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    Home > Chemicals Industry > New Chemical Materials > The carbon fiber reinforced plastics market will reach 64 billion U.S. dollars in 2030

    The carbon fiber reinforced plastics market will reach 64 billion U.S. dollars in 2030

    • Last Update: 2022-06-09
    • Source: Internet
    • Author: User
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    Carbon Fiber Reinforced Plastics (CFRP) is a key performance material.
    In recent years, it has attracted wide attention as its application fields continue to expand.
    However, with the outbreak of COVID-19 this year, the future of the industry has been full of uncertainty

    ? In a new report "The Future of Carbon Fiber Composite Materials" released by Lux Research, it outlines the main challenges and opportunities faced by carbon fiber and CFRP, and how standardization and recycling enable the CFRP market to continue to grow

    ? At present, the carbon fiber industry is facing three major challenges, namely: weak basic market, fiber standardization and recycling

    Drishti Masand, a research assistant at Lux and the lead author of the report, said: “Standardizing fiber and fiber recycling is the key to expanding the CFRP market

    Standardization will be the realization of carbon fiber recycling and its expansion into a more global and unified system and supply chain.
    The key to safety

    Recycled carbon fiber will expand the market value and create new CFRP applications as a whole without damaging existing applications

    With the broader value chain and opportunities for more companies to make carbon fiber, CFRP The number of companies and industries considered as new material choices will increase

    ” Masand explained: “The Chinese government has initiated the standardization of precursors, which can promote changes in the entire industry, keep companies competitive and maintain market share

    ” Lux predicts that, driven by a variety of factors, the CFRP market will grow to $64 billion by 2030

    The slower-than-expected growth in the aerospace and automotive sectors has weakened the overall forecasted demand in this sector and delayed overall growth by four to five years

    As the demand for larger turbine blades for offshore applications grows, the wind energy industry will become the largest consumer of CFRP by 2030

    ? At the same time, from the double blow of the 737 Max production shutdown and the COVID-19 travel ban, the aviation industry’s demand for CFRP will take years to recover.

    Therefore, Lux Research predicts that thermoset composites will continue to dominate the market and grow at a faster rate than thermoplastics, with an estimated compound annual growth rate (CAGR) of 11%, compared with 7% for thermoplastics

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