According to a report published by the publisher on carbon fiber reinforced plastic (CFRP) market, the automotive sector will generate a high demand for products made out of CFRP. Through this, the global CFRP market has been evaluated to attain a revenue of $15.24 billion by the end of 2023. This evaluation is reflective of the utilization of carbon fiber reinforced plastic worldwide which is known for its strength that is approximately ten times better than that of steel. Moreover, carbon fiber is resistant to corrosion caused by both alkaline and acidic substances. This has instigated a need for using carbon fiber reinforced plastic in the manufacture of automotive parts such as armor sleeves. Armor sleeves are a component used in electric motors that control the rotating assemblies which help in minimizing the eddy currents. Eddy currents are often linked with loss of power generated in a vehicle which is what makes them undesirable. With CFRP’s addition to the armor sleeves, they become extremely lightweight and efficient which has helped in the growth of the carbon fiber reinforced plastic in automotive armor sleeves market. This market has been evaluated to expand with a CAGR of 9.50% during the forecast period 2019-2025.
The subsequent increase in personal vehicles owing to augmented disposable incomes helped the carbon fiber reinforced plastic in automotive armor sleeves market in attaining a market revenue of $905 million in 2018. Automotive sales continue to persist despite carbon emissions because of the necessity for different modes of transportation. Passenger vehicles have also become increasingly prominent due to the perpetual growth of working class which needs a transportation mode every day. This application segmented has been calculated to grow with a healthy CAGR of 9.60% through to 2025.
Carbon Fiber Reinforced Plastic in Automotive Armor Sleeves Market Growth Drivers:
Carbon Footprint Reduction
The rise in population and ensuing disposable income has increased the number of vehicles on road which is equivalent to humongous toxic gas emission in the atmosphere. For example, China, one of the leading manufacturers of automotive industry manufactured around 29 million vehicles in 2017 alone. The incessant production of cars is being called out by environmental conservationists around the world as it leads to a high emission of carbon dioxide which has made automotive companies solicit the use of CFRP in production of automotive parts. Governments around the world have released stringent regulations that order the automotive industries to invest more resources in environment-friendly parts that could assist in reducing emissions of carbon dioxide in the atmosphere. This has majorly contributed to the growth of the carbon fiber reinforced plastic in the automotive armor sleeves market.
Carbon Fiber Reinforced Plastic in Automotive Armor Sleeves Market Key Players Perspective:
With countries such as Germany housing some of the world’s leading automotive companies including Volkswagen, Audi, BMW, Porsche, and others, Europe has become the geographical leader of the carbon fiber reinforced plastic market with a regional share of 49% in 2018.
Some of the key companies staying ahead of the curve in this market include SGL Carbon Se, Teijin Ltd., Toray Industries, Inc., Honeywell, Cytec Industries, Zoltek, Toho, Mitsubishi Rayon Corporation, Hexcel, and Hyosung.
Toray Industries which has its headquarters in Japan specializes in polymer chemistry and in the production of carbon fiber reinforced plastic that are sold under the trademarked named TORAYCA Resin.
Carbon Fiber Reinforced Plastic in Automotive Armor Sleeves Market Trends:
Construction of F1 Cars
The carbon fiber reinforced plastic in automotive industry has been disrupted by the usage of CFRP in Formula One race cars. Since these are used in fast-paced racing sports, they need to be extremely lightweight while being strong at the same time lest any damages occur while racing. CFRP provides both the characteristics and can be molded into different shapes and sizes according to manufacturer’s needs. Some of the internal parts such as hoods, dashes, and interior trims are now being made only with carbon fiber reinforced plastic.
Carbon Fiber Reinforced Plastic in Automotive Armor Sleeves Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the carbon fiber reinforced plastic in automotive armor sleeves market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the carbon fiber reinforced plastic in automotive armor sleeves market, and their specific applications in different areas.
Carbon Fiber Reinforced Plastic in Automotive Armor Sleeves Market Report: Industry Coverage
The carbon fiber reinforced plastic in automotive armor sleeves market can be segmented on the basis of type, vehicle type, and application. Based on type, the market can be divided into thermosetting and thermoplastic. Based on vehicle type, the market can be fragmented into passenger, marine, commercial, and defense. By application, the market can be divided into Automobiles, Industrial, Aviation and Aerospace, Marine, Defense, Electrical and Electronics, Medical, Sports Equipments, Wind Energy, and Civil Engineering.
The carbon fiber reinforced plastic in automotive armor sleeves market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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