CF and CFRP Market

CF and CFRP Market Size & Growth (2023-2028)

The size of the CF & CFRP Market size is esteemed to reach USD 52.28 billion by 2028, growing at a CAGR of 13% during 2023-2028

Carbon fiber is defined as a cutting-edge material that is multiple times greater than steel which is at a fourth of its greatness. CFRP, a blended material made from carbon fiber and plastic, has the extra advantage of being profoundly impervious to twisting and to both corrosive and antacid erosion. The market expansion is predicted to be driven by the high demand for CF & CFRP from the automotive industry. 

CF and CFRP Market Drivers

CFRP is employed widely in aircraft components and structures, as their superior strength-to-weight ratio significantly exceeds that of any traditional metal. Rising demand for composites within the production of aircraft components like ailerons, wings, engine nacelles, vertical stabilizers, floor beams,, and elevators boosts the CF and CFRP market. Single-aisle airplanes are expected to command the most important share of the latest aircraft deliveries during the forecast period. These aircraft are expected to fulfill around 70% of the longer-term commercial aircraft demand. New demand for carbon fiber is predicted to come back from the next-generation single-aisle aircraft

3D printing technology is defined as 3D object printing by stacking thin materials from a digital model. This is often a complicated technology used for several applications and doesn't require a large equipment setup. This technology is often wont to print several objects during a short time span. Carbon fibers are utilized in 3D printing as if it offers high strength and rigidity compared to other metallic materials. The orientation and content of carbon fiber are controllable, which improves the optimization process. 3D printing using carbon fibers also allows for top accuracy within the manufacturing of parts for various end-use industries like aerospace, automotive, and dental. This will improve the carbon fiber production process and can offer great opportunities for the market players. This factor will drive the expansion of the market within the forecast period.

CF and CFRP Market Restraints:

The decrease in the number of aircraft deliveries would directly have an impression on the CF & CFRP market. Since the major share of composite materials is used in commercial aircraft, there is a decline in demand for composite because the decrease in the number of aircraft orders has a negative impact on the market. As an example, the grounding of Boeing 737MAX resulting from accidents suffered by Malaysian and Ethiopian Airlines recently resulted in the cancellation of its orders.

Opportunities in CF and CFRP Market

The value of carbon fibers is directly proportional to the value of precursor raw materials from which they're obtained. The event of low-cost and high-yield precursors for creating aerospace-grade carbon fibers would significantly reduce the value of carbon fibers. These low-cost precursors for carbon fibers would bring down the value of aerospace-grade carbon fibers. The reduction in the cost of carbon fibers would reduce the value of carbon fiber CF & CFRP, thereby driving the market.

CF and CFRP Market Segmentation

The CF and CFRP Market is segmented based on resin type, manufacturing process, raw material, and end-user industry.

By Resin Type

• Thermosetting

• Thermoplastic

Thermoplastic CFRP held the biggest share within the CF & CFRP market in 2019. The composites of thermoplastics give two significant advantages for manufacturing applications. The primary is that thermoplastic composites have increased impact resistance and another major advantage of thermoplastic composites is their ability to be rendered malleable. These properties show tremendous promise for the longer term of recycling thermoplastic CRPF products when their original use ends. While it is often made malleable through the appliance of warmth, because the wild of thermoplastic is solid, it's difficult to impregnate it with reinforcing fiber. The resin must be heated to the freezing point, and pressure must be applied to integrate fibers, and then, the composite has got to be cooled, all while still struggling. These factors will drive the expansion of the CF and CFRP market within the forecast period.

By Manufacturing Process:

The lay-up process held the most important share within the CF & CFRP market in terms of the manufacturing process. The lay-up process includes the hand lay-up and spray-up process and is the largest manufacturing process for CFRP. This process is applicable for designing simple enclosures, lightly loaded structural panels because it provides orientation of the fibers that be controlled as required to absorb the maximum stresses to which they're subjected. The spray-up process has the most important application within the lay-up process. The spray lay-up process may be a method that uses a handgun to spray resin and chopped fiber. It uses a low-cost mold, and it's a preferred method to use for giant product finishing.These factors will drive the expansion of the CF and CFRP market within the forecast period.

