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Carbon Fiber Reinforced Plastic Market Report by Raw Materials, Type, Manufacturing Process, Application, and Region 2024-2032

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    Report

  • 149 Pages
  • July 2024
  • Region: Global
  • IMARC Group
  • ID: 5615042
Description Jump to:
The global carbon fiber reinforced plastic (CFRP) market size reached US$ 20.2 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 34.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2023-2032.

The carbon fiber reinforced plastic (CFRP) refers to a composite material that consists of a polymer matrix fortified with fibers. Epoxy, polyester, nylon and vinyl are some of the commonly used CFRPs, which are usually produced by the infusion of the resin with a carbon fiber reinforcement. They are also manufactured through various other processes, such as layup, pultrusion and winding, compression and injection, etc. These plastics exhibit numerous physical properties, such as impact resistance, fatigue resistance, high tensile strength, durability and minimal weight. Owing to this, they find extensive applications in the manufacturing of sports equipment, aerospace and automotive components, protective helmets, blades of wind turbines and construction materials.

The continuous growth in the aerospace industry, along with the increasing product demand for the manufacturing of lightweight automotive components, is one of the key factors driving the growth of the market. In comparison to the traditionally used materials, such as aluminum and steel, CFRPs aid in the manufacturing of environment-friendly and lightweight components with improved fuel economy and higher efficiencies. Extensive utilization of CFRP in the production of various building and construction materials is acting as another major growth-inducing factor. Columns, piers, pylons and reinforcing structures are manufactured using CFRP, owing to its durability and resistance against electromagnetic interference. Other factors, including the growing demand for high-performance products in the defense sector and the increasing product utilization in surgical implants and other medical applications, are projected to drive the market further.

Key Market Segmentation:

The report provides an analysis of the key trends in each sub-segment of the global carbon fiber reinforced plastic (CFRP) market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on raw materials, type, manufacturing process and application.

Breakup by Raw Materials:

Polyacrylonitrile
Pitch-based
Rayon-based

Breakup by Type:

Thermoset
Epoxy Resin
Polyester Resin
Vinyl Resin
Thermoplastic
Polyurethane
Polyether Ether Ketone
Polyethersulfone

Breakup by Manufacturing Process:

Layup
Pultrusion and Filament Winding
Resin Transfer
Injection and Compression Moulding
Others

Breakup by Application:

Aerospace & Defense
Automotive
Wind Energy
Civil Engineering
Sporting Goods
Electrical and Electronics
Marine Applications
Others

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

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited. and Toray Industries, Inc., etc.

