Global Carbon Fiber Reinforced Plastics (CFRPs) Market Insights and Forecast to 2028

The Carbon Fiber Reinforced Plastics market was valued at USD 19630 million in 2022, and it is anticipated to reach USD 36290 million by 2028, registering a CAGR of about 10.8% during the forecast period (2022–2028). Key drivers of the carbon fiber reinforced plastics market include growing preference for fuel-efficient, lightweight vehicles.

The widespread application in various end-user industries is expected to drive the growth of the carbon fiber reinforced plastics market during the forecast period. The need for increasing renewable energy sources such as wind energy will create lucrative opportunities for the growth of the market in the coming years.

Sustainability issues and energy crises are global problems. The need to decrease fuel consumption and greenhouse gas emissions has prompted government authorities to create stricter norms on fuel efficiency. Carbon fiber has excellent benefits in the form of high tensile strength, durability, toughness, crashworthiness. The lightweight feature reduces the overall vehicle weight and cost.  Weight reduction ensures fuel efficiency. Thus the immense benefits of carbon fiber material in the automotive industry will drive widespread adoption thereby increasing the growth of the carbon fiber reinforced plastics market during the forecast period.

End-User Industry Application

The application of carbon fiber is huge as it is a versatile composite material. Owing to the strength, stiffness, and reduction in production costs it is used extensively in aerospace, defense, sports, construction, medical industry, etc. Thus the gradual deployment in a variety of vertical levels will drive the growth of the carbon fiber reinforced plastics market in the coming years.

Rising Popularity Of Renewable Energy Sources Such As Wind Energy

The race for renewable energy sources has intensified in the last few years. The wind power sector is growing due to the increasing need for reducing GHG emissions. Wind turbines use carbon fiber reinforced plastics to make the blades effective and strong. The low density aids in the final product offering better, stiffer, and lighter blades. Thus the growing importance of wind energy will create ample opportunities for the growth of the carbon fiber reinforced plastics market. 

Carbon Fiber Reinforced Plastics Market, By Region

Based on region, North America is expected to dominate in the carbon fiber reinforced plastics market share due to extensive usage in end-user industries.

Carbon Fiber Reinforced Plastics Market, By Application

Based on application, the aerospace segment is expected to provide lucrative opportunities for growth in the carbon fiber reinforced plastics market share due to rising use for achieving greater strength at a lower weight of components.

Carbon Fiber Reinforced Plastics Market, By Type

Based on type, the thermosetting segment will provide huge scope for growth in the carbon fiber reinforced plastics market share due to various beneficial properties such as low conductivity, capability to retain strength and shape even while heated, high performance, etc.

Key Market Players

• Teijin
• Mitsubishi Rayon
• SABIC
• Toray Industries
• SGL Group
• Solvay
• Hexcel
• Formosa Plastics
• A&P Technology
• Hyosung
• Nippon Graphite Fiber
• Quickstep Technologies
• Holding Company Composite (HCC)

Key Market Segments

By Type

• Thermosetting CRFPs
• Thermoplastic CRFPs

By Application

• Aerospace
• Automotive
• Sports and Leisure
• Construction
• Wind Power Industry
• Other

Production by Region

• North America
• Europe
• China
• Japan

Consumption by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• Taiwan
• Indonesia
• Thailand
• Malaysia
• Philippines
• Vietnam
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE