12 April 2021
Visiongain has published a new report on Carbon Fibre Reinforced Plastic (CFRP) Composites Market Report 2021-2031: Forecast by Process (Prepreg Layup, Pultrusion and Winding, Wet Lamination & Infusion, Press and Injection, Others), by Type (Epoxy Resin, Polyurethane, Polyester Resin, Others), by Application (Automotive, Aerospace, Sports and Leisure, Building and Construction, Wind Power Industry, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading CFRP Companies AND COVID-19 Recovery Scenarios.
Global Carbon fibre reinforced plastic (CFRP) composite market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Increasing demand from aerospace segment is one of the major reasons behind this market growth. The cost of carbon fibres is directly proportional to the cost of precursor raw materials from which they are obtained. Carbon fibres are currently obtained from polyacrylonitrile (PAN), whose cost in aerospace applications is approximately US$ 90 per kilogram. This development of low-cost and high-yield precursors for making aerospace grade carbon fibres would significantly reduce the cost of carbon fibres.
COVID-19 Impact on Carbon fibre reinforced plastic (CFRP) composite Market
As a result of the pandemic situation, many countries have decided to go on complete lockdown for few months. This is one of the major factors of market slowdown in the second quarter of 2020. However, it has been expected that this market will have a V shape recovery. As a result of Covid 19, consumers spending toward healthy product has been increasing heavily. This is one of the major factors which will drive alternate sweeteners market in the last quarter of 2020 and in 2021.
Covid 19 has disrupted the global supply chain. Food and beverage industry have a high impact of supply chain slowdown. Carbon fibre reinforced plastic (CFRP) composite are used in different food and beverage products. It has been observed that many food and beverage manufacturing units are facing low raw material availability issue.
Large Usage of CFRP in Secondary Structures at Global Level
It is possible to decrease the weight of final product and able to achieve mechanical peak values in terms of stiffness and strength of the components, by using CFRP in secondary and primary structures,. With innovative production technologies and years of experience in the manufacture of lightweight components, we offer tailor-made solutions for your requirements.
To produce a composite component it is require to cut the material in individual layers, which are often preimpregnated with the resin matrix. CFRP is used in these places which is expected to drive its demand in coming years.
Moreover, end use companies have preference towards using carbon fibre reinforced plastic to manufacture there secondary structure. Aerospace bodies are mostly used with CFRP which will promote the market demand in coming years.
Demand of Carbon fibre reinforced plastic (CFRP) composite Polymer is Projected Create New Market Opportunity
Carbon fibre reinforced polymer (GFRP) composites, in terms of revenue, expected to create new opportunity in the overall market. GFRP contains Carbon fibres within the polymer matrix and is popular for several reasons, for instance, it can be easily drawn into high-strength fibres from the molten state and be economically fabricated using different composite-manufacturing techniques. In addition, Carbon fibre holds a chemical inertness, during plastic coupling procrss, which is considered as a useful material in a variety of corrosive environments.
Furthermore, CFRP also have certain limitations, including though it comes with high strength and flexibility and, it is not very stiff. Moreover, it does not display the rigidity that is necessary for certain applications such as bridges and airplanes. GFRP is commonly used for reinforcing fibres for polymeric matrix composites. GFRP is more costly than fibre reinforced plastic material.
Carbon fibre reinforced polymer (CFRP) composite is lightweight FRP containing carbon fibres. Carbon fibre reinforced polymer also provides different mechanical properties such as strength, low density, and modulus of elasticity over other FRP composites.
Some of the companies profiled in the report include BASF SE, Owens-Illinois, Inc., Saint Gobain S.A., Mitsubishi Chemical Corporation, Hexcel Corporation, Cytec Industries Inc., Melrose Industries Plc, Formosa Plastics Corporation, Gurit Holding, and SGL Carbon SE.
Companies are working in product development and innovations. It has been observed that, end user prefer to purchase composite plastic with innovative technologies. Moreover, demand of cost effective products are also present among different industries. For instance, in December 2019, SGL Carbon and Solvay entered into a partnershio of development. They are planning to launch first composite materials which is made with large-tow intermediate modulus (IM) carbon fibre. It is expected that, these materials will decrease CO2 emissions, costs and improve the fuel efficiency of next-generation commercial aircraft and manufacturing process of other products.
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Increasing demand from aerospace segment is one of the major reasons behind this market growth. The cost of carbon fibres is directly proportional to the cost of precursor raw materials from which they are obtained.