CF & CFRP Market - Economic Restoration & Growing Demand for High-Performance Materials to Drive the Market Post-COVID-19 Pandemic

The global CF & CFRP market size is USD19.7 billion in 2021 and is expected to reach USD 35.4 billion by 2026, projecting a CAGR of 12.4% between 2021 and 2026.CF & CFRP have high demand from aerospace & defense, sporting goods, and automotive end-use industries.This is due to the superior performance properties of CF & CFRP, such as low weight, high strength, corrosion resistance, and FST properties.However, the outbreak of COVID-19 has created ripples in the application industries, leading to reduced demand for CF & CFRP. Due to the lockdown scenario globally, the need for CF & CFRPfrom the composite component manufacturershaddeclined sharply in 2020.

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Thermoset resin dominated the CF & CFRP market industryinterms of value in 2020. Thermoset CFRPis extensively used in aerospace applications and wind energy, owing to their superior strength-to-weight ratio and anti-corrosive property. The aerospace industry and wind energy have widely adopted the epoxy resin-based CFRP materials in various components. It dominated the CF & CFRP market in 2020, in terms of value. However, the thermoplastic resin segment is expected to register faster growth due to its increasing applications in the automotive end-use industry.

The lay-up manufacturing process holds the largest share in the CFRP market in terms of value. This large share is attributed to the developed aerospace & defense industry and recovery of the marine industry at the global level. The lay-up process includes hand lay-up and spray-up, widely used for carbon fiber composite components manufacturing for aerospace & defense and marine industries for a wide range of products. Pultrusion is a major process due to the increasing use of pultruded CFRP profiles in wind energy and industrial applications.

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The aerospace & defense end-use industry holds the largest share in terms of value in the CF & CFRP market. This is due to the high demand for carbon fiber composites in commercial passenger aircraft and fighter planes in tandem with increasing demand for A380 and Boeing 787 aircraft from Boeing and Airbus. The launch of new aircraft such as the Boeing 777x and China’s indigenously built Comac C919 is expected to boost the CFRP demand in the near future. The novel coronavirus pandemic has created ripples across the global aerospace industry, affecting the global supply chains, which move materials and components rapidly across borders and fabrication facilities.In China, Airbus had to halt the production of A320 and A350 models in Tianjin, for a short period, in February 2020. Due to the lockdown scenario in Tianjin, there The scenario of the aerospace industry in Europe was no different. was a backlog of 7,725 aircraft deliveries, most of which were A320 and A330 models.For instance, Airbus has halted production and assembly activities at its plants in France and Spain and two plants in Germany due to a state of emergency.

In North America, Boeing had announced to keep its factories in Seattle closed indefinitely because of the novel coronavirus pandemic. Boeing has also closed its 787 Dreamliner plant in South Carolina. Airbus also has stopped production at its plant in Mobile, Alabama, US.However, with government support and recovery in the global economy, the aerospace industry is expected to reach its pre-COVID levels by 2023, thereby increasing the demand for cabon fiber composites.

Wind energy was the second-largest consumer of carbon fiber composites as these composites offer a higher strength-to-weight ratio over many structural materials, excellent corrosion resistance, and other desirable properties. The automotive industry is expected to be the fastest-growing carbon fiber market due to the increasing use of CFRP in a large number of vehicles.