Carbon Fiber Reinforced Plastic Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of Carbon Fiber Reinforced Plastic Market by type (thermo setting and thermoplastic), by raw materials (petroleum pitch), manufacturing process (prepreg layup, wet lamination & infusion, press, injection), application (aerospace & defense, wind turbines, automotive, sports equipment, building & molding compounds) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the Carbon Fiber Reinforced Plastic Market it includes the five years Industry analysis and the 6 years annual forecast from 2017 to 2023. Some of the prominent participants in the Global Carbon Fiber Reinforced Plastic Market are JIANGSU HENGSHEN FIBRE MATERIALS CO.LTD., Mitsubishi Rayon Co., Ltd., SGL CARBON SE, Teijin Limited, Toray Industries, Inc., Zhongfu Shenying Carbon Fiber Co., Ltd. According to the report the global carbon fiber reinforced plastic market is projected to reach USD 25.7 billion by 2023, growing with a CAGR between 9.5% to 10.0% from 2017 to 2023.
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Rising Demand for Carbon Fiber Reinforced Plastic (CRFP) Market in Sports Applications, Especially in the APAC Region and Research and Development in the Aviation Industry for Manufacturing Components Provide Opportunity for Major Players in the Emerging and Developing Economies
The report identified that the global carbon fiber reinforced plastic (CRFP) market is driven by factors such as, increasing demand in the automotive and aerospace industry. Moreover, growth in defense sector is likely to boost the market size of carbon fiber reinforced plastic (CRFP) market over the next few years. On the other hand, the restraining factors identified in the study include demand for lightweight & cost-effective CFRP.High cost associated with production of defense grade CFRP is a challenge for the major players to expand further during the forecast period.
North America is the Key Consumer of Carbon Fiber Reinforced Plastic (CRFP) in the Global Market
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2017 – 2023. As of 2015, this region accounted for about36 % share in the global market. Asia Pacific accounted for 28% of the global share followed by Europe at 21%. The low cost and high strength to weight ratio of PAN-based carbon composites are expected to drive Polyacrylonitrile demand for CFRP production over the forecast period in the APAC regions. Japan and China are emerging to be the economies across the APAC region, which are expected to grow with a rate of 9.8% during the forecast period.
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Segments Covered in this Premium Report
The report segments the global carbon fiber reinforced plastic (CRFP) market by type, raw materials, manufacturing process, application and region. On the basis of raw materials the CFRP market is segmented as polyacrylonitrile, petroleum pitch and others. Moreover, on the basis of types it is segmented as thermo setting and thermoplastic. The manufacturing processes of carbon fiber reinforced plastic include prepreg layup, pultrusion and winding, wet lamination & infusion, press and injection and others. The applications of CFRP covered in the research include aerospace & defense, wind turbines, automotive, sports equipment, building & construction, molding compounds and others.
Major Key Players Mentioned in this Premium Report
The companies covered in the report include Cytec Industries Inc., DowAksa Advanced Composites Holding B.V., Formosa Plastics Corporation, Hexcel Corporation, JIANGSU HENGSHEN FIBRE MATERIALS CO.LTD., Mitsubishi Rayon Co., Ltd., SGL CARBON SE, Teijin Limited, Toray Industries, Inc., ZhongfuShenying Carbon Fiber Co., Ltd.