Market Overview

Carbon fiber reinforced polymer has grown in popularity in recent years and is expected to continue to do so throughout the forecasted era. Long-term, the market is expected to expand due to increasing demand from the aerospace industry and a growing preference for fuel-efficient and light-weight vehicles. In the future, a shift in emphasis to the production of low-cost goods and innovations is likely to present an opportunity. Carbon fiber reinforced plastics are being widely used in the automotive industry to reduce fuel consumption as well as emissions and to produce lightweight vehicles. Several governments around the world have enacted strict vehicle emission and fuel efficiency standards. These regulations also prompted automakers to use more lightweight materials, such as carbon fiber reinforced plastics, to help vehicles achieve better fuel economy while maintaining protection and efficiency.

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  Carbon fiber reinforced plastic is experiencing rapid growth, owing to increased demand in industries such as aerospace and automotive. Although aerospace is the most important end-user industry for carbon fiber reinforced plastics, the automotive industry is rising at the fastest rate. Carbon fiber reinforced plastics are mostly sold in Europe and North America. A growing emphasis on fuel-efficient vehicles and aircrafts in response to increasing oil prices is expected to propel demand in the Carbon Fiber Reinforced Plastics Market Growth. The growing demand for electric and hybrid vehicles presents an opportunity for carbon fiber reinforced plastic manufacturers. Carbon fiber and carbon fiber reinforced plastic composites have also been promoted through government legislation. Carbon fiber reinforced plastics will be further penetrated as demand for renewable energy such as wind power grows, as well as increased oil and gas exploration.

However, as aerospace companies recover, investments are expected to increase, driving demand for CFRP in the coming years. The high price of carbon fibers in many applications constrains the possible use of composites. As a result, the high cost of carbon fiber reinforced plastics may limit market growth during the forecast period. However, in the near future, cost-effective production methods combined with high-volume processing, assembly techniques, and automation processes will result in a price reduction.

COVID-19 has had a negative impact on CFRP composite demand in a variety of industries, including aerospace and defense, automotive, and wind energy. The supply chain disruption, which resulted in raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line staff forced composite component manufacturers to operate at a reduced capacity. The travel ban has significantly reduced air travel, which has had a negative impact on the aerospace and automotive industries by reducing new aircraft deliveries and demand. Reduction aircrafts deliveries and automotive production have limited demand for CF CFRP products.

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 Segmental Analysis

The market is divided into construction, electrical isolation, industrial, marine, and other applications. The military industry is increasingly using carbon fiber reinforced plastics to make specialty parts for missile systems, radar panels, body armor, helmets, rocket motor casing, artificial limbs, ballistics, nuclear submarines, propulsion systems, and other applications. The need for agility during sudden attacks and the upgrading of defense technologies has prompted a shift from traditional materials to fiber reinforced materials, which is expected to drive the carbon fiber reinforced plastic market during the forecast period.

The market has been divided into Polyacrylonitrile (PAN) Precursor and Petroleum Pitch Precursor based on the production process.

Regional Analysis

Geographically, Asia Pacific has dominated the market for global carbon fiber reinforced polymer market with the largest market share, followed by North America and Europe which are the rising market for global carbon fiber reinforced polymer market and is expected to develop at a significant CAGR over the review period. Due to widespread adoption in the manufacturing, aviation, and automotive sectors in countries such as India, Japan, and China, Asia-Pacific accounted for the largest share of the global CFRP industry. China has been a key contributor to global air traffic growth, for the past few years. Passenger traffic is increasing as a result of increased purchasing power and improved air connectivity. As a result, rising passenger traffic is expected to fuel aircraft demand..

Competitive Analysis

The key players in market includes 3M, Aciturri, Bassara, Caproni, Dow Chemical Dr. Schnabel GmbH Co.KG, DuPont, Nissan, Bombardier, and Gurit

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