CF & CFRP Market size is forecast to reach $52.28 billion by 2025 after growing at a CAGR of 11% during 2020-2025. Carbon fiber is a cutting-edge material which is multiple times superior than steel at just a fourth of its greatness. CFRP, a blended material made of carbon fiber and plastic, has the additional advantage of being profoundly impervious to twisting and to both corrosive and antacid erosion. The growth of the market is expected to be driven by the high demand CF & CFRP from the automotive industry.
By Carbon fiber materials – Segment Analysis
Pitch-Based Carbon Fiber held the largest share in the CF & CFRP market in 2019. Pitch based carbon fiber is a fibrous carbon material made by Acrylic material or from oil/coal pitch and then by being given a heat treatment. Pitch based carbon fiber is light weight and higher stiffness than conventional metal materials. Apart from light and stiff, pitch-based carbon fiber have other unique properties, low thermal expansion, high thermal conductivity, electrical conductivity and low friction. Pitch based carbon can be mixed with any type of plastic and elastomer as thermal conductive filler. The requirement of thermal management has been increasing from satellite to electronic device.
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By Resin Type – Segment Analysis
Thermoplastic CFRP held the largest share in the CF & CFRP market in 2019. Thermoplastic composites offer two major advantages for manufacturing applications. The first is that thermoplastic composites have an increased impact resistance and other major advantage of thermoplastic composites is their ability to be rendered malleable. Raw thermoplastic CFRP are solid at room temperature, but when heat and pressure impregnate a reinforcing fiber, a physical change occurs that allows thermoplastic composites to be re-formed and re-shaped. This property shows tremendous promise for the future of recycling thermoplastic CRPF products when their original use ends. While it can be made malleable through the application of heat, because the natural state of thermoplastic resin is solid, it’s difficult to impregnate it with reinforcing fiber. The resin must be heated to the melting point and pressure must be applied to integrate fibers, and then, the composite has to be cooled, all while still under pressure. These factors will drive the growth of the market in the forecast period.
By Manufacturing Process – Segment Analysis
The lay-up process held the largest share in the CF & CFRP market in terms of manufacturing process. The lay-up process includes hand lay-up and spray-up process and is the largest manufacturing process for CFRP. This process is applicable for designing simple enclosures, lightly loaded structural panels because it provides orientation of the fibers that be controlled as needed so that they can absorb maximum stresses to which they are subjected. The spray-up process has the largest application in the lay-up process. The spray lay-up process is a method that uses a hand gun to spray resin and chopped fiber. It uses a low-cost mold, and it is a preferred method to use for big product finishing. The sprayed mixture that consists of fiber and resin is rolled before the specimen is fully cured to avoid bubbles and voids. These factors will drive the growth of market in the forecast period.
By Application – Segment Analysis
Wind Turbines held the largest share in the CF & CFRP market in 2019 in terms of application. CF & CFRP is used to manufacture the wings of turbine. Wind is a renewable energy, which is considered as the cleanest source available extensively. In the recent years, this energy became one of the most economical and efficient renewable energy resources. The factors such as no greenhouse gas emission, power supply diversification, and short lead time for planning & construction of wind power projects boost the use of wind turbines. Decline in cost of wind power couple with the cry for moving swiftly to renewable sources of energy are leading to growth in wind turbines market. The fact that turbines help in converting kinetic energy to electrical energy, leading to clean energy generation is a major factor in favor of the market’s growth. Because the pace at which environmental degradation is changing the face of the earth is not just faster than expected but also presenting a lot of people with a very ugly picture of the future. And, this is propelling governments as well as consumers to opt for renewables. And, the fact that due to various reasons such as government help, cost of producing this energy is going down significantly is only helping the market grow further. This factor will drive the growth of the market of CF & CFRP in the forecast period.
By End Use– Segment Analysis
Automotive sector has been the primary market for CF & CFRP in 2019 growing at CAGR of 12%. CF & CFRP are being used to manufacture lightweight cars for good performance and luxury at economical price. The key driver for growth of the market for CF & CFRP is the increasing need for lighter, safer, cleaner, and more cost-effective vehicles. Most common automotive components where CF & CFRP are used for exterior body parts, hoods, bonnets, and test plates. The growth of the CF & CFRP market can be attributed to the rise in production of light commercial vehicle. According to International Organization of Motor Vehicle Manufacturers the total production of automobile globally in the year 2019 was 91,786,861 units compare to 96,869,020 units in 2018. The increase in the global automobile production is a major factor leading to the growth of CF & CFRP market in terms of volume across the globe.
