Global Carbon Fiber Reinforced Plastic (CFRP) market share 2024, Forecast To 2033
1 Mar, 2024
The carbon fiber reinforced plastic (CFRP) market has experienced rapid growth, surging from$12.46 billion in 2023 to$13.74 billion in 2024, reflecting a significant compound annual growth rate (CAGR) of 10.3%. This growth is attributed to the expansion of the aerospace industry, the sporting goods industry, the demand for high-performance materials, increased emphasis on fuel efficiency, the globalization of automotive production, the demand for corrosion-resistant materials, and a focus on sustainable materials. Forecasts suggest continued rapid growth, with the market projected to reach$20.19 billion by 2028, with a CAGR of 10.1%. The forecasted growth is driven by the growing consumer electronics market, the rise of electric vehicles, advancements in CFRP manufacturing, growth in the wind energy sector, advancements in resin systems, and consumer electronics miniaturization. Major trends in the forecast period include automotive lightweighting trends, advancements in manufacturing technologies, medical device innovations, innovations in automotive design, expanding use in robotics, and strategic collaborations and partnerships.
Global Carbon Fiber Reinforced Plastic (CFRP) Market Key Driver
The rise in demand for lightweight vehicles is expected to boost the growth of the carbon fiber-reinforced plastic market going forward. Lightweighting is a concept in the automobile industry that refers to designing lighter automobiles, to achieve better fuel efficiency and handling. Automakers manufacture parts from carbon fiber, windshields from plastic, and bumpers out of aluminum foam, as ways to lessen vehicle load. Carbon fiber reinforced plastic (CPRF) has extremely low shrinkage and expansion against heat which is a strong benefit for automobile bodies. CFRP is used in manufacturing expensive sports cars, bicycles, and motorbikes. For instance, in October 2021, according to International Energy Outlook, a report released by the Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, in 2020, there were 1.31 billion light-duty vehicles (LDVs) in use worldwide and it is expected that there will be 2.21 billion LDVs by 2050. Similarly, electric vehicles (EVs) any LDV with a charging plug are expected to grow from 0.7% of the global LDV fleet in 2020 to 31% in 2050, reaching 672 million vehicles. Therefore, the rise in demand for lightweight vehicles is driving the growth of the carbon fiber-reinforced plastic market. In 2023, the carbon fiber-reinforced plastic market saw substantial growth, reaching a value of $XX billion, and this growth trend is forecasted to persist through 2024 and extend into 2028.
Get A Free Sample Of The Global Carbon Fiber Reinforced Plastic (CFRP) Market ReportGlobal Carbon Fiber Reinforced Plastic (CFRP) Market Segments
The global carbon fiber reinforced plastic (cfrp) market covered in this report is segmented –
1) By Type: Polyacrylonitrile, Petroleum Pitch, Other Types
2) By Resin: Thermosetting, Thermoplastic
3) By End-User: Aerospace, Automotive, Sports and Leisure, Building and Construction, Wind Power Industry, Other End-Users
By Geography: The regions covered in the carbon fiber reinforced plastic (cfrp) market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the carbon fiber reinforced plastic market share in 2023. The regions covered in the carbon fiber reinforced plastic (cfrp) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Carbon Fiber Reinforced Plastic (CFRP) Industry Players
Solvay S.A, DowAksa Advanced Composites Holding B.V, Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., SGL Carbon SE, Teijin Limited, Toray Industries Inc., Nikkiso Co. Ltd., AllRed & Associates Inc., Rochling Group, Jiangsu Hengshen Fiber Material Co. Ltd., Zhongfu Shenying Carbon Fiber Co. Ltd., Nippon Graphite Fiber Co. Ltd., Saudi Basic Industries Corporation, Gurit Holding AG, Park Aerospace Corp., Axiom Materials Inc., Plasan Carbon Composites, Zoltek Companies Inc., Hyosung Advanced Materials Corporation, Owens Corning, Huntsman Corporation, Cytec Solvay Group, Kureha Corporation, Carbon Mods, Carbon Revolution, Carbon Conversions Inc., Carbon Fiber Works, Composite Engineering Inc.
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Carbon Fiber Reinforced Plastic (CFRP) Market Overview
Carbon fiber reinforced plastic (CFRP) is a type of durable and strong carbon plastic reinforced with high-strength unidirectional fibers. It is composed of linked-chain carbon atoms in a matrix structure of polymer resin. It is a lightweight, strong, stiff material and is used wherever a high strength-to-weight ratio and stiffness (rigidity) are required.
Carbon Fiber Reinforced Plastic (CFRP) Global Market Report 2023 provides data on the global carbon fiber reinforced plastic (cfrp) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The carbon fiber reinforced plastic (cfrp) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.