Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market - Forecast(202

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Overview

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves market is forecast to reach $905 million by 2025, after growing at a CAGR of 9.50% during 2020-2025, owing to the increasing adoption of carbon fiber reinforced plastics over conventional metallic alloys in automotive industries. This is mainly due to the tensile strength carried by CFRP, which falls between 1500 and 3500 MPa, whereas its metallic counterparts such as aluminum and steel only possess a tensile strength of 450–600 MPa and 750–1500 MPa, respectively. The growing demand for CFRP from the automotive industry due to the rising preference for fuel-efficient and light-weight vehicles in the market is the major factor driving the carbon fiber reinforced plastic in automotive armor sleeves market during the forecast period.

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Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Report Coverage

The report: “Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the carbon fiber reinforced plastic in automotive armor sleeves Industry.  By Type: Thermoplastic (Polyether Ether Ketone (PEEK), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, and Others), and Thermosetting (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Phenolic, Polyimide Resins, and Others). By Vehicle Type: Passenger Vehicles and Commercial Vehicles. By Geography: North America, South America, Europe, Asia Pacific, and RoW.

Key Takeaways

• Europe dominates the carbon fiber reinforced plastic in automotive armor sleeves market, owing to the increasing demand and production of lightweight vehicles in the region. According to OICA, in 2018 the production of light commercial vehicles has increased by 2.5 % in Europe.
• The carbon fiber reinforced plastics are being widely used in the automotive industry to manufacture armor sleeves due to its extensive properties such as low maintenance cost, corrosion resistance, good conductivity, flame resistance, high strength, and vibration damping.
• Nearly one-third of U.S. carbon pollution comes from the transportation system. By reducing the car’s weight, oil consumption can be reduced and climate change can be combated. According to Energy Efficiency & Renewable Energy, a 10 percent reduction in vehicle weight can lead to an 8 percent improvement in fuel economy, which is anticipated to propel the carbon fiber reinforced plastic in automotive armor sleeves market.
• Due to the COVID-19 Pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as automotive, defense, and aerospace has been negatively affected, which is hampering the carbon fiber reinforced plastic in automotive armor sleeves market growth.

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Segment Analysis - By Type

The thermosetting segment held the largest share in the carbon fiber reinforced plastic in automotive armor sleeves market in 2019, owing to the superior characteristics of thermosetting CFRP over thermoplastic CFRP. Unlike thermoplastics, they retain their strength and shape even when heated. This makes thermosetting plastics well-suited to the production of permanent components and large, solid shapes. Furthermore, these components have outstanding high strength-to-weight ratio performance, enhanced dielectric strength, and low thermal conductivity. Thus, thermoset CFRP finds their use in varied applications owing to its heat resistant characteristics, excellent dimensional and chemical stability properties when exposed to high heat, and more. 

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Segment Analysis - By Vehicle Type

The passenger vehicle type held the largest share in the carbon fiber reinforced plastic in automotive armor sleeves market in 2019 and is growing at a CAGR of 9.60%, owing to the increasing demand for carbon-reinforced plastics to manufacture passenger automotive armor sleeves. Many automotive manufacturers are offering vehicle armor kits for protection from handguns. These kits are mostly designed for passenger vehicles and SUVs. The CFRP based reinforcement sleeves have secure rotating assemblies in surface-mounted permanent magnet motors and they are electrically excited synchronous motors, which minimizes the eddy current losses. With the high tensile-strength of carbon fiber-reinforced wound components, the manufacturers able to achieve minimal wall thicknesses of more than 10 mm. Cooling jackets and separation tubes present further applications of the CFRP based armor sleeves. Thus, the need for carbon fiber reinforced plastic is increasing due to its ability to reduce the weight of an object to a large extent while providing superior strength, which is anticipated to propel the carbon fiber reinforced plastic in the automotive armor sleeves market during the forecast period.

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Segment Analysis - By Geography

Europe region held the largest share in the carbon fiber reinforced plastic in automotive armor sleeves market in 2019 up to 49%, owing to the expanding automotive sector in the region. The carbon fiber reinforced plastics are particularly attractive to automotive applications because of their exceptional strength, better stiffness-to-density ratios, and superior physical properties. Also, CFRP provides relatively stronger and stiffer fibers in a tough resin matrix. According to OICA, the production of light commercial vehicles has increased from 2,249,348 in 2018 to 2,254,153 in 2019, an increase of 0.2% in Europe. And the automotive production of passenger cars in Austria, Finland, Portugal, and Hungary has increased up to 158400, 114785, 282142, and 498158, i.e., 9.6%, 2.5%, 20.5%, and 7.6% higher than the previous year due to rising per capita income of the individuals, which further led to the massive demand for carbon fiber reinforced plastic in automotive armor sleeves manufacturing in the European region. Thus, the increasing automotive industry in Europe is likely to influence the growth of the carbon fiber reinforced plastic in automotive armor sleeves market in Europe.

