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Carbon Fiber Reinforced Plastics Market Size To Witness Exponential Growth – An Overview

Author : Rahul Varpe | Published Date : 2019-09-19 

North America is anticipated to be the dominant region in the carbon fiber reinforced plastics market size due to the extensive automotive and aerospace industries in the U.S. Moreover, strict government regulations regarding vehicular pollution is projected to propel the consumption for CFRP products for the production of lightweight transports in the region. This would aid the product market in growing affluently in the projected timeframe.

Based on the end-use industries, the product market is classified into building and construction, automotive, aerospace, sports equipment, wind turbines, molding & compounding and few others. Aerospace industry is projected to record the maximum share in the product market size. Conventional metals are widely substituted by carbon fiber reinforced plastics in aircrafts, due to their lightweight yet sturdy designs and ease of fabrication, that will directly augment the CFRP industry size in the near future.

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Carbon Fiber Reinforced Plastics Market size is mounting at a significant pace due to the increasing demand for lightweight materials in the vehicles to improve its fuel efficiency and reduce carbon emission. Carbon fiber reinforced plastics are strong and lightweight composite materials. They are formulated by combining carbon fibers into plastic resin to escalate the strength.

The aerospace and automotive industry will advance during the estimated timespan owing to the improved living standards and increasing spending power of the consumers worldwide. The budding tourism industry in the APAC countries such as China, India, Malaysia, Hong Kong, Thailand and Singapore, will boost the growth of the aerospace industry, which will. directly propel the demand for CFRP products in the forecast period.

Carbon Fiber Reinforced Plastics Market are gradually replacing metals in numerous automotive applications, mainly to enhance the efficiency and decrease fuel consumption. The product also has a widespread application in the manufacturing of tennis racquets, protective helmets, aerospace components, blades for wind turbines, building & construction plates, molding compounds, imaging equipment structures, etc. that is projected to boost the CFRP market size in the near future.

Advancing demand for lightweight vehicles is anticipated to boost the carbon fiber reinforced plastics market  growth in the coming years. Various favorable regulatory frameworks by government organizations, facilitated the automotive and aerospace manufacturers to invest in the research and development activities, to improve the quality and to escalate the production. For instance, BMW and McLaren are heavily employing CFRP parts in their cars in order to increase the vehicle performance while conforming to the regularly updating emission norms. Moreover, McLaren has plans to build a sports car completely with carbon fiber parts. Similarly, Boeing’s Dreamliner aircrafts, that is known for its greater fuel efficiency, depends on CFRP components for weight reduction. These modern automotive and aerospace developments will assuredly propel the product market size by 2025.

 However, the considerable high prices of the carbon fiber reinforced plastics market may hinder the market growth of over the expected timeframe. The advanced carbon fiber composites are comparatively more expensive then the conventional metals owing to their high strength-to-weight ratio and stiffness. Nevertheless, recent technological advancements in composites are driving the product to be more cost effective that would generate copious opportunities for the carbon fiber reinforced plastics industry size in the expected timespan.

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The global carbon fiber reinforced plastics market has been categorized based on its raw materials, product types, end-use industries and region. The overall CFRP market size is divided on the basis on its raw materials into polyacrylonitrile (PAN) based and pitch based. Production growth of propylene has boosted the market for polyacrylonitrile based CFRP products.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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