According to the latest report from IMARC Group, the global carbon fiber reinforced plastics market will grow at a CAGR of around 6% in the forecast period (2021-2026).
Carbon fiber reinforced plastics (CFRP) are non-metallic composite materials made from thermosetting resins such as epoxy, polyester and vinyl ester. They are strong, light and resistant to numerous chemicals. They also have high tensile and fatigue strength and can withstand high temperatures. Therefore, they are used in the automotive industry to manufacture premium sports cars, bicycles and motorcycles. They are also used in the aerospace and defense industries to make light military aircraft and helicopters.
CFRP is currently gaining importance in the aerospace industry as it reduces fuel consumption. This is also due to increasing environmental concerns around the world. These plastics are used in the manufacture of laptops, tripods, fishing rods, racket frames, string instrument bodies, and golf clubs. In addition, due to its numerous advantages, CFRP is used as an alternative to steel in the manufacture of rope constructions. In addition, it is also used in the healthcare sector to make various medical instruments. The expanding applications of CFRP should therefore create positive market prospects in the coming years.
As the novel coronavirus (COVID-19) crisis hits the world, we continuously track changes in markets and consumer buying behavior around the world, and our estimates of the latest market trends and forecasts are made after taking into account the impact of this pandemic.
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Insights into the market segmentation:
Market division according to raw materials:
Market breakdown by type:
The industry’s competitive landscape was also examined, with some of the key players Cytec Industries Inc., DowAksa Advanced Composites Holdings BV, Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited., Toray Industries, Inc. etc.
View report content, numbers and tables: https://bit.ly/3bnMHUe
Market division according to manufacturing process:
Pultrusion and filament winding
Injection molding and compression molding
Market division according to application:
Aerospace & Defense
Electrics and electronics
Market breakdown by region:
Middle East and Africa
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