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Agreement & partnership is the key development strategy adopted by the leading players for the growth of the CF & CFRP market

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Agreement & partnership is the key development strategy adopted by the leading players for the growth of the CF & CFRP market

March 31
05:10 2021
Agreement & partnership is the key development strategy adopted by the leading players for the growth of the CF & CFRP market

Browse 152 market data Tables and 58 Figures spread through 231 Pages and in-depth TOC on “CF & CFRP Market”
CF & CFRP Market by Source (Virgin, Recycled), Precursor (PAN, Pitch, Rayon), Resin (Thermosetting, Thermoplastic), Manufacturing Process, End-use Industry, and Region

CF & CFRP are used in various end-use industries such as aerospace & defense, automotive, marine, sporting goods, medical, among others. The demand for these materials is increasing rapidly, owing to their lightweight and exceptional mechanical properties offered by CFRP materials. However, amidst the global COVID-19 pandemic, the demand for CF & CFRP materials from the industries mentioned above is expected to show a sharp decline in 2020. The global CF & CFRP market size is projected to grow from USD 17.5 billion in 2020 to USD 31.5 billion by 2025, at a CAGR of 12.4% during the forecast period. 

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Europe accounted for the largest market share in the CFRP market due to high demand from aerospace & defense and wind energy end-use industries. Moreover, it is home to many key aerospace composite manufacturers, such as SGL Carbon, Solvay, and TenCate. Increased deliveries of Airbus aircraft primarily drives the composites material demand in Europe. Apart from this, the region develops military aircraft and helicopters.  The Europen region is a leader in offshore wind energy installations. The European region is one of the worst affected by the COVID-19, resulting in decreased industrial and economic activities across all major countries such as Germany, France, the UK, Italy, and France.

Companies have strengthened their position in the global CF & CFRP market by adopting agreement & partnership as the major strategy. From 2016 to 2020, agreement & partnership was the key strategy adopted by the market players to maintain growth in the global CF & CFRP market. For instance, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aerospace & defense end-use industry. However, due to the outbreak of the COVID-19 pandemic, the demand for CF & CFRP materials from the major end-use industries such as aerospace & defense, wind energy, and automotive has decreased. The factors such as lockdown situation across national and international borders, closure of manufacturing facilities, disruption in the supply chain, and reduced orders from composite component manufacturers have resulted in a drop in market demand.

Recent Developments

1. In December 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials address the need to reduce costs and CO2 emissions and improve the production process and fuel efficiency of next-generation commercial aircraft.

2. In January 2019, Teijin Limited entered into an agreement with Boeing for the supply of unidirectional pre-impregnated tape (TENAX TPUD). This helped the company in its medium-term growth in the aircraft business.

The major manufacturers profiled in this report include Toray Industries, Inc. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), Teijin Limited (Japan), SGL Group (Germany), and Solvay (Belgium). The CF & CFRP business of these companies is severely affected due to the outbreak of the COVID-19 pandemic. Reduced demand from several OEMs and disruption in the supply chain have compelled the manufacturing companies to operate at partial capacities.

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