Key Questions Answered in This Report

1. How big is the global Carbon Fiber Reinforced Plastic (CFRP) market?
2. What is the expected growth rate of the global Carbon Fiber Reinforced Plastic (CFRP) market during 2024-2032?
3. What are the key factors driving the global Carbon Fiber Reinforced Plastic (CFRP) market?
4. What has been the impact of COVID-19 on the global Carbon Fiber Reinforced Plastic (CFRP) market?
5. What is the breakup of the global Carbon Fiber Reinforced Plastic (CFRP) market based on the raw materials?
6. What is the breakup of the global Carbon Fiber Reinforced Plastic (CFRP) market based on the type?
7. What is the breakup of the global Carbon Fiber Reinforced Plastic (CFRP) market based on the manufacturing process?
8. What is the breakup of the global Carbon Fiber Reinforced Plastic (CFRP) market based on the application?
9. What are the key regions in the global Carbon Fiber Reinforced Plastic (CFRP) market?
10. Who are the key players/companies in the global Carbon Fiber Reinforced Plastic (CFRP) market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Carbon Fiber Reinforced Plastic (CFRP) Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Raw Materials
6.1 Polyacrylonitrile
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Pitch-based
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Rayon-based
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Type
7.1 Thermoset
7.1.1 Market Trends
7.1.2 Major Types
7.1.2.1 Epoxy Resin
7.1.2.2 Polyester Resin
7.1.2.3 Vinyl Resin
7.1.3 Market Forecast
7.2 Thermoplastic
7.2.1 Market Trends
7.2.2 Major Types
7.2.2.1 Polyurethane
7.2.2.2 Polyether Ether Ketone
7.2.2.3 Polyethersulfone
7.2.3 Market Forecast
8 Market Breakup by Manufacturing Process
8.1 Layup
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Pultrusion and Filament Winding
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Resin Transfer
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Injection and Compression Moulding
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Others
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Application
9.1 Aerospace & Defense
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Automotive
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Wind Energy
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Civil Engineering
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Sporting Goods
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Electrical and Electronics
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Marine Applications
9.7.1 Market Trends
9.7.2 Market Forecast
9.8 Others
9.8.1 Market Trends
9.8.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Indicators
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Cytec Industries Inc.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.2 DowAksa Advanced Composites Holdings B.V.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.3 Formosa Plastics Corporation
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Hexcel Corporation
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 Mitsubishi Chemical Holdings
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 SGL Carbon SE
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Teijin Limited.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Toray Industries Inc.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
List of Figures
Figure 1: Global: Carbon Fiber Reinforced Plastic Market: Major Drivers and Challenges
Figure 2: Global: Carbon Fiber Reinforced Plastic Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Carbon Fiber Reinforced Plastic Market: Breakup by Raw Materials (in %), 2023
Figure 4: Global: Carbon Fiber Reinforced Plastic Market: Breakup by Type (in %), 2023
Figure 5: Global: Carbon Fiber Reinforced Plastic Market: Breakup by Manufacturing Process (in %), 2023
Figure 6: Global: Carbon Fiber Reinforced Plastic Market: Breakup by Application (in %), 2023
Figure 7: Global: Carbon Fiber Reinforced Plastic Market: Breakup by Region (in %), 2023
Figure 8: Global: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 9: Global: Carbon Fiber Reinforced Plastic (Polyacrylonitrile) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Carbon Fiber Reinforced Plastic (Polyacrylonitrile) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Carbon Fiber Reinforced Plastic (Pitch-based) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Carbon Fiber Reinforced Plastic (Pitch-based) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Carbon Fiber Reinforced Plastic (Rayon-based) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Carbon Fiber Reinforced Plastic (Rayon-based) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Carbon Fiber Reinforced Plastic (Thermoset Plastics) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Carbon Fiber Reinforced Plastic (Thermoset Plastics) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Carbon Fiber Reinforced Plastic (Thermoplastic Plastics) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Carbon Fiber Reinforced Plastic (Thermoplastic Plastics) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Carbon Fiber Reinforced Plastic (Layup) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Carbon Fiber Reinforced Plastic (Layup) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Carbon Fiber Reinforced Plastic (Pultrusion and Filament Winding) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Carbon Fiber Reinforced Plastic (Pultrusion and Filament Winding) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Carbon Fiber Reinforced Plastic (Resin Transfer) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Carbon Fiber Reinforced Plastic (Resin Transfer) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Carbon Fiber Reinforced Plastic (Injection and Compression Moulding) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Carbon Fiber Reinforced Plastic (Injection and Compression Moulding) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Carbon Fiber Reinforced Plastic (Others) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Carbon Fiber Reinforced Plastic (Others) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Global: Carbon Fiber Reinforced Plastic (Aerospace & Defense) Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Global: Carbon Fiber Reinforced Plastic (Aerospace & Defense) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: Global: Carbon Fiber Reinforced Plastic (Automotive) Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: Global: Carbon Fiber Reinforced Plastic (Automotive) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Global: Carbon Fiber Reinforced Plastic (Wind Energy) Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Global: Carbon Fiber Reinforced Plastic (Wind Energy) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: Global: Carbon Fiber Reinforced Plastic (Civil Engineering) Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: Global: Carbon Fiber Reinforced Plastic (Civil Engineering) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: Global: Carbon Fiber Reinforced Plastic (Sporting Goods) Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: Global: Carbon Fiber Reinforced Plastic (Sporting Goods) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: Global: Carbon Fiber Reinforced Plastic (Electrical and Electronics) Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: Global: Carbon Fiber Reinforced Plastic (Electrical and Electronics) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Global: Carbon Fiber Reinforced Plastic (Marine applications) Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Global: Carbon Fiber Reinforced Plastic (Marine Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: Global: Carbon Fiber Reinforced Plastic (Others) Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: Global: Carbon Fiber Reinforced Plastic (Others) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: North America: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: North America: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: United States: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: United States: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: Canada: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: Canada: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: Asia Pacific: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: Asia Pacific: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: China: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: China: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: Japan: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: Japan: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: India: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: India: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: South Korea: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: South Korea: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Australia: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Australia: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Indonesia: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Indonesia: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Others: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Others: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Europe: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Europe: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Germany: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Germany: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: France: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: France: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: United Kingdom: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: United Kingdom: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: Italy: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: Italy: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Spain: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 78: Spain: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 79: Russia: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 80: Russia: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 81: Others: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 82: Others: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 83: Latin America: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 84: Latin America: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 85: Brazil: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 86: Brazil: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 87: Mexico: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 88: Mexico: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 89: Others: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 90: Others: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 91: Middle East and Africa: Carbon Fiber Reinforced Plastic Market: Sales Value (in Million US$), 2018 & 2023
Figure 92: Middle East and Africa: Carbon Fiber Reinforced Plastic Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 93: Global: Carbon Fiber Reinforced Plastic Industry: SWOT Analysis
Figure 94: Global: Carbon Fiber Reinforced Plastic Industry: Value Chain Analysis
Figure 95: Global: Carbon Fiber Reinforced Plastic Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Carbon Fiber Reinforced Plastic Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Carbon Fiber Reinforced Plastic Market Forecast: Breakup by Raw Materials (in Million US$), 2024-2032
Table 3: Global: Carbon Fiber Reinforced Plastic Market Forecast: Breakup by Type (in Million US$), 2024-2032
Table 4: Global: Carbon Fiber Reinforced Plastic Market Forecast: Breakup by Manufacturing Process (in Million US$), 2024-2032
Table 5: Global: Carbon Fiber Reinforced Plastic Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 6: Global: Carbon Fiber Reinforced Plastic Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 7: Global: Carbon Fiber Reinforced Plastic Market: Competitive Structure
Table 8: Global: Carbon Fiber Reinforced Plastic Market: Key Players

Companies Mentioned

  • 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

Methodology

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Table Information

Report AttributeDetails
No. of Pages149
PublishedJuly 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 20.2 Billion
Forecasted Market Value ( USD ) by 2032 $ 34.4 Billion
Compound Annual Growth Rate6.1%
Regions CoveredGlobal
No. of Companies Mentioned8

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