Carbon Fiber Reinforced Polymer Market is expected to reach USD 32.4 Billion by 2024 from USD 15.23 Billion in 2016 at a CAGR of 11.2%.
Increase in demand for lightweight component in automotive industry and high performance products in aerospace & defence drives the carbon fiber reinforced plastic market. Carbon fiber reinforced plastic products offer higher weight saving and thus a better fuel economy than the traditional materials such as steel and aluminum. Aerospace industry has strict performance product requirements for applications in commercial aircrafts, engines, satellites, helicopters, and launchers. High costs the price of carbon fiber reinforced plastic products is approximately 10 times higher than the price of steel counterpart is restraining the market for carbon fiber reinforced plastic .
Global Carbon Fiber Reinforced Polymer
Automobile industry is the fastest growing segment of carbon fiber reinforced plastic market. Increasing demand for lightweight vehicles for increased fuel efficiency and low production cost is one of the key drivers of carbon fiber reinforced plastic market. Investment in the research and development in the automobile industry is further fueling the demand for carbon fiber reinforced plastic during the forecast period. Growing commercial aviation industry owing to rising international tourism is anticipated to consolidate the growth of carbon fiber reinforced plastic market. Stringent government laws regarding vehicle emissions and advanced mechanical properties of carbon fiber reinforced plastic will also lead to higher market growth worldwide.
Europe is domination the cellulose acetate market. Chief manufacturers of wind turbines and accessories are located in Europe, a fact clearly reflected by its consumption of 70% of the carbon fibre used in Europe. North America is the next largest region in this area. Asia Pacific is anticipated to grow at highest CAGR.
Scope of the Report:
Carbon fiber reinforced polymer market, by Raw Material:
- Poly acrylonitrile
- Petroleum pitch
- Coal Tar Pitch
- Rayon
Carbon fiber reinforced polymer market, by Application:
- Aerospace & Defence
- Automobile sector
- Construction projects wind mills
- Medical devices
- Molding Compounds
- Civil engineering
Carbon fiber reinforced polymer market, by Manufacturing Process:
- Compression and injection moulding
- Filament winding
- Pultrusion and Winding
- Wet Lamination & Infusion
Carbon fiber reinforced polymer market, by Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Key players Analysed in the Report:
- Cytec Industries, Inc.
- Magna International, Inc.
- Teijin Ltd.
- Hexcel Corporation
- SGL Group, Inc.
- Gurit Holdings
- Kringlan Composites
- Mitsubishi Rayon Co. Ltd.
- Plasan Carbon Composites
- DowAksa Advanced Composites Holding B.V.
- Formosa Plastics Corporation
- Jiangsu Hengshen Fibre Materials
-
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Contact Us:
Name: Luxmankant Godage
Organization: MAXIMIZE MARKET RESEARCH
Email: [email protected]
Contact: +91 9607365656
Fiber Reinforced Polymer (FRP) Composites Market is estimated to reach USD 282.9 billion by 2025.
The key features associated with fiber reinforced polymer products including flexibility, strength, low cost, and conductivity are estimated to drive the market growth in the upcoming period.The factors that propel the growth of the FRP Composites Market comprise the low cost of FRP composite, increasing production capacity of FRP composite, and growth in the automotive sector.
Fiber Reinforced Polymer (FRP) Composites Market is anticipated to grow at a significant CAGR of 10.7% in the upcoming period as the scope, product types, and its applications are increasing across the globe.Download Free Sample Report @ https://www.millioninsights.com/industry-reports/fiber-reinforced-polymer-frp-composites-market/request-sampleFiber Reinforced Polymer (FRP) Composites Market may be explored by type, application, and geography.
The market may be explored by type as Carbon Fiber Reinforced Polymer (CFRP) Composites, Glass Fiber Reinforced Polymer (GFRP) Composites, Aramid Fiber Reinforced Polymer (AFRP) Composites, Basalt Fiber Reinforced Polymer (BFRP) Composites, and Others.
The “Glass Fiber Reinforced Polymer (GFRP) Composites” segment dominated the Fiber Reinforced Polymer Composites Market in 2016 and is anticipated to maintain its dominance in the forecast period.The market may be explored by application as Construction, Automotive, Defense, Electronic, and Others.
The factors that could be attributed to the growth include easy availability of raw materials, increased demand from recreational vehicles, new plant establishment, increasing manufacturing industries, low labor costs, new product developments.
