The carbon fiber reinforced plastic market is expected to reach US$ 7,954.8 million in 2022 and grow at a CAGR of 8.8% between 2022 and 2032. By the end of the forecast period, the market is anticipated to reach a valuation of US$ 18,489.2 Million by 2032.
Due to its superior mechanical properties compared to conventional industrial metals, the market for carbon fibre reinforced plastics has recently experienced growth. Its advantages over aluminium and steel in the automotive and aerospace sectors include high fatigue strength, load-bearing strength, and, most importantly, lightweight.
The carbon fibre reinforced plastic improves fuel efficiency by reducing overall vehicle weight, which addresses the mitigation measures for carbon emissions. As greenhouse and other harmful gas emissions are decreased by using renewable energy sources, the wind power industry is expanding.
The spar, or structural component of wind turbine blades, both offshore and on land, is primarily made of carbon fibre reinforced plastic. Due to its higher strength and fatigue resistance per unit mass than fibreglass and higher stiffness, carbon fibre has been shown to reduce the mass of wind turbine blades. Due to the growing use of wind energy sources, demand for carbon-fibre reinforced plastic is rising.
Attributes
Details
Carbon Fiber Reinforced Plastic Market CAGR (2022 to 2032)
8.8%
Carbon Fiber Reinforced Plastic Market Size 2022
US$ 7,954.8 Million
Carbon Fiber Reinforced Plastic Market Size 2032
US$ 18,489.2 Million
It is estimated that CFRP market will account for around 3-5% of the global reinforced plastics market.
The carbon fibre reinforced plastics market has been gaining traction lately due to its superior mechanical properties over traditional industrial metals. Properties such as high fatigue strength, load bearing strength, and most importantly, light weight make it an ideal material in the automotive and aerospace industries over aluminium and steel. The CFRP helps to address the carbon emission mitigation steps as it increases fuel efficiency by reducing overall vehicle weight.
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CFRP to Alter the Body Dynamics of Automobiles
Luxury car manufacturers are always working to improve fuel economy and lower greenhouse gas emissions. The carbon fiber reinforced plastic market is moving forward as a result of the expanding demand for lightweight automobiles and rising commercial vehicle production.
Demand for carbon fiber reinforced plastic is being favoured by manufacturers' rising demand for car body parts like fenders, deck lids, bumper beams, and hoods. Increased vehicle durability due to the use of CFRP leads to longer-lasting auto parts.
Europe Remains the Key Contributor to the Growth of the Carbon Fiber Reinforced Plastic Market
The wind energy, aerospace, defence, and other end-use industries all have significant demand for carbon fiber reinforced plastic, and it is anticipated that Europe will hold the largest carbon fiber reinforced plastic market share in this sector. The demand for carbon fiber reinforced plastic in Europe is primarily being driven by an increase in Airbus aircraft deliveries. In terms of offshore wind energy installations, Europe is the global carbon fiber reinforced plastic market leader.
Since carbon fiber reinforced plastic significantly reduces the weight of electric drive trains while also improving their electrical and mechanical properties, the broad base of electric car manufacturers is credited with driving the growth of the European carbon fiber reinforced plastic market.
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Carbon Fiber Reinforced Plastic Market Opportunities in East Asia Getting Exceptional
East Asia is anticipated to experience the fastest growth in the carbon fiber reinforced plastic market thanks to its widespread use in sectors like aerospace, military & defence, and automobiles in nations like China and Japan.
The largest automotive manufacturing sector in the world is found in China. The automotive industry in China is growing quickly, and the country's automobile market is playing a bigger and bigger role in the global auto industry. Due to carbon fiber reinforced plastic's exceptional qualities and the growing need to reduce CO2 emissions, manufacturers can now use it. It is anticipated that East Asia will contribute significantly to the US dollar.
The carbon fiber reinforced plastic market participants are consistently increasing production capacity to meet the escalating industrial demand for carbon fiber reinforced plastic in sectors such as automotive, aerospace, construction, sporting goods, and others. A number of important players are introducing productive technology. The potential for these developments to significantly enhance cost performance exists.
Historical (2017-21) Vs. Forecast (2022-32) Market Outlook
Over the historical years (2017–2021), steel and alumina were widely used in multiple end-use industries and have seen significant growth in their customer base as they are relatively inexpensive as compared to CFRP. The Carbon Fiber Reinforced Plastics market is expected to grow at a 5.6% CAGR between 2017 and 2021. The demand for CFRP was dampened during the historical period as the COVID–19 outbreak forced several end-use industries such as aerospace, construction, and automotive to a halt.
Whereas, as per the latest survey conducted by FMI, the CFRP market is expected to progress at a CAGR of 8.8% between 2022 and 2032. The rising awareness of the beneficial and superior properties of CFRP has led to a high demand on a global platform.
The forthcoming expansion in the automotive, aerospace and defence, and wind energy industries is likely to boost market growth. The overall market is expected to be driven by rising automotive demand especially for lightweight automobiles. The demand for fuel-efficient vehicles, as well as stringent government laws governing carbon emissions is driving the market outlook.
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Market Dynamics
CFRP Has Shown to be Beneficial in the Wind Power Sector
The wind power sector is growing as the use of renewable energy sources reduces greenhouse and other harmful gas emissions. Modern wind turbines are rapidly being employed in the wind power sector as they are more reliable, scaled up to multi-megawatt power ratings, and are cost-effective.
Carbon fibre reinforced plastic is largely employed in the spar, or structural element of wind turbine blades, both offshore and on land. Carbon fibre has been shown to reduce wind turbine blade mass since it has higher strength and fatigue resistance per unit mass than fibreglass and higher stiffness. Demand for carbon-fibre reinforced plastic is increasing due to the increased use of wind power energy sources.
