward sustainability, manufacturers are designing fuel-efficient automobiles using CFRPs to address concerns over greenhouse gas (GHG) emissions, representing another major growth-inducing factor. Besides this, the increasing utilization of CFRPs in the aerospace sector for the production of aircraft structures owing to its exceptional mechanical properties and its ability to reduce fuel consumption has catalyzed market growth. Furthermore, CFRPs offer higher stiffness while maintaining a lower density.
In line with this, the incorporation of CFRPs as a structural component in spars and wind turbine blades due to the increasing demand for renewable energy sources is propelling market growth. Apart from this, the rising applications of CFRPs in the building and construction industry is contributing to market growth. For instance, CFRPs are extensively used in manufacturing columns, piers, pylons, reinforcing structures, and other building materials owing to its exceptional durability and resistance to electromagnetic interference. Other factors, including the rising demand for high-performance products in the defense sector, increasing product utilization in surgical implants, and the rapid growth in the aerospace industry, are also anticipated to drive the market further.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Raw Materials:
- Polyacrylonitrile
- Pitch-based
- Rayon-based
Breakup by Type:
- Thermoset
- Epoxy Resin
- Polyester Resin
- Vinyl Resin
- Thermoplastic
- Polyurethane
- Polyether Ether Ketone
- Polyethersulfone
Breakup by Manufacturing Process:
- Layup
- Pultrusion and Filament Winding
- Resin Transfer
- Injection and Compression Moulding
- Others
Breakup by Application:
- Aerospace & Defense
- Automotive
- Wind Energy
- Civil Engineering
- Sporting Goods
- Electrical and Electronics
- Marine Applications
- Others
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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