According to Future Market Insights (FMI), total sales of CFRP propeller shaft are estimated to reach US$ 130 Bn by 2032. Rising demand for a soundless and vibration-free propeller shaft in vehicles with efficient power transmitting capabilities is projected to fuel sales at approximately 25% - 26% CAGR during the forecast period.
| Report Attribute | Details |
| CFRP Propeller Shaft Market Anticipated Forecast Value (2032) | US$ 130 Bn |
| CFRP Propeller Shaft Market Projected Growth Rate (2022-2032) | 25% - 26% CAGR |
In the transportation sector, CFRP propeller shaft is used to transmit power to wheels or propellers in automobiles. Surging demand for an alternative to steel shafts is projected to create lucrative opportunities for the CFRP propeller shafts in the forthcoming years.
Also, benefits of CFRP propeller shafts such as excellent damping properties, longer shelf life, and high resistance to corrosion are likely to increase their demand in the automotive industry.
With rising usage of composite materials and improvements in the production of propeller shafts, prices of CFRP shafts are projected to decline in the forthcoming years, thereby bolstering the market.
Besides this, growing demand for lightweight and electric vehicles to achieve higher power efficiency and fuel efficiency is estimated to augment sales in the market.
The existing regulations to mitigate environment-related concerns such as carbon emissions are encouraging manufacturers to invest in research and development activities, which is expected to spur demand for advanced CFRP propeller shafts.
The exceptional properties of CFRP propeller shaft such as high tensile strength, stiffness, low weight, and fire resistance are anticipated boost its applications in the aerospace industry. In addition to this, increasing adoption of these shafts in the marine sector to achieve resistance to corrosion, weight reduction, and reduction of overload on engines during stormy weather will fuel sales.
Besides this, increasing demand for renewable sources for power generation is projected to augment the development of wind turbines. This, in turn, is expected to pave way for the application of CFRP propeller shafts in the forthcoming years.
High conductivity of carbon fiber reinforced plastic and its related consequences might limit sales of CFRP propeller shafts.
Increasing cost of CFRP materials compared to steel is anticipated to restrain the growth in the market. Additionally, the brittleness of CFRP leads to the disintegration of the internal structures, thereby hampering demand for CFRP propeller shafts.
Rising vehicular emissions and surging demand for fuel efficiency is encouraging consumers to adopt electric vehicles. CFPR propeller shaft enables weight reduction and power efficiency in electric vehicles. Driven by this, the adoption of CFRP propeller shafts in electric vehicles will increase, thereby augmenting the growth in the market.
Moreover, growing need for a cost-effective alternative to metal shafts in countries such as China and India is expected to increase sales in the region over the assessment period.
According to FMI, North America is estimated to hold a significant share in the market during the forecast period. Expansion of the automotive industry in the U.S. is projected to spur demand for CFRP propeller shaft in the region.
Growing government investments in research and development activities in the field of machinery industry or heavy industry are estimated to elevate the use of CFRP propeller shaft.
Leading players operating in the global CFRP propeller shaft market report include CENTA Corporation, The AVANCO-Group, Alfred Heyd GmbH u. Co.KG, Lentus Corporation, NAKASHIMA PROPELLER Co., Ltd., and Amarillo Gear Company, among others.
Some of the key players are focusing on developing environment-friendly and cost-effective propeller shaft to improve sales. Additionally, they are also investing in business strategies such as mergers, collaborations, acquisitions, and partnerships to strengthen their global footprint.
| Report Attribute | Details |
| Growth Rate | 25% - 26% CAGR |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in US$ Bn, and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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Asia Pacific is expected to lead the CFRP propeller shaft market owing to the increasing demand for lightweight and power-efficient electric vehicles in the region.
High cost and brittleness of CFRP materials are likely to retrain the growth in the CFRP propeller shaft market.
The global CFRP propeller shaft market is estimated to exhibit growth at a CAGR of 25% - 26% until 2032.
CENTA Corporation, The AVANCO-Group, Alfred Heyd GmbH u. Co.KG, and Lentus Corporation are the prominent players in the CFRP propeller shaft market.
The global CFRP propeller shaft market is estimated to reach a value of around US$ 130 Bn by the end of 2032.
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CFRP Propeller Shaft Market
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