Carbon fiber reinforced plastics, also known as CFRPs, is a type of plastic which is extremely light and strong. CFRP material gains these exceptional properties as it contains plastic which has been reinforced with carbon fiber material. Although carbon fiber plastic is currently a tad expensive, it is widely preferred by various industrial sectors whenever the primary requirement is great strength and rigidity combined with minimal weight. Sectors like aerospace, automotive, sports products, etc., are big buyers of fiber reinforced polymer material. Some of the latest advances in carbon fibre reinforced polymer indicate that even consumer electronics like laptops might soon adopt the material into their final versions. Thus, the Carbon Fiber Reinforced Plastic Market is in a fantastic position to post a high growth rate during the forecast period of 2016-2022.
Scope & Regional Forecast of the Carbon Fiber Reinforced Plastic Market
The Carbon Fiber Reinforced Plastic Market considers the primary growth drivers to be a few factors like: automotive sector aim to decrease weight for improving mileage and battery life of electric vehicles; growth in demand for tightly regulated products like aircrafts and space satellites; gradually adoption of carbon reinforced plastic by construction industry; and new opportunities presented to carbon fiber suppliers by medical procedures like implants or spine surgery.
The Carbon Fiber Reinforced Plastic Market expects the gradual shift to vehicles running on renewable energy to be major growth driver during the forecast period as well as in the long-run. Such vehicles, ranging from electric vehicles to spaceships capable of interstellar travel, will be based around the idea of minimal weight. Huge reduction in the weight of chassis or structure will enable these machines to travel longer distances on lower fuel without compromising on strength and durability.
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Segmentations & Key Players Involved in the Carbon Fiber Reinforced Plastic Market
The Carbon Fiber Reinforced Plastic Market can be broken down into various segmentations on the basis of –
Type of Service: Thermosetting (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Phenolic, Polyimide Resins, Others) and Thermoplastic (Polyether Ether Ketone (Peek), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, Others).
Application: Automobile, Industrial, Aviation and Aerospace, Marine, Defence, Electrical & Electronic, Medical, Sports Equipment, Wind Energy, Civil Engineering and Others.
Geography: Americas, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Carbon Fiber Reinforced Plastic Market are as follows:
Toray Industries, Inc.
Nippon Carbon Co. Ltd.
Mitsubishi Rayon Carbon Fiber and Composites, Inc.
Formosa Plastics Corp.
Cytec Solvay Group
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