Global Carbon Fiber Reinforced Polymer Market Scope-
Market Research Future (MRFR) studied the global carbon fiber reinforced polymer market over the assessment period till 2030. Over the review period (from 2021 to 2030), the carbon fibre reinforced polymer market is expected to rise a healthy CAGR. The market of carbon reinforced polymer is likely to acquire considerable.
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Carbon Fiber Reinforced Polymer Market - Prominent Players Analysis:
The key players in market includes 3M, Aciturri, Bassara, Caproni, Dow Chemical Dr. Schnabel GmbH Co.KG, DuPont, Nissan, Bombardier, and Gurit.
Market Drivers and Restrains-
The surge in the demand for carbon fiber reinforced polymer market 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 Polymer (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.
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 share 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 RD 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.
On the flipside, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
A naturally occurring, non-toxic mineral deposit, barite exhibits various properties which make it ideal for use in oil gas drilling, in the analysis of oxygen sulfur isotopic, as a filler in paint plastics, in automobile finishes for corrosion resistance, and several others ranging across several end-use industries. Increasing commercialization and urbanization, particularly in emerging markets, the automotive sector, among others is growing at a rapid pace and is expected to increase demand for barium amongst industries. Moreover, oil gas activities are growing rapidly due to the high demand for fuel.
The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
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Recent Development -
September 2021: With a USD 595,000 funding from the US Office of Naval Research, Penn State College of Engineering researchers teamed up to develop a new, low-cost CFRP manufacturing technology. Manufacturers currently use heat and pressure to mold CFRP into a particular shape in order to produce CFRP airplane parts. This is done in a chamber known as an autoclave, which may occasionally hold a full wing or fuselage. A liquid plastic and stacked sheets of carbon fiber are mixed and cured in a vacuum bag in the novel method. Carbon fibers give the plastic its strength and solidity. The researchers will also look at incorporating carbon nanotubes into the polymer mix before it fuses with the fibers in order to reinforce and electrically conduct the polymers. According to researchers, commercial airlines are very interested in the novel, lightweight material since it will minimize fuel use. Planes could expand their cargo weight allowances and transport more passengers and commodities if they had less fuel to carry.
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 -
The segmentation of the global Carbon Fiber Reinforced Polymer Market comprises regions like Asia-Pacific, North America, Europe, and Rest of the World.
Globally, Asia-Pacific bears the dominant position in the Carbon Fiber Reinforced Polymer Market both in relation to the volume and value. The market is expected to continue with its rise in the forthcoming years at the same rate. Due to reasons such as rapid industrialization, low cost attached to labor and raw materials, and the high manufacturing rate of Chlor-Alkali products, China is the major revenue generating nation in the Asia-Pacific region.
North America and Europe stand in the second and third position, respectively, owing to the low production level of Chlor-Alkali products as compared to other developing economies.
Study Objectives of Carbon Fiber Reinforced Polymer Market is to Provide Following Benefits
- Provides detail about global carbon fiber reinforced polymer market by application, by production process and by region in forecasted period i.e. till 2022.
- Identifies the market dynamics of carbon fiber reinforced polymer market dynamics by drivers, restrains, opportunities and challenges.
- Analyzes various factors like value chain analysis and Porters five Forces model.
- Gives past and estimated future revenue of market segment with respect to APAC, North America, Europe, and other parts of the world.
- Gives strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- Tracks mergers and acquisitions, strategic alliances, new product development of each applicant of the carbon fiber reinforced polymer
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