Carbon Fiber Reinforced Plastic (CFRP) Global Market Report 2024

The global carbon fiber reinforced plastic (cfrp) market has grown rapidly in recent years. It will grow from $12.46 billion in 2023 to $13.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historical period can be attributed to the expansion within the aerospace industry, the flourishing sporting goods sector, heightened demand for high-performance materials, amplified emphasis on achieving fuel efficiency, the global proliferation of automotive manufacturing, a surge in the need for materials resistant to corrosion, and an increased focus on the integration of sustainable materials.

The global carbon fiber reinforced plastic (cfrp) market is expected to see rapid growth in the next few years. It will grow to $20.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. Anticipated growth in the upcoming period is driven by the burgeoning consumer electronics market, the increasing prominence of electric vehicles, advancements in the manufacturing of Carbon Fiber Reinforced Plastic (CFRP), expansion within the wind energy sector, continual progress in resin system technologies, and the ongoing trend towards miniaturization in consumer electronics.

Increased demand for lightweight vehicles is poised to drive the growth of the carbon fiber-reinforced plastic (CFRP) market. Lightweighting, a core concept in the automotive industry, aims to craft lighter vehicles to enhance fuel efficiency and handling. Automakers employ various materials such as carbon fiber, plastic windshields, and aluminum foam bumpers to reduce vehicle weight. CFRP, known for its minimal shrinkage and heat-resistant expansion, presents a substantial advantage for automobile bodies. This material is extensively used in manufacturing expensive sports cars, bicycles, and motorbikes. The International Energy Outlook from October 2021, released by the US Energy Information Administration, forecasts a rise in global light-duty vehicles (LDVs) from 1.31 billion in 2020 to an estimated 2.21 billion by 2050. Additionally, electric vehicles (EVs), constituting 0.7% of the global LDV fleet in 2020, are expected to surge to 31% by 2050, reaching 672 million vehicles. Hence, the growing demand for lightweight vehicles significantly fuels the expansion of the carbon fiber-reinforced plastic market.

Anticipated growth in the construction industry is projected to propel the carbon fiber-reinforced plastic market forward. CFRP finds application in construction for fortifying structures, bridges, and buildings due to its robustness, lightweight characteristics, and resistance to corrosion. Forecasts by Rethinking The Future indicate an anticipated 8.5% compound annual growth rate (CAGR) in the Canadian construction industry, elevating its value to $354.9 billion (USD) by 2024. Furthermore, a report by Oxford Economics from October 2021 projects a substantial increase in global construction output, expected to reach USD 15.2 trillion by 2030, marking a 42% surge from the $10.7 trillion recorded in 2020. Hence, the escalating demand within the construction sector acts as a significant driver for the carbon fiber-reinforced plastic market.

Continuous product innovation remains a pivotal trend in the carbon fiber-reinforced plastic market. Key industry players focus on developing innovative products to solidify their market standing. For example, in May 2021, Braskem S.A. collaborated with Vartega Inc. to introduce FL900PP-CF, a groundbreaking carbon fiber reinforced polypropylene filament for 3D printing. This product, crafted through a new 3D Printing Filament Recycling Program, boasts superior mechanical and thermal properties alongside low warpage, enabling the production of lightweight and exceptionally rigid parts for diverse high-end applications.

Major companies in the carbon fiber-reinforced plastic market are introducing advanced solutions and making strategic acquisitions to meet market demands and reinforce their market positions. Teijin Limited's launch of an advanced carbon fiber woven fabric using proprietary tow-spreading technology in February 2022 is a testament to this trend. This 3K carbon fiber fabric, optimized for lightweight applications like automotive interiors and sporting goods, exhibits reduced molding thickness akin to 1K woven fabric through specialized tow-spreading technology. Additionally, Mitsubishi Chemical Corporation's acquisition of c-m-p GmbH in June 2022 strengthens its presence in the carbon fiber composite material business, leveraging comprehensive strengths to propose innovative solutions to customers.

Major companies operating in the carbon fiber reinforced plastic (cfrp) market report are Solvay S.A, DowAksa Advanced Composites Holding B.V, Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., SGL Carbon SE, Teijin Limited, Toray Industries Inc., Nikkiso Co. Ltd., AllRed & Associates Inc., Rochling Group, Jiangsu Hengshen Fiber Material Co. Ltd., Zhongfu Shenying Carbon Fiber Co. Ltd., Nippon Graphite Fiber Co. Ltd., Saudi Basic Industries Corporation, Gurit Holding AG, Park Aerospace Corp., Axiom Materials Inc., Plasan Carbon Composites, Zoltek Companies Inc., Hyosung Advanced Materials Corporation, Owens Corning, Huntsman Corporation, Cytec Solvay Group, Kureha Corporation, Carbon Mods, Carbon Revolution, Carbon Conversions Inc., Carbon Fiber Works, and Composite Engineering Inc.

North America was the largest region in the carbon fiber reinforced plastic market share in 2023. The regions covered in the carbon fiber reinforced plastic (cfrp) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the carbon fiber reinforced plastic (cfrp) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The carbon fiber reinforced plastic (CFRP) market consists of sales of carbon fiber reinforced plastic, having a base or carrier substance, also called matrix, and a second reinforcing component, the carbon fiber, which is embedded in the matrix. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary variants of carbon fiber-reinforced plastic encompass polyacrylonitrile, petroleum pitch, and assorted alternatives. Polyacrylonitrile stands as a synthetic resin produced through acrylonitrile polymerization. This hard and inflexible thermoplastic substance belongs to the substantial family of acrylic resins, demonstrating resilience against a broad spectrum of solvents and chemicals. Diverse forms of carbon fiber reinforced plastic resins span both thermosetting and thermoplastic compositions, catering to varied end-user industries including aerospace, automotive, sports and leisure, building and construction, the wind power sector, among others.

This report provides carbon fiber reinforced plastic market statistics, including carbon fiber reinforced plastic industry global market size, regional shares, competitors with a carbon fiber reinforced plastic market share, detailed carbon fiber reinforced plastic market segments, market trends and opportunities, and any further data you may need to thrive in the carbon fiber reinforced plastic industry. This carbon fiber reinforced plastic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.