Carbon fiber is extremely strong and light fiber reinforced plastic which contains carbon atoms. Carbon fiber reinforced polymer is a material composite, made of two materials i.e. matrix and reinforcement.
Carbon Fiber Reinforced Plastic is useful in several industries to name few Aerospace, Defense, Automobile, Sports equipment and Industrial applications. The Carbon Fiber Reinforced Plastic Market has witnessed positive growth due to its growing demand in industries such as Aerospace and Automotive. While Aerospace is the largest end-user industry for the CFRP market, automotive is the rapidly growing industry. Europe and North America are the key market regions for carbon fiber reinforced plastic.
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The carbon fiber reinforced plastic market can be divided into two categories, by type: Thermosetting and thermoplastic. Further, these two types of reinforced plastics are sub-segmented based on their resin type, thermosetting carbon fiber reinforced plastic can be further segmented into: Epoxy resin, polyester resin and vinyl resin. Thermoplastics CFRP on the other hand, can be segmented into polyether ether ketone (PEEK), polyurethane, polypropylene and others.
Thermosetting CFRP is the largest product segment and accounts for over 75% of total sales. Polyacrylonitrile (PAN) and petroleum pitch; both collectively account for approximately 90% of the total raw materials used in manufacturing carbon fiber reinforced plastics, suggests IndustryARC research reports.
In the year 2015, North America dominated global sales in the carbon fiber reinforced plastic market while Europe witnessed the fastest growth rate among all regions. The major European countries in the global carbon fiber reinforced plastics market are Germany, the U.K., France, and Spain. The largest carbon fiber...