According to the latest report by IMARC Group titled, “Carbon Fiber Reinforced Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market to exhibit a CAGR of around 7% during 2020-2025. Carbon fiber reinforced plastics (CFRPs) are non-metallic composite materials that are manufactured using thermosetting resins, such as epoxy, polyester and vinyl ester. They are strong, lightweight and resistant to numerous chemicals. Besides this, they exhibit high tensile and fatigue strength and can withstand high temperatures. Consequently, they are employed in the automotive industry for manufacturing premium sports cars, bicycles and motorbikes. They also find applications in the aerospace and defense industry for producing lightweight military planes and helicopters.
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CFRP is presently gaining traction across the aerospace industry as it reduces fuel consumption. This can also be attributed to the rising environmental concerns across the globe. These plastics are used in the manufacturing of laptops, tripods, fishing rods, racquet frames, stringed instrument bodies and golf clubs. Additionally, on account of its several benefits, CFRP is employed as an alternative to steel in the production of cable structures. Other than this, it is also utilized in the healthcare industry for manufacturing various medical instruments. Thus, the expanding applications of CFRP are expected to create a positive outlook for the market in the coming years.
View Report TOC, Figures and Tables: https://www.imarcgroup.com/carbon-fiber-reinforced-plastic-market
Insights on Market Segmentation:
Market Breakup by Raw Materials:
Polyacrylonitrile
Pitch-based
Rayon-based
Market Breakup by Type:
Thermoset
Epoxy Resin
Polyester Resin
Vinyl Resin
Thermoplastic
Polyurethane
Polyether Ether Ketone
Polyethersulfone
Market Breakup by Manufacturing Process:
Layup
Pultrusion and Filament Winding
Resin Transfer
Injection and Compression Moulding
Others
Market Breakup by Application:
Aerospace & Defense
Automotive
Wind Energy
Civil Engineering
Sporting Goods
Electrical and Electronics
Marine Applications
Others
Market Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited., Toray Industries, Inc., etc.
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