CF & CFRP are used in various end-use industries such as aerospace & defense, automotive, marine, sporting goods, medical, among others. The demand for these materials is increasing rapidly, owing to their lightweight and exceptional mechanical properties offered by CFRP materials.However, amidst the global COVID-19 pandemic, the demand for CF & CFRP materials from the industries mentioned aboveis showed a sharp declinein 2020 but is expected to grow steadily from 2021 onwards with resurgence in the global economy. The global CF & CFRP Market size is projected to grow from USD 19.7billion in 2021 to USD 35.4billion by 2026, at a CAGR of 12.4% during the forecast period.
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Companies have strengthened their position in the global CF & CFRP marketby adopting agreement & partnership as the major strategy. From 2016 to 2021,agreement & partnership was the key strategy adopted by the market players to maintain growth in the global CF & CFRP market. For instance, South Korean chemical and textile conglomerate Hyosung and Saudi Arabian oil company Saudi Aramco signed an agreement for an extended strategic partnership that includes joint venture in carbon fiber production. Under this partnership the two company are likely to cooperate in development and a production technology for carbon fiber. In another instance, Toray Industries, Inc. concluded an agreement with Lilium GmbH (Germany) in 2020 to supply carbon fiber composite materials for the Lilium jet. Through this agreement Toray’s carbon fiber composite material business seeks to strategically expand its operational infrastructure for urban air mobility applications. However, due to the outbreak of the COVID-19 pandemic, thedemand for CF & CFRP materials from the major end-use industries such as aerospace & defense, wind energy, and automotive has decreased.The factors such as lockdown situation across national and international borders, closure of manufacturing facilities, disruption in the supply chain,andreduced orders from composite component manufacturers have resulted in a drop in market demand.
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The major manufacturers profiled in this report include Toray Industries, Inc. (Japan),Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), Teijin Limited(Japan), SGL Group (Germany), and Solvay (Belgium). The CF & CFRP businessof these companies is severely affected due to the outbreak of the COVID-19 pandemic in 2020 but is steadily picking up pace and is expected to grow by 2026 with the global economic recovery and fresh demand from various industries. Reduced demand from several OEMs and disruption in the supply chain had compelled the manufacturing companies to operate at partial capacities.