CFRP to change the automotive vehicle body dynamics
Safety is the most crucial element to consider when developing high-performance race cars. CRPF absorbs more impact energy than steel, making it an excellent and commonly used material in the manufacture of high-performance race car parts. Furthermore, luxury automakers are continuously striving to increase fuel efficiency and reduce greenhouse gas emissions. While CRPF is 30 times lighter than aluminium, it can be employed in the manufacturing of high-performance vehicles.
The growing need for lightweight cars, combined with rising commercial vehicle production, is propelling the CFRP market forward. Manufacturers' increased demand for vehicle body components such as hoods, bumper beams, deck lids, and fenders is favouring CFRP demand. The use of CFRP boosts vehicle durability, resulting in longer-lasting auto parts.
Category-wise Insights
What is Carbon Fiber Reinforced Plastics Market Outlook by type?
Due to the superior properties of thermoplastic CFRP over thermosetting CFRP, the thermoplastic segment maintained the greatest proportion of the carbon fibre reinforced plastic (CFRP) market in 2021. Thermoplastics retain their shape and strength even when heated, unlike thermosetting. As a result, thermoplastic polymers are well adapted to the manufacturing of flexile shapes, increased toughness, better recyclability, and above all, the ability to deliver fast manufacturing processes while withstanding demanding situations.
Furthermore, these components feature a high strength-to-weight ratio, improved dielectric strength, and low thermal conductivity. Thermoset CFRP possesses good heat resistance, outstanding dimensional and chemical stability features when exposed to high heat, and other properties and is also used in a variety of end-use industries.
Region-wise insights
How is Europe bolstering the global CFRP market?
Due to significant demand from the wind energy, aerospace, defence, and other end-use industries, Europe is anticipated to account for the largest market share in the CFRP market in 2022. Furthermore, it is home to a number of important aircraft composite producers, including Solvay and SGL Carbon.
Increased Airbus aircraft deliveries are primarily driving CFRP demand in Europe. Aside from that, the region also manufactures military planes and helicopters. Europe is a world leader in offshore wind energy installations. The growth of the European CFRP market is also attributed to the wide base of electric car manufacturers as CFRP significantly reduces the weight of electric drive trains while also increasing their electrical and mechanical characteristics.
What are the future prospects for the CFRP market in the East Asia region?
East Asia is projected to be the fastest growing region in the global CFRP market, owing to broad application in industries such as aerospace, military & defense, and automobiles in countries like Japan and China.
The Chinese automotive manufacturing industry is the world's largest. China's automotive industry is quickly expanding, and the country's automobile market is becoming increasingly vital in the global automobile market. The increasing CO2 reduction issue has paved the way for manufacturers to employ CFRP due to its outstanding properties. The East Asia region is expected to create a significant US dollar during the forecast period.
Competitive Landscape
In order to meet the rising industrial demand for CFRP in industries like automotive, aerospace, construction, sporting goods, and others, market participants are constantly expanding the production capacity. Several key players are introducing efficient production technology. These advancements have the potential to significantly improve cost performance.
For Instance,
In December 2020, Mitsubishi Chemical Corporation announced the establishment of a new carbon fibre reinforced thermoplastic pilot facility. The facility will be located in Fukui Prefecture.
In May 2020, Toray Industries, Inc. reported the development of a high tensile modulus carbon fibre and thermoplastic pellets suitable for injection moulding with that fibre. The pellets will allow for the efficient fabrication of complicated, stiff, and light parts, reducing environmental impact.
Similar development have been tracked by Future Market Insights in its latest market study.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 8.8% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Million, Volume in KiloTons and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
Raw Material Type
Type
End Use
Region
Regions Covered
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa
Key Countries Covered
USA
Canada
Mexico
Brazil
Germany
UK
France
Italy
Spain
Russia
BENELUX
China
Japan
South Korea
India
ASEAN Countries
Australia
New Zealand
GCC Countries
Turkey
Northern Africa
South Africa
Key Companies Profiled
Solvay S.A.
DowAksa Advanced Composites Holdings B.V.
Formosa Plastics Corporation
Hexcel Corporation
Jiangsu Hengshen Fibre Material Co., Ltd.
Mitsubishi Rayon Co. Ltd.
Hyosung Advanced Materials
Cytec Industries Inc.
SGL Carbon SE
Hexcel Corporation
Teijin Limited
Toray Industries
Zhongfu Shenying Carbon Fiber Co. Ltd.
Customization & Pricing
Available upon Request
Market Segmentation
By Raw Material Type:
PAN Based
Pitch Based
Others
By Type:
Thermoplastic
Thermosetting
By End Use:
Automotive
Wind Turbines
Sports Goods
Building & Construction
Military & Defence
Aerospace
Others
By Region:
North America
Latin America
Europe
South Asia Pacific
East Asia
Middle East & Africa
Frequently Asked Questions
What was the value of the market in 2022?
In 2022, the value of the global Carbon Fiber Reinforced Plastics market reached over US$ 7,954.8 Mn
At what rate is the global market projected to expand during the forecast period?
During the forecast period, the global Carbon Fiber Reinforced Plastics market is estimated to expand at a CAGR of 8.8% during 2022-2032.
By 2032, what will the value of the global market?
The global Carbon Fiber Reinforced Plastics market is projected to reach US$ 18,489.2 Mn by the end of 2032.
Which are the top players in the market?
The key players operating in the Solvay S.A., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Jiangsu Hengshen Fibre Material Co., Ltd., Mitsubishi Rayon Co. Ltd., Hyosung Advanced Materials, Cytec Industries Inc., SGL Carbon SE, Hexcel Corporation, Teijin Limited, Toray Industries, Zhongfu Shenying Carbon Fiber Co. Ltd., and various others.
