A recent report published by Infinium Global Research on carbon fiber reinforced plastic market provides an in-depth analysis of segments and sub-segments in the global as well as regional carbon fiber reinforced plastic market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional carbon fiber reinforced plastic market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global carbon fiber reinforced plastic market. According to the report, the global carbon fiber reinforced plastic market is projected to grow at a healthy CAGR over the forecast period of 2019-2025.
Carbon fiber reinforced plastic are strong and lightweight substances that are used for manufacturing various products that are used in our daily life. To provide the strength and stiffness these substances are depended on the carbon fibers whereas, polymers provide toughness and hold the fibers together. Therefore, it is used in various industries such as wind energy, molding, aerospace & defense, sports, automobile, civil, equipment, and marine. Besides, carbon fiber is also used for making laptops, sport racquet frames, tripods and so on. Carbon fiber reinforced plastic can be exchanged with traditional materials such as metal alloys, iron, and steel.
Increasing demand for CFRP in the automotive industry and growth in the defense sector are driving the growth of the carbon fiber reinforced plastic (CRFP) market. As per the International Organization of Motor Vehicle Manufacturers in 2017, the total number of vehicles produced in Canada was 2199789. Rising demand for CRFP in sports applications, especially in the Research and development activities in the aviation industry for manufacturing components is also boosting the growth of the market. Further, growth in oil prices results in the growing demand for fuel-efficient vehicles and aircrafts this factor is anticipated to drive the growth of the CRFP market. Besides, increasing demand for hybrid and electric vehicles is generating the growth opportunity for the carbon fiber reinforced plastic market during the forecast period. On the other side, the high cost connected with the production of defense-grade CFRP is likely to restrain the growth of the carbon fiber reinforced plastic (CRFP) market.
In terms of geographies, North America dominated the growth of the carbon fiber reinforced plastic market followed by the Asia Pacific region. In North America region factors such as shifting of automotive industries towards the use of modern & lightweight materials and the presence of large aircraft and defense manufacturing companies drive the growth of the market in this region. Further, in the Asia Pacific region owing to development in infrastructure, growth in urbanization & industrialization, and expansion of the wind power market is positively supporting the growth of carbon fiber a reinforced plastic market in the Asia Pacific region.
The report on global carbon fiber reinforced plastic market covers segments such as raw materials, type, and application. On the basis of raw materials, the sub-markets include polyacrylonitrile, petroleum pitch, and other raw materials. On the basis of type, the sub-markets include thermosetting, and thermoplastic. On the basis of application, the sub-markets include aerospace & defense, wind turbines, sports equipment, automotive, and other applications.
The report provides profiles of the companies in the market such as Solvay SA, DowAksa Advanced Composites Holding B.V., Formosa Plastics Corporation, Hexcel Corporation, JEC Group, Mitsubishi Chemical Corporation., SGL Carbon, TEIJIN LIMITED, TORAY INDUSTRIES, INC., ZHONGFU SHENYING CARBON FIBER CO., LTD., and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of carbon fiber reinforced plastic market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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