CF & CFRP Market

CF & CFRP Market worth 37.19 Billion USD by 2022

The report "CF & CFRP Market, By End-use Industry (A&D, Wind Energy, Automotive, Sports, Civil Engineering, Pipe & Tank, Marine, Medical, E&E), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process, Raw Material, and Region – Global Forecast to 2022", is projected to reach USD 37.19 billion by 2022, at a CAGR of 10.50% from 2017 to 2022.

The CF & CFRP market is witnessing a significant growth because of the growing demand from various industries such as aerospace & defense, transportation, and wind energy. The excellent properties, such as high corrosion resistance, durability, design flexibility, and weight reduction have contributed to the high growth of the CFRP market.

 

Browse 75 market data tables and 52 figures spread through 163 pages and in-depth TOC on "CF & CFRP Market by End-Use Industry (A&D, Wind Energy, Automotive, Sports, Civil Engineering, Pipe & Tank, Marine, Medical, E&E), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process, Raw Material, and Region - Global Forecast to 2022"
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Aerospace & Defense industry is at the forefront and is driving the CFRP 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. For instance, Airbus superjumbo commercial aircraft A380, A350, and Boeing’s B-787 are built with carbon fiber composites. Currently, Boeing 787’s fuselage is made of carbon fiber, which reduces its weight by 20%. B787 production is expected to increase from 10 units per month to 12 units per month by 2016. Airbus A350 has reportedly already received a great response from different airlines, with Qatar airways and Delta ordering 80 and 25 airplanes, respectively. Furthermore, recently Qatar airlines and regional airliner Spice jet ordered 100 and 205 Boeing 737-8 MAX aircrafts. Apart from this, carbon fiber composites demand is also boosted by its increasingly usage in Blackhawk helicopters, body armor, helmets, holsters, space shuttles, and many other military applications such as radoms, rocket motor casing, fairings, satellites, antenna dishes, and missiles.

Lay-Up process: The largest manufacturing process for CFRP during the forecasted period

The lay-up process includes hand lay-up and spray-up process and is the largest manufacturing process for CFRP owing to the developed aerospace & defense industry, growing wind energy application, and recovery of the marine industry at the global level. 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.

North America is expected to be the largest market for CFRP during the forecast period.

The North America region is expected to be the largest market for CFRP globally due to the increased demand from aerospace & defense, wind energy, and automotive industry. Along with the existing capacities, several carbon fiber composites manufacturers are expanding their production capacities. For instance, BMW used carbon fiber in its “i” series and achieved success to reduce the 250-350 kilos [550-770 pounds] weight of the car and increased the fuel efficiency. The demand for these cars in North America is projected to continuously increase in the near future and the joint venture between BMW and SGL Group (Germany) is estimated to support this demand by supplying carbon fiber. In addition, in 2016 Teijin Limited acquired 1.8 million m2 land in Greenwood, South Carolina, in U.S. to build a carbon fiber production site. Similarly, SGL Group increased the carbon fiber production capacity of its Moses Lake carbon fiber production plant in U.S. to cater the increasing demand from automotive, aerospace, and wind energy industries in the region.

Some of the key global players prevailing in the CFRP market are Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL Group (Germany), and Formosa Plastics Corporation (Taiwan). These players adopted various organic and inorganic developmental strategies. For instance, Toray Industries Inc. (Japan) acquired 55% outstanding shares of Delta Tech S.p.A (Italy) to produce and supply high quality prepeg and process carbon fiber for automobile applications.

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Report Code
CH 2794
PR Published ON
6/14/2017
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