LONDON--(BUSINESS WIRE)--The global carbon fiber reinforced plastic (CFRP) market is expected to grow at a CAGR of more than 11% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global carbon fiber reinforced plastic market by end-user that includes aerospace and defense, wind energy, automotive, sporting goods, and marine. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growth of the automotive industry
The automotive industry has been focusing on attaining higher fuel efficiency to confirm that the cars will be eco-friendly and provide improved performance and sustainability at competitive prices. Besides, the automotive industry is trying to replace iron and steel with composites because they are lighter, exhibit high strength-to-weight and stiffness-to-weight ratios, and they improve the aesthetic appeal of automobiles. The lightweight of composites allows the addition of an advanced emission control system, safety devices, and electronic systems without increasing the overall weight of the vehicle.
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Market trend: increasing demand for fuel-efficient vehicles and electric cars
The growth of the automobile industry in countries such as India and China is driven by factors such as the growing urban population and rapid industrialization. The availability of alternative fuels along with the awareness of consumers regarding the positive impacts of green vehicles and lightweight vehicles can directly contribute to the increase in the demand for fuel-efficient vehicles. Moreover, the implementation of stringent government norms to decrease the emission of greenhouse gases, carbon dioxide, and other harmful pollutants will lead to an increase in the demand for fuel-efficient and green vehicles.
According to a senior analyst at Technavio for plastics, polymers, and elastomers research, “The most important factor which is driving the consumers to opt for electric cars is the high and volatile price of fuel. The electric cars are eco-friendly and provide high mileage, and thereby they can be powered by alternative fuels and advanced fuel technologies. Hybrid electric cars, battery cars, plug-in hybrid electric cars, and compressed air are some of the fuel-efficient vehicles preferred by consumers.”
Market challenge: high cost of carbon fibers
One of the major challenges faced by the carbon fiber market is the volatility in price. Carbon fibers are very expensive when compared with other metals, particularly in terms of production and R&D activities. They are produced by thermal pyrolysis, a slow and energy-intensive process that provides less or no benefit to the economies of scale. The production cost of carbon fiber is high due to the cost of polyacrylonitrile, the raw material which is used in the production process.
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