The market has been estimated at USD XX billion in 2016 and is projected to reach USD XX billion by 2021, at a CAGR of XX% during the forecast period from 2016 to 2021.
Carbon filament, the raw material for the carbon fiber re-enforced polymer is produced from the precursor polymers such as polyacrylonitrile (PAN), rayon, or petroleum pitch. For synthetic polymers such as polyacrylonitrile (PAN) or rayon, the precursor is spun into filament yarns with the help of chemical and mechanical processes to align the chain like structures, which would ultimately enhance the properties of the polymer. Carbon fiber is almost 10 times stronger than the steel and less than half of its weight. It also exhibits high rigidity.
The demand for CFRP market is the highest in the North American region, due to a strong demand from the aerospace, defense, automobile, construction, sports and leisure sectors. The CFRP is useful in weight reduction and thus is helpful in the various areas. Use of these materials would help in reducing the fuel usage and even coping up with the environmental regulations. The CFRP recently have developed a great use in the improving marine industry. These plastics have played an impressive role in replacing the use of metals and high tension steels.
Market Dynamic of the Global CFRP Market:
The market is expected to gain in emerging markets rapidly, due to increase in environmental regulations by various governments. On the other hand, high cost associated with its manufacturing is a key challenge for the market. However, continuous R&D in the field of plastics and polymers would increase the price factor in the future and even increase the efficiency of the plastics.
The major companies have an increasing share in the market as they have been continuously acquiring and creating joint ventures to increase their market share; such major firms are investing heavily in research and development and thus have a major market share. Some of the prominent firms in the global CFRP industry are: