Market Research Future (MRFR) studied the global Carbon Fiber Reinforced Polymer Market over the assessment period till 2030. Over the review period, the carbon fibre reinforced polymer market is expected to rise a healthy CAGR. The market of carbon reinforced polymer is likely to acquire considerable.
Market Drivers and Restrains
The surge in the demand for carbon fiber reinforced polymer in the aerospace industry is expected to be the growth inducer to underpin the market growth in the near future. The surge in the demand for carbon fiber reinforced plastic (CFRP) in the automotive sector is also expected to impact the market owing to the surge in demand for fuel-efficient cars among people. Moreover, government enforcing regulations to curb vehicular pollution is expected to drive the demand for light-weight, fuel efficient cars, which, in turn, can add momentum to the CFRP market.
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Upscaling demand for lightweight automobiles, numerous government organizations working on reducing air pollution coupled with the favorable regulatory framework pushing manufacturers to invest in the enhancement of research and development capabilities to introduce automation in the process are factors that are expected to promote the carbon fiber reinforced polymer market in the foreseeable future.
The widely used raw material in the production of CFRP is polyacrylonitrile (PAN). Properties of CFRP depend on the precursor of carbon fiber that was used in its production. PAN offers superior properties over pitch, and the high gain traction in the forecast term due to the increase in the utility and demand for PAN over pitch-based CFRP. The upscaling need for PAN can help the CFPR market rise at substantial pace due to the increase in production of propylene, thus can contributed to the drive the need for polyacrylonitrile. IN addition, extensive R&D projected that are undertaken by marketers, along with the surge in application of CFRP are expected to prompt the growth of the carbon reinforced polymer market demand.
Segment Study of Carbon Fiber Reinforced Polymer Market
The segment study of the global carbon fiber reinforced polymer market are application and production process.
The application-based segments of the fiber reinforced polymer market are construction, industrial, electrical isolation, and marine among others.
The production process-based segments of the carbon fiber reinforced polymer market are Petroleum Pitch Precursor and Polyacrylonitrile (PAN) Precursor.
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Regional Analysis of Carbon Fiber Reinforced Polymer Market
In North America, the existence of reputed companies in the U.S., such as; Solvay S.A. and Hexcel Corporation, along with top-notch players, such as; Boeing Co., is expected to favor the market rises in the North America region in the near future. The carbon reinforced polymer market is expected to thrive in the region owing to numerous standards, policies, and regulations. The regional dominance of the market over the analysis term can be attributed to the acquiring of around 36.9% share of the total market by 2027.
Europe emerged as the second largest regional market in 2017 and accounted for 35.2% share of the total volume. The presence of key aeroplane and automobile makers within the region has fuel the product demand in Europe. Governments of the U.S. and Japan are together supporting CFRP development activities in each the regions as carbon fiber reinforced plastic are that the most well-liked resolution for automotive weight reduction. The market is dominated by world international companies. it’s majorly focused in developed regions together with North America and Europe. Key makers occupy a majority of the world market share.
In Asia Pacific, the expansion of aerospace, automotive, and defense industries in can prompt the market upsurge in the review tenure. The region offers numerous scopes for market growth. The introduction of stringent government rules relating to automotive pollution, is anticipated to drive the regional market. Technological advancements and government regulations on energy economical and environmentally friendly merchandise are expected to drive product demand during this region. alternative strategic initiatives rely upon the very best players. In Asia Pacific, the carbon fiber strengthened plastic business is extremely characterised by technological innovations. Prominent market participants have developed their own CFRP producing technology. India and North Korea are major adopters of the CFRP technology.
Bassara, Caproni, 3M, Aciturri, Dow Chemical, DuPont, Dr. Schnabel GmbH & Co.KG, Gurit, and Nissan, Bombardier are some reputed players in the carbon fiber reinforced polymer market enlisted by MRFR in the new report.
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