According to HTF Market Intelligence, the Global Carbon Fiber Reinforced Polymer Market market to witness a CAGR of 8.19% during forecast period of 2023-2028. Global Carbon Fiber Reinforced Polymer Market Breakdown by Application (Aircraft, Automobiles, Sports Sector, Marine Industry, Wind Energy, Others) by Type (Epoxy, Polyester, Nylon, Vinyl) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Carbon Fiber Reinforced Polymer Market market size is estimated to increase by USD 6.7 Billion at a CAGR of 8.19% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 8.19 Billion.
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The Carbon Fiber Reinforced Polymer (CFRP) Market refers to the industry segment that focuses on the production, distribution, and consumption of composite materials made from carbon fibers and polymer matrices. CFRP is a high-performance composite material that combines the exceptional strength and stiffness of carbon fibers with the versatility and durability of polymers.
Carbon Fiber Reinforced Polymer Market market – Key Segment Analysis
The market share growth by the Polyester segment will be significant during the forecast period. The segment is driven by the The carbon fibre reinforced polymer market has shown tremendous growth for mass reduction, it is becoming more and more popular in the luxury and sporting goods sectors.
These materials are expensive and are better suited for lower-volume manufacturing because of the long moulding cycle durations..
Carbon Fiber Reinforced Polymer Market market – Competition Analysis
The global Carbon Fiber Reinforced Polymer Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Mitsubishi Chemical (Japan), BASF (Germany), Hexcel Corporation (United States), Teijin Limited (Japan), SGL (Germany), Toray Industries (Japan), Shin-Etsu Chemical Co (Japan), LyondellBasell (Netherlands), Lanxess (Germany), Celanese Corp (United States).
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Carbon Fiber Reinforced Polymer Market
Market Drivers
- The carbon fibre reinforced polymer market has shown tremendous growth for mass reduction, it is becoming more and more popular in the luxury and sporting goods sectors.
- These materials are expensive and are better suited for lower-volume manufacturing because of the long moulding cycle durations.
Market Trend
- The demand for carbon fibre reinforced polymer has risen since it can play a significant role in the aerospace and automotive industries because of applications that call for lightweight materials with exceptional mechanical performance, high stiffness, corrosion resistance, a low coefficient of thermal expansion, chemical resistance, and excellent electrical and thermal conductivity.
Market Challenges
- The comparatively low fatigue endurance limit of this structure is one structural drawback despite its high strength-to-weight ratio of carbon fibre reinforced polymer.
- Therefore, when carbon fibre-reinforced polymer is used in applications where there could be a big risk to people or the environment in the event of an early failure, an adequate safety limit needs to be taken into account.
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What key data is demonstrated in this Carbon Fiber Reinforced Polymer Market market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Carbon Fiber Reinforced Polymer Market market between 2023 and 2028
- Precise estimation of the size of the Carbon Fiber Reinforced Polymer Market market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa; further broken down by major country within region.
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Carbon Fiber Reinforced Polymer Market market players
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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