Carbon Fiber Reinforced Plastic (CFRP) Market Size (2024 - 2029)

The carbon fiber reinforced plastics market is anticipated to experience growth over the forecast period, driven by increasing demand from the aerospace sector and a shift towards fuel-efficient, lightweight vehicles. Despite the initial setback due to the COVID-19 pandemic, which halted production in key industries and reduced demand, the market is expected to recover as investments rise. Challenges such as high costs and limited production capacity may impede growth, but opportunities exist in developing more affordable products and technologies. The Asia-Pacific region, particularly China and India, currently leads in market consumption.

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Market Size of Carbon Fiber Reinforced Plastic (CFRP) Industry

Carbon Fiber Reinforced Plastic (CFRP) Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 8.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Carbon Fiber Reinforced Plastic (CFRP) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Carbon Fiber Reinforced Plastics (CFRP) Market Analysis

The carbon fiber reinforced plastic (CFRP) market is projected to register a CAGR of 8% during the forecast period.

The market was negatively impacted due to COVID-19, as all the major industries that consume CFRP were put on a halt. All the industries, such as construction, automotive, aerospace, and others, shut their production plant due to the disruption caused by the COVID-19 pandemic, which reduced the demand for CFRP. However, with firms recovering, the investments are expected to grow and drive the demand for CFRP in the coming years.

  • Over the long term, the growing demand from the aerospace industry and a rising preference for fuel-efficient and lightweight vehicles are expected to drive market growth.
  • However, the high cost of the CFRP and inadequate production capacity are expected to hinder the market's growth.
  • Shifting focus on developing low-cost products and technologies will likely act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption from China and India.

Carbon Fiber Reinforced Plastics (CFRP) Industry Segmentation

Carbon fiber-reinforced plastic is a polymer matrix composite material reinforced by carbon fibers. It is majorly used in the manufacturing of aircraft and rockets, as it increases fuel efficiency and reduces the weight of the aircraft body. Resin, end-user industry, and geography segment the market. By resin type, the market is segmented into thermosetting CFRPs and thermoplastic CFRPs. The market is segmented by end-user industries: aerospace, automotive, sports and leisure, building and construction, wind power industry, and other end-user industries. The report also covers the market size and forecasts for the carbon fiber reinforced plastic (CFRP) market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Resin Type
Thermosetting CFRP
Thermoplastic CFRP
End-user Industry
Aerospace
Automotive
Sports and Leisure
Building and Construction
Wind Power Industry
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Carbon Fiber Reinforced Plastic (CFRP) Market Size Summary

The carbon fiber reinforced plastic (CFRP) market is anticipated to experience significant growth over the forecast period, driven by increasing demand from the aerospace industry and a rising preference for lightweight, fuel-efficient vehicles. Despite the initial setbacks caused by the COVID-19 pandemic, which halted production across major industries such as construction, automotive, and aerospace, the market is expected to recover as investments grow. CFRP's high strength-to-weight ratio and rigidity make it an attractive alternative to metals and alloys, particularly in aerospace applications. The material's use in aircraft like the Boeing Dreamliner and Airbus A350 underscores its importance in enhancing performance through weight savings. However, challenges such as high costs and limited production capacity may impede growth, while opportunities lie in the development of low-cost products and technologies.

Asia-Pacific holds a dominant position in the global CFRP market, with substantial consumption in China and India, driven by the industrial, aviation, and automotive sectors. China's robust air traffic growth and its status as the world's largest automotive manufacturing industry contribute to the increasing demand for CFRP. The material's application in construction, where it enhances the strength of damaged elements, further supports market expansion. The Indian automotive industry is also poised for growth, with significant investments and export targets. The competitive landscape of the CFRP market features major players like Solvay, Röchling Group, and Formosa M Co. Ltd, who are actively introducing sustainable and innovative products to meet market demands.

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Carbon Fiber Reinforced Plastic (CFRP) Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from the Aerospace Industry

      2. 1.1.2 Rising Demand for Fuel-efficient and Light-weight Vehicles

    2. 1.2 Restraints

      1. 1.2.1 High Cost of CRFP

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size by Value)

    1. 2.1 Resin Type

      1. 2.1.1 Thermosetting CFRP

      2. 2.1.2 Thermoplastic CFRP

    2. 2.2 End-user Industry

      1. 2.2.1 Aerospace

      2. 2.2.2 Automotive

      3. 2.2.3 Sports and Leisure

      4. 2.2.4 Building and Construction

      5. 2.2.5 Wind Power Industry

      6. 2.2.6 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Carbon Fiber Reinforced Plastic (CFRP) Market Size FAQs

The Carbon Fiber Reinforced Plastic (CFRP) Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

Solvay, Röchling Group, Formosa M Co., Ltd, ALLRed & Associates Inc. and Nikkiso Co., Ltd. are the major companies operating in the Carbon Fiber Reinforced Plastic (CFRP) Market.

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Carbon Fiber Reinforced Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)