The major players in the carbon fiber reinforced plastic market include DowAksa, Cytec Solvay Group, Toray Industries, Inc., SGL Group, Hexcel Corporation, Teijin Limited, Mitsubishi Rayon Co., Ltd., Hyosung Corporation, Gurit Holding AG, Plasan Carbon Composites, Kringlan Composites AG, Formosa Plastics Corporation, TenCate NV, Toho Tenax Co., Ltd., Zoltek Companies, Inc.
CFRP market products offer a better fuel economy than traditional materials by virtue of higher weight saving properties. Thereby, heightened demands for eco-friendly and better-mileage enhance product penetration in the automotive industry. The application of Carbon Fiber Reinforced Plastic products in the aerospace and defense industry draws lucrative business prospects for the manufacturers. However, volatile costs and long production cycles are anticipated to restrain market growth. Also, the global crisis instilled by COVID-19 is expected to adversely impact political, legal and economic aspects of the market, thereby acting as a grave challenge. On the other hand, the surging application of CFRPs in the building and construction sector poses substantial revenue prospects. Furthermore, the expanding usage of CFRP products in implants, orthopedic trauma, and musculoskeletal oncology are anticipated to boost the demand for CFRP materials in the medical industry.
The entire carbon fiber reinforced plastic market has been sub-categorized into raw material, product and application. current and future demand for carbon fiber reinforced plastic market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
By Raw Material
- PAN-Based
- Pitch-Based
By Product
- Thermosetting CFRP
- Thermoplastic CFRP
By Application
- Automotive
- Aerospace
- Wind Turbines
- Sport Equipment
- Molding & Compounding
- Construction
- Pressure Vessels
- Other
Source: https://www.valuemarketresearch.com/report/carbon-fiber-reinforced-plastic-market
Naira Shekhawat has been into Content Writing just after completing her Graduation in English Literature. Her love for words has won her many accolades in her respective jobs ever since. Naira covers business sections for VMR News. She is a traveller by heart and loves writing on food blogs as a freelancer.