(MENAFN- PR Newswire) DUBLIN, Jan. 22, 2024 /PRNewswire/ -- The "Carbon Fibre Reinforced Plastic (CFRP) Composites Market Report 2024-2034" has been added to
ResearchAndMarkets's offering.
World revenue for the Carbon Fibre Reinforced Plastic (CFRP) Composites Market is forecast to surpass US$23.88 billion in 2024, with strong revenue growth forecast through to 2034.
The surge in demand for vehicles that are both fuel-efficient and lightweight has emerged as a central driver behind the burgeoning growth of the CFRP composites market. This demand is propelled by the automotive industry's persistent pursuit of solutions to enhance fuel efficiency, decrease emissions, and elevate overall vehicle performance. CFRP composites, renowned for their remarkable strength-to-weight ratio, have become pivotal in achieving these objectives. The imperative to reduce vehicle weight, given its direct impact on fuel consumption, makes CFRP composites an attractive choice for manufacturers seeking innovative materials to construct lighter vehicles.
Furthermore, the adoption of CFRP composites aligns with global concerns about environmental sustainability, positioning these materials as a crucial component in the ongoing effort to address climate change. The inherent lightweight nature of CFRP composites not only contributes to improved fuel efficiency but also enhances the overall performance of vehicles, including factors such as acceleration, handling, and braking. Stringent regulatory standards related to emissions and fuel efficiency further drive the automotive industry to explore and incorporate innovative materials like CFRP composites into vehicle design.
The evolution of electric and hybrid vehicles as viable alternatives in the automotive landscape has added another dimension to the demand for lightweight materials. CFRP composites, with their suitability for alternative propulsion systems, play a pivotal role in the development of energy-efficient and environmentally friendly vehicles. Innovations in manufacturing processes, such as automated fibre placement and resin transfer moulding, have streamlined the production of CFRP composites, making them more efficient and cost-effective for automotive applications. As consumer preferences increasingly gravitate towards sustainable and environmentally conscious choices, CFRP composites stand out as materials that align with these expectations, further fuelling their adoption in the automotive industry. In essence, the rise in demand for fuel-efficient and lightweight vehicles positions CFRP composites as a transformative force shaping the landscape of vehicle construction and design.
Increasing R&D Investments
Increasing investments in research and development (R&D) presents a promising opportunity for the CFRP composites market. R&D efforts have the potential to catalyse significant advancements in this industry in several key areas. R&D can drive the development of advanced carbon fibre materials with enhanced properties, including greater strength, stiffness, and durability. These improvements make CFRP composites suitable for an even broader spectrum of industries and applications, particularly those demanding high-performance materials.
Key Market Dynamics
Market Driving Factors
Rising Aerospace Sector Coupled with New Commercial Aircraft Orders Rising Demand from the Automotive Sector Along with the Performance Recovery Growing Wind Energy Sector Coupled with Energy Efficiency Requirements Double Digit Growth in Electric Vehicle Sales
Market Restraining Factors
High Production Cost of CFRP Composites Challenging CFRP Composites Recycling Limited Understanding of CFRP Composites
Market Opportunities
Rising Demand for Fuel-Efficient and Light-Weight Vehicles Advancements in Recycling Technologies Innovations in Manufacturing Processes Increasing R&D Investments
Forecasts to 2034 and other analyses reveal commercial prospects
In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares. You will find original analyses, with business outlooks and developments. Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising carbon fibre reinforced plastic (CFRP) composite prices and recent developments.
Segments Covered in the Report
Polymer Type
Thermosetting Thermoplastic
Thermosetting Polymers
Epoxy Polyester Vinyl Phenolic Polyimide Others
Thermoplastic Polymers
Acrylic Polyether ether ketone (PEEK) Polyamide / Nylon Polypropylene Others
Manufacturing Process
Prepreg Layup Pultrusion RTM Filament Winding Compression Moulding Injection Moulding Others
End-use Industry
Sporting Goods Automotive Wind Energy Aviation & Aerospace Construction Marine Pressure Vessel Others
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 17 leading national markets.
Leading companies profiled in the report
BASF DowAksa Advanced Composite Material Industries Formosa Plastics Formosa Taffeta Hexcel Hyosung Advanced Materials Mitsubishi Chemical Group Nippon Carbon SGL Carbon Solvay Teijin Toray Industries Voith ZOLTEK
In summary, the report provides you with the following knowledge:
Revenue forecasts to 2034 for Carbon Fibre Reinforced Plastic (CFRP) Composites Market, 2024 to 2034 Market, with forecasts for polymer type, thermosetting polymer, thermoplastic polymer, manufacturing process, and end use industry, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues. Revenue forecasts to 2034 for five regional and 17 key national markets - See forecasts for the Carbon Fibre Reinforced Plastic (CFRP) Composites Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies. Prospects for established firms and those seeking to enter the market - including company profiles for 14 of the major companies involved in the Carbon Fibre Reinforced Plastic (CFRP) Composites Market, 2024 to 2034.
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