Rockville, April 20, 2023 (GLOBE NEWSWIRE) -- Fact.MR has provided detailed information about the price points of key manufacturers of carbon fiber resin positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Fact.MR – A Market Research and Competitive Intelligence Provider: The carbon fiber resin market value will reach US$ 2,377 Mn during the forecast period (2022-2032), with sales predicted to increase at a high 15.3% CAGR.
Carbon resin fiber rose to prominence as a result of the first Boeing 787 flight, which used 50% composites. It then went on to bring carbon fiber resin into prominence and secure its long-term market success.
Carbon fiber resin is gaining popularity due to its low strength-to-weight ratio in comparison to other composites. Carbon fiber resins are famous for their flexibility and malleability, which eliminates the need for X connectors. As a result, it is resistant to a variety of raw materials and can be constructed quickly.
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Carbon fibers have the highest rigidity and tensile strength of any metal, which leads to long-term growth. They are 5X stronger and 2X stiffer than steel while weighing one-fourth the weight of steel. Carbon fibers thus represent an appealing market. In comparison to steel, titanium, and iron, an opportunity of US$ 1866 Mn speaks words.
Carbon fiber resins provide great thermal and chemical resistance as well as low thermal expansion. Carbon fibers, due to their unique low weight, find extensive application in aircraft and professional auto sports where every gramme counts.
Carbon fiber resins are an excellent choice for gas storage and fuel cells due to their natural aversion to chemicals. Windmill blades, pipes, and deep water drilling rigs are among its many applications. Carbon fiber resin's numerous applications are contributing to its growing popularity. Taking this into account, the market value is estimated to exceed US$ 2377 Mn by 2032.
Key Takeaways:
- North America dominates the market, contributing 31.5% of global sales in 2022.
- Canada carbon fiber resin market is expected to register fast-track growth.
- China is expected to dominate the APAC market, accounting for 2/5th of the sales owing to being authority leading hub for automobile parts manufacturing.
- India is a fast-growing economy riding high on the economic growth and is expected to spur sales within the carbon fiber resin market.
- The US, China and Germany account for more than 45% of the global market.
- The aerospace and defense industries and surging energy demand will drive carbon fiber resins market. Application in manufacturing wind-mill blades also will create high growth prospects.
Growth Drivers:
- Low-weight structure of carbon fibers has driven scope for carbon fiber resins applications in diverse manufacturing activities, from bicycles to aircraft assemblies.
Restraints:
- Thermosetting resins are preferred over the thermoplastic variety owing to its excellent resistance to solvents and high temperature resistance.
- Thermoplastic resins are also negatively impacted because they hinder the formation of composites.
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Competitive Landscape:
The global carbon fiber resin market is highly competitive and fragmented in nature with the presence of several leading players. Majority of these players are collaborating with end users to generate more sales and are also focusing on new launches to gain competitive edge.
The capital intensiveness of the carbon fiber resin manufacturing is limiting its market to a handful of manufacturers. However, technological advancements in the field can promise cost reduction. Meanwhile, expanding applications of the carbon fiber resins are stimulating the manufacturers to robustly study the pros and cons of its broad-spectrum use.
The leading manufacturers are collaborating with the end-use industries to understand the physical parameters essential for molding the carbon fibers into the bespoke products when complexed with resins. This is steering the growth of carbon fiber resins into untapped markets.
For instance,
- In July 2021, Toray Composite Materials America Inc., a global leader and innovator of carbon fiber materials unveiled its newest launch of Toray 2700. This is an epoxy-based 2700 high-performance and patented resin technology, designed especially for aerospace programs.
- In September 2020, Nissan announced the innovation for mass production of carbon fiber parts and for compression resin transfer molding to accurately follow the manufacturing process and have shorter development process.
Key Companies Profiled by Fact.MR
- ESE Industries
- Huntsman Corporation
- Alpha Owens-Corning
- Hexion Inc.
- Ashland Inc.
- BASF SE
- 3M
- Kukdo Chemical Co. Ltd.
- Olin Corporation
- Aliancys
- Polynt S.p.A
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Key Segments of Carbon Fiber Resin Industry Survey
- Global Carbon Fiber Resin Market by Resin Type:
- Thermoset
- Thermoplastic
- Global Carbon Fiber Resin Market by Form:
- Prepreg
- Non-Prepreg
- Global Carbon Fiber Resin Market by End-Use Industry:
- Aeropspace & Defence
- Automotive OEM
- Wind Energy
- Sporting Goods
- Other Industries
- Global Carbon Fiber Resin Market is segmented by Region:
- North America
- Latin America
- Europe
- APAC
- MEA
What differences can the Carbon Fiber Resin market report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the Carbon Fiber Resin market and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the Carbon Fiber Resin market
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key Carbon Fiber Resin markets
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
- Challenges overcoming which may offer industry players competitive edge
Check out more related studies published by Fact.MR Research:
Chelating Resins Market: The global chelating resins market is valued at US$ 447.7 million in 2021 and is estimated to grow at a CAGR of 5.1% to reach a valuation of US$ 773.8 million by 2032. Chelating resins are considered very important for various industrial processes such as separation & purification, wastewater treatment, and electroplating which are predominant factors for the functioning of the chemical industry.
Fire Resins Market: Because it is organic, the resin cannot be dissolved in water. Various resins are utilized in a variety of industrial applications, including polymers, paints, and coatings, etc. Some resins, referred to as flame retardant resins, are combustible. The use of flame retardant technologies to reduce fire dangers is the single component that fundamentally distinguishes these resins from other resins.
Flame Retardant Polyester Resins Market: Flame retardant polyester resin is a type of flame retardant resin whose base is polyester. Flame retardant is a chemical substance or compound which stops fire or its spreading through physical action or chemical reaction. Usually unsaturated polyester resins show poor resistance towards fire. However, developments in science & technology and growth in nanoscience have helped to enhance the flame retardance property of polyester resins.
Polyphenylene Sulfide (PPS) Resins Market: The global polyphenylene sulfide (PPS) resins market is estimated to be valued at US$ 1.3 billion in 2023 and is expected to grow at a CAGR of 6.7% to reach US$ 2.5 billion by the end of 2033. PPS is a member of the class of high-performance thermoplastics (HPTPs), which are expensive, low-volume polymers used in specialized applications where exceptional performance and high efficiency are required.
Impregnating Resins Market: Worldwide sales of impregnating resins were valued at US$ 1.41 billion at the end of 2021, registering Y-o-Y growth of 3.8%. As per forecasts, the global impregnating resins market is projected to increase at a noteworthy CAGR of 6.5% and reach a market valuation of US$ 2.79 billion by 2032. Impregnating resins are organic liquids that are used to modify wood. They are thick and viscous. Phenol-formaldehyde resins initially contained formaldehyde, and epoxy resins are other often used resins.
Terpene Resin Market: Terpene is an organic compound derived by different plants and some insects. Terpene is the primary constituent of essential oils extracted from various medicinal plants. Terpene resin is a solid, light-colored compound which is soluble in different solvents. Terpene resin has wide applications in different end-use industries such as food industry, adhesive industry, and others is likely to create ample growth opportunity for the market.
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