Technavio Announces the Publication of its Research Report Global Carbon Fiber-Reinforced Plastic Market 2016-2020
Technavio recognizes the following companies as the key players in the global carbon fiber-reinforced plastic market: Hexcel, Mitsubishi Rayon, SGL, Toray, and Teijin.
Other Prominent Vendors in the market are: DowAksa, Holding Company Composite, Nippon Graphite Fiber Corporation, and Plasan Carbon Composites.
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Commenting on the report, an analyst from Technavios team said: The latest trend gaining momentum in the market is growth in automotive segment. The automotive industry is growing due to the increasing sales of passenger and commercial vehicles worldwide. In terms of units, an estimated 89.68 million vehicles were sold in 2015. The number is expected to rise to 108.31 million in 2020. Rising per capita income and population growth are expected to increase the acceptance of vehicles.
According to the report, one of the major drivers for this market is growth in aerospace and defense segment. The global aerospace industry has been growing with almost 22,000 new air fleets, which is expected to double over 2025 to an in-service fleet of 44,000 airplanes. The growth in commercial air fleets is primarily driven by APAC and the Middle East due to increase in the number of passengers. This is further expected to grow due to increased replacement of older aircraft with newer fuel efficient ones.
Further, the report states that one of the major factors hindering the growth of this market is hazards and environmental concerns. The principal health hazards of carbon fiber handling are due to mechanical abrasion. Microfibers of carbon if uncontrolled have a potential to stick into the skin or the mucous membranes of individuals, causing irritation. Carbon fiber is enormously strong, but it can break, and when it does break it may be highly dangerous. When an epoxy carbon fiber composite product breaks through tensile overload, it splinters. These splinters are sharp and can cause traumatic injuries. They are non-toxic but have a strong affinity to dirt, leading to infections.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Carbon Fiber-Reinforced Plastic
CFRPs are high-strength and lightweight composite materials that contain a matrix, which is generally a polymer resin, and carbon fiber, a reinforcement material. Epoxy is the most commonly used polymer resin for manufacturing CFRPs. However, other polymers such as polyester, vinyl ester, or nylon are also used as reinforcement matrices. The properties of these plastics depend on the structure of the carbon fiber and that of the binding matrix (resin) material. Silica, rubber, and nanotubes are also used for reinforcement. The reinforcing phase is either in continuous or discontinuous form.
Technavios analysts forecast the global carbon fiber-reinforced plastic market to grow at a CAGR of 12.09% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global carbon fiber-reinforced plastic market for 2016-2020. To calculate the market size, the report considers the revenue generated through sales of CFRP in aerospace and defense, wind energy, automotive, sporting goods, civil engineering, pressure vessels, marine applications, and other end-user segments across all regions by considering 2015 as the base year.
The market is divided into the following segments based on geography:
Technavio’s report, Global Carbon Fiber-Reinforced Plastic Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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