As COVID-19 breakthrough and its fears are rising, Market Research Future finds in its study that the global Carbon Fiber Reinforced Polymer Industry 2022 might observe a bright future and expand at a sky-scraping CAGR during the forecast period 2016-2022. Despite the long-term impact of COVID-19, the market would surpass its previous revenue generation by the end of 2022.
Carbon Fiber Reinforced Polymer Growth Attributes
The skyrocketing demand for carbon fiber reinforced plastic (CFRP) from the automotive and aerospace industries, mounting need for fuel-efficient vehicles, and government regulations to curb vehicular pollution are touted to motivate the market and its growth mechanism in the coming time when there would be less impact of coronavirus all over the world.
As per the study of MRFR, a considerable surge in demand for lightweight vehicles is proposed to hit market growth in the coming years. Numerous government organizations, coupled with the favorable regulatory framework, helped the manufacturers invest and augment the research and development capabilities, automation, and quality.
There has been a plentiful acceleration in demand for lightweight products in the automotive industry. The carbon fiber reinforced plastic market products tender advanced weight saving and, thus, a stabler fuel economy than the conventional materials such as steel and aluminum. Vehicle manufacturers are obliged to reduce the average energy consumption of vehicles, and this goal can be met using lightweight products. Besides, augmented demands for eco-friendly and low VOC products in vehicles augment the need for carbon fiber reinforced polymer products in the automotive industry.
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Changing focus on the development of low-cost products and technologies is highly becoming preferable to act as an opportunity in the future for carbon fiber reinforced polymer market. Furthermore, with the escalating defense budget, significant technological changes are resulting in the escalating demand for carbon fiber reinforced polymers, thereby motivating the market. Boeing and Airbus lead the global market for aerospace carbon fiber reinforced polymers in the latest scenario.
Vendors Landscape
The prime vendors investing in global carbon fiber reinforced polymer market includes
Aciturri
3M
Caproni
Bassara
DuPont
Dow Chemical Dr. Schnabel GmbH & Co.KG
Bombardier
Nissan
and Gurit.
Segmental Review
The global carbon fiber reinforced polymer market is studied under the segments of the application forecasted period.
The market has included industrial, automobiles, marine, aviation & aerospace, electrical & electronics, defense, sports equipment, medical, civil engineering, wind energy, and others by the segment of the application.
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Geography Review
Asia-Pacific seized the largest share in the global carbon fiber reinforced polymer market, owing to prevalent approval in industrial and automotive sectors in countries like India and China. The aviation industry in China was said to be adding approximately 6,000 new airplanes between 2016 and 2033. China’s domestic air passenger market skilled the leading incremental rise, in terms of the number of journeys made by passengers as compared with previous years. In fact, the augment in the number of passengers encourages the government to invest more in the production of more flights, which, in turn, increases the consumption of carbon fiber reinforced polymer. On the other hand, Japan has its own Japan Carbon Fiber Manufacturers Association, which merged with the Japan Chemical Fibers Association.
Europe region held the leading share in the carbon fiber reinforced plastic (CFRP) market in 2019, which was up to 34%, owing to the escalating defense and aerospace sectors in this region. The CFRP is particularly attractive to defense applications for its exceptional strength, better stiffness-to-density ratios, and superior physical properties.
North America grabs the significant share in global carbon fiber reinforced polymer market in terms of revenue.
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