According to the latest report by IMARC Group titled, “Carbon Fiber Reinforced Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market to exhibit a CAGR of around 7% during 2020-2025.
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Carbon fiber reinforced plastics (CFRPs) are non-metallic composite materials that are manufactured using thermosetting resins, such as epoxy, polyester and vinyl ester. They are strong, lightweight and resistant to numerous chemicals. Besides this, they exhibit high tensile and fatigue strength and can withstand high temperatures. Consequently, they are employed in the automotive industry for manufacturing premium sports cars, bicycles and motorbikes. They also find applications in the aerospace and defense industry for producing lightweight military planes and helicopters.
CFRP is presently gaining traction across the aerospace industry as it reduces fuel consumption. This can also be attributed to the rising environmental concerns across the globe. These plastics are used in the manufacturing of laptops, tripods, fishing rods, racquet frames, stringed instrument bodies and golf clubs. Additionally, on account of its several benefits, CFRP is employed as an alternative to steel in the production of cable structures. Other than this, it is also utilized in the healthcare industry for manufacturing various medical instruments. Thus, the expanding applications of CFRP are expected to create a positive outlook for the market in the coming years.
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Insights on Market Segmentation:
Market Breakup by Raw Materials:
Market Breakup by Type:
Polyether Ether Ketone
Market Breakup by Manufacturing Process:
Pultrusion and Filament Winding
Injection and Compression Moulding
Market Breakup by Application:
Aerospace & Defense
Electrical and Electronics
Market Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited., Toray Industries, Inc., etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.