Carbon Fiber Reinforced Plastic in Automotive Armor Sleeves Market - Forecast(2021 - 2026)

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.

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