Carbon Fiber Reinforced Plastic (CFRP) Market By Manufacturing Process (Prepreg Layup, Pultrusion & Winding, Wet Lamination And Infusion, Press And Injection), By Application (Aerospace, Automotive, Energy, Sporting Equipment, Construction) - Growth, Future Prospects And Competitive Analysis, 2017 – 2025

In 2016, the global carbon fibre-reinforced plastic market was worth US$ 32.21 billion. The carbon fibre-reinforced plastic market is mainly driven by the increasing demand from developing economies coupled with environmental regulations towards energy-efficient and environmentally friendly products. The carbon fibre-reinforced plastic market has been segmented on the basis of the manufacturing process, application, and region.

In terms of the manufacturing process, prepreg layup accounted for approximately 40% of global market revenue in 2016 and is expected to maintain this dominance from 2017 to 2025. However, pultrusion and winding processes are anticipated to be the fastest-growing segment, with a CAGR of around 9.7% during the forecast period of 2017 to 2025.

In terms of application, the energy segment accounted for the largest share in terms of value. It is also projected to grow at the fastest CAGR of 10.7% during the forecast period of 2017 to 2025. Due to its high strength-to-weight ratio (much higher than most metals), CFRP is preferred by the players present in the offshore drilling industry. Carbon fiber composites' light weight is also a major driving factor in the energy sector, particularly in fuel cells and high-pressure vessels.

In 2016, the carbon fiber-reinforced plastic market by region was dominated by North America, which accounted for approximately 35% of the market share. North America was followed by the Asia-Pacific region and Europe. The U.S. is the largest national market for carbon fiber-reinforced plastic in the North American region due to the huge demand for CFRP composites in the U.S. from the aviation industry. During the forecasted period, Asia Pacific is the fastest-growing market.

Major players operating in the market are Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL-Group (Germany), Formosa Plastics Corporation (Taiwan), and Hexcel Corporation (U.S.), among others.

The report titled "Carbon Fiber Reinforced Plastic Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025" offers strategic insights into the global carbon fibre-reinforced plastic market along with the market size and estimates for the duration of 2017–2025. The said research study covers an in-depth analysis of multiple market segments based on resin type, type, end-use industry, and a cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2016 and 2025. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.

The report also includes profiles of the leading carbon fiber-reinforced plastic manufacturers, as well as their product portfolios and key developments, to assist strategic decision-makers.

Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the carbon fiber reinforced plastic industry
  • Market drivers, market impediments, and their impact on market growth
  • in-depth competitive environment analysis
  • Trailing 2-year market size data (2015–2016)
  • SRC (Segment, Region, Country) Analysis

Overall, the research study provides a holistic view of the global carbon fibre-reinforced plastic market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above-mentioned factors.

For the purpose of this study, the global carbon fiber reinforced plastic market by the manufacturing process is categorized into:

  • Prepreg Layup
  • Pultrusion and winding
  • Wet Lamination and Infusion
  • Injection and Press
  • Others

The prepreg layup process dominated the CRPF market in 2016 with a share of approximately 40%, and it is expected to maintain this position throughout the forecasted period. The prepreg layup process is used for the production of aerospace-grade CFRP products. Growth in the market is attributed to increasing aerospace, wind energy, and marine applications. This segment will be followed by pultrusion and winding. Pultrusion and winding will see an increase in its market share in the coming years, as it is expected to grow at the fastest CAGR of 9.7% between 2017 and 2025, owing to increasing demand for light cars and aircraft, fuel efficiency, and government legislation. Other manufacturing processes include electron beam curing and UV curing.

For the purpose of this study, the global carbon fiber reinforced plastic market by application is categorized into:

  • Aerospace
  • Automotive
  • Energy
  • Sporting Equipment
  • Construction
  • Others

The energy sector holds the largest market share in the carbon fibre-reinforced plastic composites market, accounting for approximately 39% of the total in 2017. Carbon fiber finds its application in wind power, fuel cells, oil and gas production, and pressure vessels in the energy industry. The aerospace industry is the second-largest consumer of CFRP composites. The aerospace sector is further segmented into submarkets such as commercial aircraft, military aircraft, business jets, and helicopters. The sporting equipment sector will account for 7% in 2017. Other major applications include marine and other consumer applications.

On the basis of geography, the global carbon fibre-reinforced plastic market is segmented into the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

North America was the largest market, with a share of approximately 35%, in terms of value, of the global market in 2016, followed by Asia Pacific. The North American composite market is mainly driven by the demand from the U.S. market, which accounts for approximately 75% of the region's market. Due to the high demand for more fuel-efficient and lightweight technologies, strict environmental regulations, growth in wind energy, and the resurgence of the global automotive sector, coupled with increasing demand from the reviving economies of Western European countries, the demand for CFRP composites will grow globally. Growth in emerging markets will also stimulate demand for CFRP composites, as these economies are characterized by a growing level of disposable income, the rapid development of the middle class, rising levels of urbanization, and changing lifestyles.

Frequently Asked Questions:

The market for Carbon Fiber Reinforced Plastic (CFRP) Market is expected to reach US$ 67.94 Bn in 2025.

The Carbon Fiber Reinforced Plastic (CFRP) Market is expected to see significant CAGR growth over the coming years, at 5.5%.

The report is forecasted to 2017-2025.

The base year of this report is 2016.

Competitive Dashboard,Toray Industries Inc.,Teijin Limited,Mitsubishi Chemical Holdings Corporation,SGL Group are some of the major players in the global market.

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Published Date:  Sep 2017
Category:  Advanced Materials
Report ID:   58712
Report Format:   PDF
Pages:   120
Rating:    4.7 (65)
Delivery Time: 24 Hours to 48 Hours   
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