Market Outlook:
The global Carbon Fiber market was valued at USD 3,340.5 Million in 2019 and is projected to reach USD 6,935.9 Million by 2027, expanding at a CAGR of 9.6% during the forecast period. The global Carbon Fiber Reinforced Plastic Market is projected to reach 43,955.8 Million with 11.6% CAGR from 18,248.0 Million revenue in 2019. Carbon fiber (CF) is a polymer that consists of a long chain of carbon atoms bonded together. These fibers are very strong, extremely stiff, and light in weight. A carbon fiber is thinner than a strand of human hair. The fiber becomes extremely strong when twisted together in the same manner as a yarn. Strands of fiber can be also woven together to produce cloth. Carbon fiber reinforced plastic (CFRP) is a composite material that uses carbon fibers, as the principal structural component. This combination of reinforcing carbons and a polymer matrix leads to high-performance materials, which allows weight reduction by 50%, while steel decrease weight by 20%, as compared to aluminum.

Companies in industries such as automotive, construction, and aerospace are engaging in extensive research and development (R&D) activities to move from niche to high-volume applications. Carbon fiber reinforced plastic is sometimes also referred to as carbon fiber reinforced polymer. CFRP materials are widely used in the manufacturing of top-end sports cars that require strong and light materials. Furthermore, high-end competition motorbikes and bicycles use CRPF frames, handlebars, and forks to keep the weight to a minimum.

Market Dynamics

Market drivers
Superior mechanical and physical properties of CF materials such as lightweight, high tensile strength, and impact resistance make these materials ideal for making vehicles fuel-efficient and reliable. This, in turn, is increasing the demand for CF materials in various industries such as aerospace & defense, automotive, sports, and wind turbines.

The aerospace & defense industry has stringent performance product requirements for applications in commercial aircraft, satellites, helicopters, engines, and launchers. This, in turn, is increasing the demand for high-performance products in the aerospace and defense industry, which is fueling the demand for CRPF products.

Market Restraints
CFRP product manufacturing requires a long production cycle; therefore, fewer number of goods are produced in a particular period of time, thus restricting the use of CFRP products in applications where higher number of products are required in a short time period. The high cost of manufacturing composite materials is likely to hinder the growth of the market.

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Segmental Outlook
On the basis of raw materials, the market has been segmented into polyacrylonitrile carbon fibers (PAN-based CF), pitch-based carbon fiber, and rayon-based carbon fiber. The PAN-based CF dominates the market and is projected to expand at a CAGR of 9.3% during the forecast period. Polyacrylonitrile (PAN) is extensively used in the production of CF owing to its excellent mechanical properties such as high tensile strength and temperature resistance. Moreover, PAN is less expensive than other raw materials.

Based on resin types, the market has been bifurcated into thermosetting CFRP and thermoplastic CFRP. Thermosetting CFRP is projected to constitute more than 79% share of market by 2026.

In terms of applications, the market has been classified as aerospace & defense, sports & leisure, wind energy, automotive, pressure vessels, construction & infrastructure, chemical, oil & gas, and others. In terms of volume and revenue, the aerospace & defense segment is anticipated to account for a key share of the market, during the forecast period. The automotive segment is estimated to expand at a significant CAGR of 12.8% owing to the rising global demand for automobile sector. CFRP is light weight as compared to metals thus gives high mileage and, less cost and weight. CF is employed in the manufacture of part such as blade spar caps, root sections, blade shells, drive shafts, and towers.

On the basis of sales channels, the market has been bifurcated into manufacturers and distributors. Leading manufacturers of CF have increased their production capacity to cater to the increasing global demand. The CF market is highly concentrated. Major manufacturers include Hexcel Corporation, SGL Carbon SE, Mitsubishi Chemical Carbon Fiber and Composites, Toho Tenax, and Toray Industries Inc. among others. Distribution is the process of making a service or product available for the consumer or business users who demand them. Distributors usually have a business relationship with manufactures that produces product.

Regional Outlook
On the basis of regions, the global carbon fiber and carbon fiber reinforced plastics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is a promising region for the market. Growing research and development activities in the aerospace and defense sector in the US, is expected to boost the demand for CF and CFRP during the forecast period.

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Competitive Landscape
• Key players in the market include TEIJIN LIMITED, Formosa Plastics Corporation, Hexcel Corporation, TORAY INDUSTRIES, INC., and others. They considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
• The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the carbon fiber & carbon fiber reinforced plastic extraction is added in the company’s capacity.
• For instance, On December 19, 2017, SGL Carbon completed the purchase of 50% shares of BENTELER Carbon Composites Beteiligungs-GmbH in the joint venture Benteler SGL GmbH & Co. KG, Paderborn. The transaction resulted in SGL Carbon being the sole owner of the company, thus strengthening its production capabilities for components produced from fiber-reinforced composites.
• On December 3, 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to commercialize composite materials based on large-tow intermediate modulus (IM) carbon fiber. This agreement has helped Solvay strengthen its hold in the aerospace industry.

Key Benefits for Industry Participants & Stakeholders
• In-depth Analysis of the Global Carbon Fiber & Carbon Fiber Reinforced Plastic Market
• Historical, Current and Projected Market Size in terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Carbon Fiber & Carbon Fiber Reinforced Plastic Market Performance

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