The corona virus pandemic has affected the major industrialized economies. Consequently, 80 percent of automotive and related companies report that corona virus will have a direct impact on their 2020 revenues. More than 80 percent of the world’s auto supply chain is connected to China. The China Passenger Car Association (CPCA) considers that the first two-month sales have declined by 40 percent or more compared to the same period in 2019. Production shortfalls resulting from supply chain disruptions in China will impact global automakers. This factor will hinder the growth of market for the year 2020 but after situation became normal it will grow with a steady rate in the forecast period.
Geography – Segment Analysis
North America dominates the CF & CFRP market with a share of more than 41% followed by Europe and APAC. The economy of North America is mainly influenced by the economic dynamics of countries such as USA and Canada, but with growing foreign direct investment for economic development of North America, the current scenario is changing. Countries in North America are witnessing high growth in the aerospace & defense sector. The US aerospace industry is one of the largest in terms of infrastructure and manufacturing activities. During 2018, the exports of the aerospace industry accounted for USD 155 billion, creating a positive trade balance of USD 88 billion. Rising demand for commercial and military aircraft along with a substantial increase in defense spending has contributed to the growth of the aerospace and defense industry. This factor will drive the growth of aerospace & defense market in the forecast period.
Driver- CF & CFRP Market
Consolidation of aircraft manufacturers and high demand for next-generation, single-aisle aircrafts will drive the growth of the market
CFRP is used widely in aircraft components and structures, as their superior strength-to weight ratio significantly exceeds that of any traditional metal. Increasing demand of composites in the production of aircraft components such as floor beams, ailerons, vertical stabilizers, elevators, wings, and engine nacelles is driving CFRP market. Aircraft manufacturers are becoming stronger through consolidation for new single-aisle regional aircraft manufacturing projects. Single-aisle airplanes are expected to command the largest share of new aircraft deliveries during the forecast period. These aircraft are expected to fulfill around 70% of the future commercial aircraft demand. New demand for carbon fiber is expected to come from the next-generation single-aisle aircraft.
Increasing use of carbon fiber in 3D printing will drive the growth of market in the forecast period
3D printing technology involves the printing of a 3D object from a digital model by stacking thin materials. This is a sophisticated technology used for several applications and does not require large equipment setup. This technology can be used to print several objects in a short time span. Carbon fibers are used in 3D printing as if it offers high strength and rigidity compared to other metallic materials. The content and orientation of carbon fiber are controllable, which eases the optimization process. 3D printing using carbon fibers also allows for high accuracy in the manufacturing of parts for various end-use industries such as aerospace, automotive, and dental. This technology will revolutionize the carbon fiber manufacturing process and will offer significant opportunities for the market players. This factor will drive the growth of the market in the forecast period.
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Challenges – CF & CFRP Market
High cost of CF & CFRP will hinder the growth of the market in the forecast period
The high cost of CF & CFRP is one of the major concerns associated with its growth. It is still not used in large applications due to its high cost. Developing low-cost technologies is a major challenge for researchers and key manufacturers. In the automotive industry, CF & CFRP are only introduced in high-end and luxury cars due to their high cost. With the production of low-cost carbon fiber, there will be an increased use in the automotive industry than the aerospace industry, where high-grade carbon fiber is used. This factor will hinder the growth of CF & CFRP market in the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the CF & CFRP market. In 2019 the market of CF & CFRP market has been consolidated by the top five players accounting for xx% of the share. Major players in the CF & CFRP market are Toray Industries Inc., Teijin Limited, Mitsubishi Rayon Co. Ltd., SGL Group, Formosa Plastics Corporation and Others.
Acquisitions/Technology Launches /Product launches
In July 2019, Teijin Limited has acquired Benet Automotive S.R.O., a leading automotive component and composite supplier. Benet is known for providing high end glass-fiber-reinforced and carbon-fiber-reinforced plastics. The acquisition will help the company to penetrate more into the market.
In July 2018, Toray Industries, Inc., a supplier of carbon fiber and composite, acquired TenCate Advanced Composites Holding B.V. TenCate is a carbon fibre composite manufacturer. The acquisition will help the company to enter the defence and space market, by innovating new products related to carbon fiber.
North America dominates the CF & CFRP market owing to increasing demand from aerospace & defense sector.
Increasing demand for lightweight and high strength material breaches will drive the growth of market in the forecast period.
High cost of CF & CFRP will hinder the growth of the market in the forecast period.
Related Reports :
A. Carbon Fiber Reinforced Plastic Market
B. Carbon Fiber Tape Market
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