The global carbon fiber reinforced plastic (CFRP) market size reached US$ 18.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.5% during 2023-2028.
The carbon fiber reinforced plastic (CFRP) refers to a composite material that consists of a polymer matrix fortified with fibers. Epoxy, polyester, nylon and vinyl are some of the commonly used CFRPs, which are usually produced by the infusion of the resin with a carbon fiber reinforcement. They are also manufactured through various other processes, such as layup, pultrusion and winding, compression and injection, etc. These plastics exhibit numerous physical properties, such as impact resistance, fatigue resistance, high tensile strength, durability and minimal weight. Owing to this, they find extensive applications in the manufacturing of sports equipment, aerospace and automotive components, protective helmets, blades of wind turbines and construction materials.
The continuous growth in the aerospace industry, along with the increasing product demand for the manufacturing of lightweight automotive components, is one of the key factors driving the growth of the market. In comparison to the traditionally used materials, such as aluminum and steel, CFRPs aid in the manufacturing of environment-friendly and lightweight components with improved fuel economy and higher efficiencies. Extensive utilization of CFRP in the production of various building and construction materials is acting as another major growth-inducing factor. Columns, piers, pylons and reinforcing structures are manufactured using CFRP, owing to its durability and resistance against electromagnetic interference. Other factors, including the growing demand for high-performance products in the defense sector and the increasing product utilization in surgical implants and other medical applications, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global carbon fiber reinforced plastic (CFRP) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on raw materials, type, manufacturing process and application.
Breakup by Raw Materials:
Polyacrylonitrile
Pitch-based
Rayon-based
Breakup by Type:
Thermoset
Epoxy Resin
Polyester Resin
Vinyl Resin
Thermoplastic
Polyurethane
Polyether Ether Ketone
Polyethersulfone
Breakup by Manufacturing Process:
Layup
Pultrusion and Filament Winding
Resin Transfer
Injection and Compression Moulding
Others
Breakup by Application:
Aerospace & Defense
Automotive
Wind Energy
Civil Engineering
Sporting Goods
Electrical and Electronics
Marine Applications
Others
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited. and Toray Industries, Inc., etc.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Raw Materials, Type, Manufacturing Process, Application, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited and Toray Industries, Inc.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global Carbon Fiber Reinforced Plastic (CFRP) market was valued at US$ 18.9 Billion in 2022.
We expect the global Carbon Fiber Reinforced Plastic (CFRP) market to exhibit a CAGR of 6.5% during 2023-2028.
The rising consumer preference towards CFRP for manufacturing environment-friendly and lightweight components with improved fuel economy and higher efficiencies than traditionally used materials, such as aluminum and steel, is primarily driving the global Carbon Fiber Reinforced Plastic (CFRP) market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for Carbon Fiber Reinforced Plastics (CFRP).
Based on the raw materials, the global Carbon Fiber Reinforced Plastic (CFRP) market has been segmented into polyacrylonitrile, pitch-based, and rayon-based, where polyacrylonitrile currently holds the majority of the total market share.
Based on the type, the global Carbon Fiber Reinforced Plastic (CFRP) market can be divided into thermoset (epoxy resin, polyester resin, and vinyl resin) and thermoplastic (polyurethane, polyether ether ketone, and polyethersulfone). Currently, thermoset (epoxy resin) exhibits a clear dominance in the market.
Based on the manufacturing process, the global Carbon Fiber Reinforced Plastic (CFRP) market has been categorized into layup, pultrusion and filament winding, resin transfer, injection and compression moulding, and others. Among these, layup currently accounts for the largest market share.
Based on the application, the global Carbon Fiber Reinforced Plastic (CFRP) market can be segregated into aerospace & defense, automotive, wind energy, civil engineering, sporting goods, electrical and electronics, marine applications, and others. Currently, aerospace & defense exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific (China) currently dominates the global market.
Some of the major players in the global Carbon Fiber Reinforced Plastic (CFRP) market include Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited, Toray Industries, Inc., etc.
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