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“, offers a comprehensive analysis of the industry, which comprises insights on the global carbon fiber reinforced plastic (CFRP) market trends. The global market size reached US$ 20.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 34.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.9% during 2024-2032.
Factors Affecting the Growth of the Carbon Fiber Reinforced Plastic Industry:
- Growing Demand in Aerospace and Automotive Industries:
The aerospace and automotive industries are incorporating carbon fiber reinforced plastics (CFRP) due to their exceptional lightweight and high-strength characteristics. Additionally, the aerospace industry uses CFRP to reduce the weight of aircraft, leading to improved fuel efficiency and payload capacity, contributing to market growth. Also, the material’s resistance to corrosion and fatigue enhances the longevity and safety of aerospace components. Moreover, the automotive sector is integrating CFRP in vehicle manufacturing contributing to weight reduction, which directly correlates with enhanced fuel efficiency and reduced greenhouse gas (GHG) emissions, representing another major growth-inducing factor. Furthermore, the high strength-to-weight ratio of CFRP allows for the design of vehicles with improved performance, safety, and durability, thus creating a positive market outlook.
- Advancements in Manufacturing Technologies:
Technological advancements in the manufacturing processes of CFRP are driving the market growth. In addition, several innovations such as automated lay-up techniques and resin infusion methods streamlined the production of CFRP, making it more cost-effective and scalable, contributing to the market growth. For instance, automated lay-up techniques are increasing the precision and speed of CFRP production, reducing labor costs and human error while ensuring consistent quality. Moreover, resin infusion methods are improving the material’s quality by enhancing the fiber-matrix bonding, resulting in composites with superior mechanical properties and longevity. These advancements in manufacturing technologies lower the production costs of CFRP and expand its potential applications by improving the material’s performance and consistency.
- Increasing Applications in Various End-Use Industries:
CFRP is renowned for its exceptional strength-to-weight ratio, corrosion resistance, and durability, making it an ideal material for various applications. In addition, the growing wind energy sector is using CFRP to produce lightweight, improved wind turbine blades that can withstand high stress and fatigue, thereby enhancing the efficiency of wind energy systems. Moreover, the sports and leisure industry is using CFRP due to its lightweight and strength properties to produce high-performance sports equipment, such as racing bicycles, golf clubs, and fishing rods, offering athletes competitive advantages, thus representing another major growth-inducing factor. Besides this, the growing construction industry is increasing the demand for CFRP for reinforcing or repairing structures, providing enhanced strength without significant weight addition, ideal for seismic retrofitting or restoring aged infrastructure, thus propelling market growth.
Competitive Landscape with Key Player:
- 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
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/carbon-fiber-reinforced-plastic-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Raw Materials:
- Polyacrylonitrile
- Pitch-based
- Rayon-based
Polyacrylonitrile dominates the market due to its widespread availability and favorable properties, contributing to the market growth.
Breakup by Type:
- Thermoset
- Epoxy Resin
- Polyester Resin
- Vinyl Resin
- Thermoplastic
- Polyurethane
- Polyether Ether Ketone
- Polyethersulfone
Thermoset-epoxy resin accounts for the largest market share due to its superior strength, durability, and versatility.
Breakup by Manufacturing Process:
- Layup
- Pultrusion and Filament Winding
- Resin Transfer
- Injection and Compression Moulding
- Others
Layup market share due to its simplicity, cost-effectiveness, and suitability for various applications.
Breakup by Application:
- Aerospace & Defense
- Automotive
- Wind Energy
- Civil Engineering
- Sporting Goods
- Electrical and Electronics
- Marine Applications
- Others
Aerospace & defense sectors account for the largest market share due to it stringent performance requirements and lightweight properties of carbon fiber-reinforced plastics.
Market 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
Asia Pacifics dominance in the carbon fiber reinforced plastic market is attributed to its growing manufacturing infrastructure, technological advancements, and increasing demand across various industries.
Global Carbon Fiber Reinforced Plastic Market Trends:
At present, carbon fiber-reinforced plastics are gaining traction in the automotive industry due to their lightweight properties, contributing to fuel efficiency and reduced emissions. Manufacturers are incorporating CFRP in-vehicle components to enhance performance and meet stringent emissions regulations. Moreover, the growing wind energy sector uses carbon fiber-reinforced plastics in turbine blades to enhance durability and efficiency. As the renewable energy market expands, so does the demand for lightweight and durable materials such as CFRP. Besides this, companies are investing heavily in research and development (R&D) to innovate new CFRP materials with improved properties, such as higher strength, enhanced toughness, and better fatigue resistance.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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