Carbon Fibers (CF) And Carbon Fiber Reinforced plastics market | Exactitude Consultancy Reports

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Carbon Fibers (CF) And Carbon Fiber Reinforced Plastics (CFRP) Market Overview
The global Carbon Fibers (CF) and Carbon Fiber Reinforced Plastics (CFRP) Market size is to be valued at USD 50.11 billion by 2029 and is expected to grow at a compound annual growth rate (CAGR) of 12.4% during the forecast period.
Carbon fiber is a front-line substance that is many times superior to steel at just a fourth of its greatness. Carbon fiber reinforced plastic (CFRP) is a composite material made of an infusion of resin and carbon fiber reinforcement. Metallic structures like manipulators are restructured with the use of CFRP, which in turn decreases the weight of the structures and increases the performance level.

The government incentive packages for aerospace and other industries for the COVID-19 pandemic outbreak, the growth in the need for fuel effective vehicles, and the increase in the requirement from the wind energy industry, these factors are predicted to boost the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market growth.

Segment Analysis
The carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market is segmented on the basis of source, resin type, precursor type, manufacturing process, and end-use industries.

On the basis of source, the market is divided into virgin, recycled. Virgin carbon fiber accounted for a dominating share of the global carbon fiber market. Virgin carbon fiber is made from precursors such as PAN and pitch. These fibers have applications in various aerospace & defense, wind energy, sporting goods, and other industries.

On the basis of precursor type, the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market are segmented into PAN, pitch-based, and rayon-based. PAN precursor has the main market share in this segment. PAN-based carbon fiber is a type of fiber produced by the carbonization of PAN precursor. Having high tensile strength and high elastic modulus, it is widely used for structural material composites in aerospace & defense, automotive, and sporting goods industries.

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