By end-user industry

• A&D

• Wind Energy

• Automotive

• Sports

• Civil Engineering

• Pipe & Tank

• Marine, Medical

• E&E

The automotive sector has been the first market for CF & CFRP in 2019, growing at a CAGR of 12%. CF & CFRP are getting used to manufacture lightweight cars permanently performance and luxury at an economical price. The key driver for the growth of the CF & CFRP market is the increasing need for lighter, safer, cleaner, and less expensive vehicles. Commonest automotive components CF & CFRP are used for exterior body parts, hoods, bonnets, and test plates. The expansion of the CF & CFRP market isis often attributed to the increase in sunshine commercial vehicle productions. According to an international organization of automobile Manufacturers, the entire production of automobiles globally within the year 2019 was 91,786,861 units compared to 96,869,020 units in 2019. The rise in global automobile production may be a major factor resulting in the expansion of the CF & CFRP market in terms of volume across the world.

By Region:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East and Africa 

North America dominates the CF & CFRP market with a share of quite 41%, followed by Europe and APAC. The economy of North America is especially influenced by the economic dynamics of nations like the USA and Canada, but with growing foreign direct investment for the economic development of North America, the present scenario is changing. Countries in North America are witnessing high growth within the aerospace & defense sector. The US aerospace industry is one of the most important in terms of infrastructure and manufacturing activities. In 2019, the aerospace industry's exports accounted for US 155 billion dollars, creating a positive balance of trade of USD 77 billion dollars. Rising demand for commercial and military aircraft alongside a considerable increase in defense spending has contributed to the expansion of the aerospace and defense industry. This factor will drive the expansion of the CF and CFRP market within the forecast period.

Impact Of COVID-19 on CF and CFRP Market:

The disruption within the supply chain leading to delays or non-arrival of raw materials disrupted financial flows. Growing absenteeism among production line workers has compelled composite component manufacturers to work at partial capacities. The restrictions on travel have decreased aviation significantly, which hit hard the automotive and aerospace industry by decreasing new aircraft deliveries and automotive demand.

Recent Developments in CF and CFRP Market:

• A study that includes thermal analysis & tensile tests was carried out to analyze the thermal & mechanical properties of various epoxies. Supported multiple numbers of tests had concluded that an acid anhydride-based epoxy was the optimal epoxy formulation to manufacture carbon fiber-reinforced plastic ropes (CFRP). 

• Recently an experiment was conducted to analyze the behavior of circular CFRP – Steel composite tubed high-strength columns under axial compression. The composition of CFRP & steel is found to be very effective in place of high-strength concrete (HSC) because it eliminates the brittleness factor. These results show that the sheets of CFRP have improved strength and ductility.

• The research was conducted on energy absorption and design optimization mechanics of CFRP when loaded transversally. It had been found that the energy absorption of the hybrid tube was largely suffering from ply thickness, whereas there was a marginal effect thanks to the ply angle. The hybrid resulted in a 43.66% rise in specific energy absorption (SEA) & the mean crushing force was increased by 38.25%.

CF and CFRP Key Players:

Key Players Operating in the CF and CFRP market are:

1. Aeron Composite Pvt. Ltd., 

2. BGF Industries

3. Crosby Composite

4. Cytec Solvay Group

5. Dowaksa

6. Formosa Plastics Corporation

7. Gurit Holdings

8. AG, HC Composite

9. Hexcel Corporation

10. Hindustan Composite

11. Kemrock Industries and Exports Ltd.

12. Mitsubishi Chemical Holdings Corporation, 

13. Nippon Graphite Fiber Corporation, 

14. Park Electrochemical Corporation, 

15. Plasan Carbon Composites,

16. Royal DSM, SGL Group, SK Chemicals