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Drivers

Increasing Automotive Production 

Carbon fiber reinforced plastics are being extensively used in the automotive industries for manufacturing car components such as the roof bows, armor sleeves, and more, which is expected to increase the demand for CFRP during the forecast period. According to the International Trade Administration (ITA), China is the world’s largest vehicle market and the Chinese government is expecting that automobile production will reach 30 million units by 2020 and 35 million by 2025. Also, according to OICA, the production of light commercial vehicles has increased by 10.2 % in 2018 in the APAC region. And the production of passenger cars has increased by 1.3% in 2019 in Africa. Due to the increasing automotive production, the demand for carbon fiber reinforced plastic will also increase, which acts as a driver for the carbon fiber reinforced plastic in automotive armor sleeves market during the forecast period.

Stringent Government Regulation on Emission

Carbon fiber reinforced plastics are being extensively used in the automotive industries to reduce fuel consumption as well as emissions and to manufacture lightweight vehicles. Several governments across the world have imposed stringent standard emission and fuel economy regulations for vehicles. These standard regulations have compelled automotive OEMs to increase the use of lightweight materials such as carbon fiber reinforced plastics to assist in increasing the fuel economy of a vehicle while ensuring safety and performance. The emission regulation for light-duty cars such as Corporate Average Fuel Economy (CAFÉ) and Greenhouse Gas Emission standards set fuel consumption standards for the vehicles. These regulations by the governments have made sure that the car manufacture henceforth might need to be manufacturing much lighter vehicles to obey as per these norms, which acts as a driver for the carbon fiber reinforced plastic in automotive armor sleeves market during the forecast period. 

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Challenges

High Cost of Carbon Fiber Reinforced Plastics

The cost of the carbon fiber reinforced plastics is higher when compared with other traditional materials such as steel and aluminum. Composites of carbon fiber cost almost 1.5 to five times more than steel. The high cost of fiber production inhibits large volume deployment. Therefore, precursor and processing costs need to be reduced. The high price of carbon fibers in many applications constrains the potential use of composites. Hence, the high cost of carbon fiber reinforced plastics may hinder with the carbon fiber reinforced plastics in automotive armor sleeves market growth during the forecast period. However, cost-effective production methods coupled with high volume processing, assembly techniques, and automation processes will lead to a reduction of price in the near future. 

Covid-19 Impact on The CFRP in Automotive Armor Sleeves Market

The automotive industry makes a significant contribution to the global economy. The industry’s annual turnover is equivalent to the world’s sixth-largest economy. In 2017, global direct employment in the industry was estimated at nearly 14 million workers. The automotive industry is facing a sharp drop in demand and investment. It is also struggling with an abrupt and widespread stoppage of economic activity, as workers are told to stay at home, supply chains grind to a halt and factories close. Restrictions on the movement of people and the sudden stoppage of economic activity are expected to cause a severe contraction in sectoral output and Gross Domestic Product (GDP). According to International Labor Organization (ILO), it is estimated that factory closures in Europe and North America have caused some 2.5 million passenger vehicles to be removed from production schedules, at a cost of US$77.7 billion in lost revenue for automotive and parts manufacturing companies. This is having negative multiplier effects on the economy through backward and forward linkages, particularly in countries such as Canada, China, Germany, India, Japan, the Republic of Korea, Mexico, Morocco, South Africa, and the United States, where the automotive industry is a major driver of economic growth.

Carbon Fiber Reinforced Plastic In Automotive Armor Sleeves Market Landscape 

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the carbon fiber reinforced plastic in automotive armor sleeves market. In 2019, the market of carbon fiber reinforced plastic in automotive armor sleeves has been consolidated by the top five players accounting for 40% of the share. Major players in the carbon fiber reinforced plastic in automotive armor sleeves market are SGL Carbon SE, Teijin Ltd., Toray Industries Inc., Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Farmosa Plastics Corporation, Nippon Carbon Co. Ltd., DowAksa Advanced Composites Holdings BV, Hexcel Corporation, and Hyosung Advanced Materials.

Acquisitions/Technology Launches

• In May 2016, Dowaska, Under secretariat of Defense Industries (SSM) and Turkish Aerospace Industries (TAI) have jointly opened The DowAksa Global Composites Center with an objective to advance Turkey’s carbon fiber and other reinforcement composites manufacturing mainly for aerospace applications in both defense and commercial aviation and the infrastructure, marine, wind energy, and transportation sector.
• In September 2019, Teijin Limited acquired Benet Automotive, a leading automotive composite and component supplier in the Czech Republic. The acquisition benefits Teijin’s composite technologies business.

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