New York, United States , Sept. 01, 2023 (GLOBE NEWSWIRE) -- The Global CF & CFRP Market Size is to grow from USD 28.92 billion in 2022 to USD 91.12 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.1% during the projected period. The increasing number of electric vehicles, in addition to the need for lightweight materials to improve range and efficiency, has increased demand for CF & CFRP in the automotive industry.
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Carbon fiber is a novel material that is many times stronger than steel, which is only one-fourth the strength of carbon fiber. CFRP, a carbon fiber and plastic composite material, has the added benefit of being highly resistant to twisting as well as corrosive and acidic erosion. The automotive industries and other sectors' high demand for CF & CFRP is projected to fuel market expansion. CF and CFRP are commonly used in the automotive industry to reduce vehicle weight. By replacing heavier materials like steel with lightweight CF & CFRP components, manufacturers can improve fuel efficiency, handling, and overall performance. Several factors, including the need to improve operational efficiency, lower maintenance costs, and improve safety, have fueled demand for CF & CFRP. CF and CFRP are widely used in automotive and transportation, wind energy, aerospace and defense, marine, electrical and electronics, and other industries. However, the high cost of CFRP raw materials, manufacturing processes, and specialized equipment can restrict its widespread adoption, particularly in cost-sensitive industries.
Browse key industry insights spread across 200 pages with 130 Market data tables and figures & charts from the report on the, "Global CF & CFRP Market Size, Share, and COVID-19 Impact Analysis, By Source (Virgin, Recycled), Precursor Type (PAN, Pitch, Rayon), Resin Type (Thermosetting CFRP, Thermoplastic CFRP), By End-Use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Sporting Goods, Civil Engineering, Pipes & Tanks, Marine, Medical, Electrical & Electronics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The virgin segment is expected to grow at the fastest pace in the global CF & CFRP market during the forecast period.
The global CF & CFRP market is divided into two categories: virgin and recycled aircraft. The virgin segment is projected to expand at the greatest pace in the global CF & CFRP market throughout the forecast period. Virgin carbon fiber is superior to recycled carbon fiber in mechanical and thermal properties. Aerospace and defense, wind energy, sporting goods, and other industries use these fibers.
The PAN segment is expected to hold the largest share of the global CF & CFRP market during the forecast period.
The global CF & CFRP market is divided into three segments based on the precursor type: PAN, pitch, and rayon. Among these, the PAN segment will likely account for the majority share of the global CF & CFRP market throughout the forecast period. Because of its high tensile strength and elastic modulus, it has become a popular choice for structural material composites in the aerospace and defense, automotive, and sporting goods industries.
The thermoplastic CFRP segment is expected to hold the largest share of the global CF & CFRP market during the forecast period.
The global CF & CFRP market is divided into thermosetting CFRP and thermoplastic CFRP based on resin type. The thermoplastic CFRP segment is projected to account for the majority of the global CF & CFRP market throughout the forecast period. One of the key benefits of thermoplastic resins is their ability to be melted and re-melted multiple times without significant degradation.
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North America is anticipated to hold the largest share of the global CF & CFRP market over the predicted timeframe.
North America is expected to have a major share of the global CF & CFRP market in the coming years. The region is home to a number of major aircraft manufacturers, which fuels the demand for CFRP in this industry. CFRP materials are increasingly being used in the North American automotive industry for light weighting and performance enhancement. North America's aerospace and defense industries are major users of CFRP materials.
Asia Pacific is anticipated to expand at the highest rate in the global CF & CFRP market throughout the study period. CF and CFRP are in high demand in the region's wind energy, sporting goods, and aerospace industries. The region, which includes Japan, China, South Korea, and Taiwan, has a significant advantage due to the presence of established raw material suppliers, manufacturing firms, and increased new aircraft deliveries and wind energy installations. During the forecast period, this factor will propel the CF and CFRP market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global CF & CFRP Market include Teijin Limited, Hexcel Corporation, Hyosung Advanced Materials, Toray Industries Inc., Mitsubishi Chemical Corporation, Solvay, SGL Carbon, Kureha Corporation, Zhongfu Shenying Carbon Co., Ltd., DowAksa, Jilin Chemical Fiber Group Co., Ltd., Jiangsu Hengshen Co., Ltd., and Among Others.
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Recent Developments
In April 2023, Solvay and GKN Aerospace extended their collaboration agreement signed in 2017. Both companies are developing a joint thermoplastic composites (TPC) roadmap to investigate new materials and manufacturing processes for aerospace structures while jointly targeting future strategic high-rate programs under the terms of the agreement. Solvay is projected to remain a preferred supplier of TPC materials to GKN Aerospace.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global CF & CFRP Market based on the below-mentioned segments:
Global CF & CFRP Market, By Source
- Virgin
- Recycled
Global CF & CFRP Market, By Precursor Type
- PAN
- Pitch
- Rayon
Global CF & CFRP Market, By Resin Type
- Thermosetting CFRP
- Thermoplastic CFRP
Global CF & CFRP Market, By End-User
- Aerospace & Defense
- Wind Energy
- Automotive & Transportation
- Sporting Goods
- Civil Engineering
- Pipes & Tanks
- Marine
- Medical
- Electrical & Electronics
- Others
Global CF & CFRP Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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