According to a new market report published by Lucintel, the future of the carbon fiber reinforced plastic (CFRP) market looks attractive with opportunities in the automotive, pressure vessel, and wind energy industries. The global CFRP market is expected to reach an estimated $32.0 billion by 2024 with a CAGR of 4.3% from 2019 to 2024. The major drivers for this market are growing demand for high performance and lightweight composite materials and increasing performance requirements in the various end use industries.
In this market, aerospace will remain the largest end use industry by value. Automotive is expected to witness the highest growth over the forecast period due to the increasing demand for high performance lightweight materials.
Within this market, epoxy, phenolic, vinylester, polyester, PEEK, PPS, PEI, and PA are the major resin systems used for manufacturing CFRP products. Epoxy based CFRP will remain the largest segment by value and volume and PPS is expected to witness the highest growth over the forecasted period.
By process, prepreg layup, RTM, compression molding, injection molding, filament winding and pultrusion are the major CFRP manufacturing process. Prepreg layup will remain the largest segment by value and volume and RTM is expected to witness the highest growth over the forecast period.
North America will remain the largest region by value and volume due to the growth in automotive and aerospace industries in the US and government regulations on energy efficient product with less CO2 emission. APAC is expected to witness the highest growth over the forecast period.
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of technologies to reduce the manufacturing costs of carbon fiber as well as part fabrication and reuse of CFRP is another emerging trend as it recycled carbon fiber reduces cost of product and environmental impact.
Toray Industries Inc., Mitsubishi Rayon Corporation, Teijin Limited, Hexcel Corporation, SGL Group, and Cytec Solvay Group are among the major CFRP manufacturers
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global CFRP market by end use industry, process type, resin type, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global CFRP Market 2019-2024: Trends, Forecast, and Opportunity Analysis”. The Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global CFRP as follows:
By End Use Industry [Volume (M lbs) and $M shipment analysis for 2013 – 2024]:
• Wind Energy
• Sporting Goods
• Pressure Vessel
By Process Type [Volume (M lbs) and $M shipment analysis for 2013 – 2024]:
• Prepreg Layup
• Injection Molding
• Compression Molding
• Filament Winding
By Resin Type [Volume (M lbs) and $M shipment analysis for 2013 – 2024]:
By Region [Volume (M lbs) and $M shipment analysis for 2013 – 2024]:
• North America
• Asia Pacific
• Rest of the World
This 312-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include advanced materials reports, composite materials market report, strategic growth consulting, market research due diligence and business strategy consulting.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the global CFRP market by end use industry (aerospace, automotive, wind energy, marine, sporting goods, construction and pressure vessel), by process type, by resin type and region (North America, Europe, Asia Pacific and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?