CF & CFRP Market to Grow with a CAGR of 5.62% through 2028
Increasing use of carbon fiber in 3D printing is expected
to drive the Global CF & CFRP Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “CF &
CFRP Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global CF & CFRP Market stood at USD 30.25
billion in 2022 and is anticipated to grow with a CAGR of 5.62% in the forecast
period, 2023-2028. The initiatives taken by government based on CF & CFRP has
led to favorable market conditions for the Global CF & CFRP Market. Several
factors contribute to the growth of various CF & CFRP products
Government agencies worldwide have recognized the
immense potential of carbon fiber (CF) and carbon fiber-reinforced polymers
(CFRP) and are making substantial investments in research and development. For
instance, the U.S. Department of Energy (DOE) has been actively funding
projects that aim to enhance stakeholder access to region-specific information
and technical assistance relating to carbon capture, utilization, and storage.
This support is crucial in driving advancements in clean energy technologies.
Moreover, the DOE's Clean Energy Manufacturing
Initiative has placed a strong emphasis on the development of renewable and
low-cost carbon fiber materials specifically for lightweight vehicles. By
focusing on enhancing the energy efficiency and sustainability of the
transportation sector, this initiative is playing a vital role in stimulating
the demand for CF and CFRP.
By investing in research, development, and innovation,
governments are not only promoting the adoption of CF and CFRP but also
fostering a more sustainable and efficient future for industries reliant on
advanced materials.
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3D printing technology, also known as additive
manufacturing, involves the process of creating a three-dimensional object from
a digital model by layering thin materials, such as plastics or metals. This
innovative technology has gained immense popularity due to its versatility and
numerous applications across various industries.
One of the key advantages of 3D printing is its
ability to produce complex shapes and intricate designs that would be difficult
or impossible to achieve using traditional manufacturing methods. The
layer-by-layer approach allows for precise control over the final product's
geometry, making it ideal for creating customized parts and prototypes.
In recent years, carbon fiber has emerged as a popular
material in 3D printing due to its exceptional strength-to-weight ratio and
rigidity. By incorporating carbon fibers into the printing process,
manufacturers can create lightweight yet durable components that are
well-suited for demanding applications in the aerospace, automotive, and dental
industries.
Moreover, the content and orientation of carbon fiber
can be precisely controlled during the printing process, enabling further
optimization and customization. This level of flexibility not only enhances the
overall performance of the printed parts but also streamlines the manufacturing
process, ultimately leading to cost savings and improved efficiency.
The integration of carbon fiber into 3D printing
technology is poised to revolutionize the manufacturing process for carbon
fiber products. It opens up new possibilities and opportunities for market
players, enabling them to push the boundaries of what is possible in terms of
design, performance, and functionality.
With its potential to offer significant advantages
over traditional manufacturing methods, the growth prospects for the 3D
printing market, particularly in the carbon fiber segment, are promising. As
more industries recognize the benefits of this technology and embrace its
capabilities, we can expect to see a surge in demand for 3D-printed carbon
fiber parts in the forecast period, driving the overall growth of the market.
The Global CF & CFRP Market is segmented into raw
material type, manufacturing process, end user, regional distribution, and company
Based on its manufacturing process, the lay-up process
segment held the largest share in the market. The lay-up process, a widely used
manufacturing method for CFRP (carbon fiber reinforced polymer), encompasses
both hand lay-up and spray-up techniques. It is particularly suitable for
designing simple enclosures and lightly loaded structural panels, as it allows
for precise control over fiber orientation, enabling the absorption of maximum
stresses. Among the two methods, the spray-up process dominates the lay-up
process due to its versatility and cost-effectiveness. In this method, a hand
gun is used to spray resin and chopped fiber onto a low-cost mold, making it an
ideal choice for finishing large products. To ensure optimal quality, the
sprayed mixture of fiber and resin is carefully rolled before the specimen is
fully cured, preventing the formation of bubbles and voids. These factors,
along with others, are expected to drive the growth of the market in the
forecast period.
Based on region, North America segment is expected to
grow during the forecast period.
The region boasts robust infrastructures, specifically
tailored to cater to various end-user industries such as aerospace and defense.
These industries, being the major consumers of CF & CFRP materials, are
experiencing significant growth due to the substantial increase in defense
expenditures. This growth is driven by the continuous advancements in
technology, the rising demand for advanced aircraft and military equipment, and
the need for enhanced defense capabilities in the region. As a result, the
aerospace and defense sectors are witnessing a rapid expansion, further fueling
the demand for CF & CFRP materials in the region.
Major companies operating in Global CF & CFRP
Market are:
- Teijin Limited
- Mitsubishi Chemical Corporation
- Hexcel Corporation
- Solvay SA
- Zhongfu Shenying Carbon Co., Ltd.
- Kureha Corporation
- Jilin Chemical Fiber Group Co., Ltd.
- Jiangsu Hengshen Co., Ltd.
- Aeron Composite Pvt. Ltd.
- Nippon Graphite Fiber Corporation
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“Growing application of CF & CFRP in various end
user industries are key drivers of the CF & CFRP market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of CF & CFRP with every
passing year are anticipated to register an impressive growth to Global CF
& CFRP Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“CF & CFRP Market By Raw Material Type (Polyacrylonitrile
(Pan), Pitch and Rayon), By Manufacturing Process (Lay-Up Process, Compression
Moulding Process, Resin Transfer Moulding Process, Others), By End User (Aerospace
& Defense, Automotive, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global CF & CFRP Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global CF & CFRP Market.
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