According to the market report report “Carbon Fiber Reinforced Plastic Market- By Type (Thermoplastic, Thermosetting); By Applications (Automobile, Aviation, Defense, Marine, Others), By Geography – Forecast (2016-2021)”, published by IndustryARC, global market is to zoom ahead in coming years .
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Thermosetting matrix based CFRP are being employed as a substitute to conventional engineering materials in order to produce parts and structures of non-conventional power generating units especially from wind. The CFRP turbine blades of wind energy generating units are being deployed due to light weight, corrosion resistance and excellent durability. Light weight reduces the generation losses thereby boosting the efficiency of power generation. Excellent resistance to corrosion enable these blades to withstand harsh environmental conditions without compromising with performance. Moreover, extensive R&D is on its way to implement CFRP in tidal energy generating units owing to its corrosion resistance property to saline water. In addition to this, conventional and geothermal power generation units are also implementing CFPR coated condensate pipes due to the excellent service life, endurance and erosion resistance. Due to the stress on natural resources and gradual shift to non-conventional power is increasing the demand of CFRP based products employed in the generation units. The CFRP market is comprehended on the basis of types, applications and geography. The types of CFRP has been further scrutinized on the grounds of various types of thermosetting and thermoplastic CFRP as well.
APAC region is set to grow at a prominent CAGR of 11.41% during the period 2016-2021. China accounts for the maximum share of global wind energy generation and also the country has the maximum installations of wind turbines. This is comprehended to be a prominent driver of CFRP market in China, projecting maximum growth in the CFRP market in APAC region.
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CFRP based flywheel batteries are being developed to compensate minute fluctuations in power generations of small units. These batteries store excessive kinetic energy of rotating mass and dissipate the stored energy in times of requirement maintaining the average power output. These batteries are designed for high cycle applications and withstand robust environment of power generation units. This non-conventional energy generation and storage method is set to gain more priority in upcoming future, thus accelerating the CFRP market. The major share of the CFRP market is attributed to the local and regional players from Asia-Pacific region due to low cost offerings. However the prominent players of the market have imposed a strong position in the market due to their early entry into the emerging application market and adaptability to suit the customer requirement.
The key players of the market include:
- Teijin Ltd. (Japan)
- Toray Industries, Inc. (Japan)
- Cytec Industries Inc. (U.S)
- Mitsubishi Rayon Co. Ltd. (Japan)
- Hexcel Corp. (U.S)
- SGL Carbon SE (Germany)
The market has also been analyzed for four geographic regions which include Americas, APAC, Europe and Rest of the World.
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