Global CFRP Propeller Shaft Market: Introduction
The propeller shaft is one of the most important components in the transportation industry. Its main purpose is to transmit power to a propeller or to the wheels of automobiles. It is generally made of alloy steel, but with technological developments and advancements, steel shafts are being replaced by composite material shafts. These days, CFRP propeller shafts are increasingly being adopted owing to higher advantages offered by them as compared to conventional shafts. CFRP propeller shafts reduce the overall sound and vibration due to their good damping properties and also offer higher corrosion-resistance. CFRP propeller shafts have longer life span owing to their wear and maintenance-free properties. Moreover, due to the advent of composite materials, they are now lighter than steel propeller shafts. Additionally, the cost of CRPF propeller shafts is also expected to decline in near future owing to improvements in manufacturing techniques. This is further expected to make the CFRP propeller shaft market more competitive in future. Hence, the global CFRP propeller shaft market is expected to register health year on year growth throughout the forecast period.
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Global CFRP Propeller Shaft Market: Dynamics
The CFRP propeller shaft market is expected to be driven by healthy growth of the transportation industry. The manufacturers in the transportation industry are highly focused on manufacturing of light weight mobility units. Weight reduction enhances overall efficiency and hence, is the most preferred strategy of the manufacturers. With light weight CFRP shaft propellers, more power can be transmitted to propellers as compared to conventional propeller shafts. Additionally, the aftermarket is also one of the key sales channel responsible for the healthy growth of the CFRP Propeller shaft market during the forecast period.
Furthermore, growing sales of electric vehicles across the globe is also expected to contribute significantly to the overall growth of the market. Growing adoption of light weight materials/components in electric vehicles enhances their overall efficiency and is the key reason behind growing adoption of CFRP propeller shafts in electric vehicles.
Global CFRP Propeller Shaft Market: Segmentation
The Global CFRP propeller shaft market can be segmented on the basis of propeller shaft type, application, sales channel and region.
On the basis of propeller shaft type, the global CFRP propeller shaft market is segmented as:
- Single Piece
- Two Piece
On the basis of application, the global CFRP propeller shaft market is segmented as:
- Automotive
- Marine
- Aerospace
On the basis of Sales Channel, the global CFRP propeller shaft market is segmented as:
- OEM
- Aftermarket
Global CFRP Propeller Shaft Market: Regional Outlook
The global market of CFRP propeller shafts is currently dominated by developed economies, such as North America, Europe and Japan. This can be attributed to higher R&D capabilities and presence of leading manufacturers in these regions. Moreover, the market is further projected to move towards developing economies of South Asia, such as India and ASEAN countries, and East Asia, such as China and South Korea. In MEA, Turkey and Israel, and in Latin America, Brazil, are anticipated to be key countries. The market of CFRP propeller shafts is projected to witness significant transition in near future due to increasing adoption and growing R&D spending on the development of CFRP propeller shafts by developing regions. Therefore, by the end of the forecast period, the total sales volumes of CFRP propeller shafts is expected to shift from developed economies to developing economies.
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Global CFRP Propeller Shaft Market: Market Participants
In the global market of CRPF propeller shafts, all the manufacturers across the globe are engaged in the development and up gradation of CFRP propeller shafts. The manufacturers are also focused on manufacturing and development of low cost CFRP propeller shafts in order to compete in the global market. Some of the manufacturers engaged in the manufacturing and sales of CFRP propeller shafts across the globe are:
- Lentus Composites
- The AVANCO-GROUP
- NAKASHIMA PROPELLER Co., Ltd.
- CENTA Corporation
- Amarillo Gear Company
- Alfred Heyd GmbH u. Co.KG