LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global carbon fiber-reinforced plastics (CFRP) market is expected to grow at a CAGR of more than 12% during the forecast period.
“PAN-based precursors are used in a wide range of applications, including aircraft brakes, space structures, military and commercial planes, sporting goods, lithium batteries, and as a structural reinforcement in construction materials”
This research report titled ‘Global Carbon Fiber-reinforced Plastics Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Over the years, the aerospace industry has undergone a tremendous transformation, growing with almost 22,000 new air fleets, which is expected to double over 2025 to an in-service fleet of 44,000 airplanes. The growth in commercial air fleets is primarily driven by APAC and the Middle East due to increase in the number of passengers.
Also, due to increased replacement of older aircraft with newer fuel efficient ones, the aerospace industry will continue towards the upward trajectory. North America and Europe will need to replace more than 50% of their existing older aircraft, with newer ones to maintain balanced growth as in the matured Northeast Asia and Oceania.
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Based on raw material, the report categorizes the global carbon fiber-reinforced plastics market into the following segments:
Global PAN-based CFRP market
PAN is the most popular acrylic precursor used for producing CFRPs. The composites produced using PAN can primarily be classified into homopolymers and comonomers. Comonomers of PAN are extensively used to manufacture carbon fibers. Homopolymers are difficult to process due to the rapid evolution of heat as the initial stage of processing involves oxidation. The heat generated may affect the properties of carbon fiber.
Fibers made of PAN are strong and light, and possess high melting point and notable mechanical properties. High strength and high modulus carbon fibers are made of fibers from PAN precursors with superior properties in many aspects, notably in tensile strength, compared with pitch- and rayon-based CFRPs. “PAN-based precursors are used in a wide range of applications, including aircraft brakes, space structures, military and commercial planes, sporting goods, lithium batteries, and as a structural reinforcement in construction materials,” says Ajay Adikari, a lead analyst at Technavio for textile, fiber, and composites research.
Global pitch-based CFRP market
The pitch is generally a viscoelastic material made of aromatic hydrocarbons. It is isotropic but can be made anisotropic using heat treatment. Carbon fibers made of pitch are sheet-like in their crystal structure.
“Pitch-based fibers can achieve ultrahigh Young’s modulus and thermal conductivity. Therefore, they are used in critical military and space applications. The higher cost than PAN precursor has limited its wide acceptance. Military and space research are the major application areas of pitch-based carbon fibers,” says Ajay.
Pitch-based carbon fibers exhibit rigidity and heat conductivity. Therefore, it is easy to manufacture CFRPs with almost zero coefficient of thermal expansion. However, the high tensile modulus of pitch-based carbon fibers poses difficulties for handling during secondary processing, which makes it expensive than other materials.
Global rayon-based CFRP market
The global market for rayon-based CFRP was USD 1.34 billion in 2015. It will reach USD 2.13 billion in 2020, growing at a CAGR of close to 10% during the forecast period.
Rayon is produced from naturally occurring non-melting cellulose polymers. The material is easy and cheaper to produce CFRPs. Carbon fibers made of rayon have high strength and weight properties and can be used in high-temperature applications. Low-grade carbon fibers can be produced using rayon; they are used considerably for manufacturing sports equipment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Mitsubishi Rayon
- SGL Group
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