Global Carbon Fiber Reinforced Plastic (CFRP) Market to Reach US$ 34.4 Billion by 2032, Stimulated by Increasing Product Usage in the Automotive Industry

November 29, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled “Carbon Fiber Reinforced Plastic (CFRP) Market Report by Raw Materials (Polyacrylonitrile, Pitch-based, Rayon-based), Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Pultrusion and Filament Winding, Resin Transfer, Injection and Compression Moulding, and Others), Application (Aerospace & Defense, Automotive, Wind Energy, Civil Engineering, Sporting Goods, Electrical and Electronics, Marine Applications, and Others), and Region 2024-2032,” the global carbon fiber reinforced plastic (CFRP) market size reached US$ 20.2 Billion in 2023. Carbon fiber reinforced plastic (CFRP) is an advanced lightweight composite material that is produced from the infusion of polymer resin and carbon fiber reinforcement. The blend of these components helps in providing additional strength, stiffness, toughness, and a cohesive matrix, which protects or holds the fibers. As compared to conventional plastics, CFRP is more durable and provides exceptional specific tensile strength and impact and fatigue resistance. As a result, it is extensively employed in diverse industrial applications in manufacturing aircraft and automotive components, helmets, wind turbine blades, and construction plates. Apart from this, CFRP offers better elasticity than steel and possesses multiple structural properties; therefore, it finds extensive applications in fabricating high-performance drone bodies, carbon woven fabrics, musical instruments, tripod legs, tent poles, fishing rods, and billiards cues.

Global Carbon Fiber Reinforced Plastic (CFRP) Market Trends:

The global carbon fiber reinforced plastic (CFRP) market is primarily driven by the escalating product demand from the automotive industry owing to its various beneficial properties, including the high strength-to-weight ratio and greater load-bearing capacity. Such materials are substantially lighter than steel; thus, they are frequently employed to manufacture multiple automobile components, including panels, fenders, deck lids, bumper beams, dashboards, and other under-the-hood parts. Moreover, the implementation of favorable green government initiatives to promote the uptake of lightweight electric vehicles (EVs), owing to rising environmental concerns, have prompted manufacturers to design fuel-efficient automobiles with CRPF to mitigate greenhouse gas (GHG) emissions, which is favoring the market growth. Additionally, the extensive utilization of CFRP in the aerospace industry during the production of aircraft structures, due to its mechanical properties and ability to reduce fuel consumption, is propelling the market growth. Besides this, the escalating need for renewable energy sources has encouraged the widespread CFRP incorporation as a structural component in spars and wind turbine blades as they offer higher stiffness while a maintaining lower density of CF this, in turn, is positively influencing the market growth. Looking forward, the market value is projected to reach US$ 34.4 Billion by 2032, expanding at a CAGR of 5.9% during 2024-2032.

Market Summary:

  • On the basis of raw materials, the market has been divided into polyacrylonitrile, pitch-based, and rayon-based.
  • Based on type, the market has been bifurcated into thermostat (epoxy, polyester, and vinyl resin) and thermoplastic (polyurethane, polyether ether ketone, and polyethersulfone)
  • On the basis of the manufacturing process, the market is segregated into layup, pultrusion and filament winding, resin transfer, injection and compression moulding process, and others.
  • Based on application, the market is categorized into aerospace & defense, automotive, wind energy, civil engineering, sporting goods, electrical and electronics, marine applications, and others
  • On a regional basis, the market has been segmented into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and the Middle East and Africa.
  • The competitive landscape of the market 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
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Global Carbon Fiber Reinforced Plastic (CFRP) Market to Reach US$ 34.4 Billion by 2032, Stimulated by Increasing Product Usage in the Automotive Industry
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