According to the new market research report “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″, is projected to grow from USD 17.5 billion in 2020 to USD 31.5 billion by 2025, at a CAGR of 12.4% during the forecast period. The market is growing due to the increase in the demand for high-performance materials, with low weight, high strength-to-weight ratio, good tensile strength, and electrical conductivity.
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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 used extensively for structural material composites in aerospace & defense, automotive, and sporting goods industries. The COVID-19 outbreak has resulted in the disruption in the supply chain, resulting in reduced demand for PAN precursor-based carbon fiber from the end-use industries.
Virgin carbon fiber accounted for dominating share in the global carbon fiber market. Virgin carbon fiber 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 performance applications.
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152 – Tables
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CF & CFRP are used in various end-use industries such as aerospace & defense, automotive, marine, sporting goods, medical, among others. The demand for these materials is increasing rapidly, owing to their lightweight and exceptional mechanical properties offered by CFRP materials. However, amidst the global COVID-19 pandemic, the demand for CF & CFRP materials from the industries mentioned above is expected to show a sharp decline in 2020. 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% during the forecast period.
Companies have strengthened their position in the global CF & CFRP market by adopting agreement & partnership as the major strategy. From 2016 to 2020, agreement & partnership was the key strategy adopted by the market players to maintain growth in the global CF & CFRP market. For instance, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aerospace & defense end-use industry. However, due to the outbreak of the COVID-19 pandemic, the demand for CF & CFRP materials from the major end-use industries such as aerospace & defense, wind energy, and automotive has decreased. The factors such as lockdown situation across national and international borders, closure of manufacturing facilities, disruption in the supply chain, and reduced orders from composite component manufacturers have resulted in a drop in market demand.
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The major manufacturers profiled in this report include Toray Industries, Inc. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), Teijin Limited (Japan), SGL Group (Germany), and Solvay (Belgium). The CF & CFRP business of these companies is severely affected due to the outbreak of the COVID-19 pandemic. Reduced demand from several OEMs and disruption in the supply chain have compelled the manufacturing companies to operate at partial capacities.
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