Carbon Fiber Reinforced Plastic (CFRP) Market Report 2025

The carbon fiber reinforced plastic (CFRP) market size has grown rapidly in recent years. It will grow from $13.66 billion in 2024 to $15.07 billion in 2025 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to aerospace industry growth, expansion of sporting goods industry, demand for high-performance materials, increased focus on fuel efficiency, globalization of automotive production, demand for corrosion-resistant materials, focus on sustainable materials.

The carbon fiber reinforced plastic (CFRP) market size is expected to see rapid growth in the next few years. It will grow to $22.57 billion in 2029 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to growing consumer electronics market, rise of electric vehicles, advancements in CFRP manufacturing, growth in wind energy sector, advancements in resin systems, consumer electronics miniaturization. Major trends in the forecast period include automotive lightweighting trends, advancements in manufacturing technologies, medical device innovations, innovations in automotive design, expanding use in robotics, strategic collaborations and partnerships.

The increasing demand for lightweight vehicles is anticipated to drive the growth of the carbon fiber-reinforced plastic (CFRP) market in the future. Lightweighting is a concept in the automotive industry that focuses on designing lighter vehicles to enhance fuel efficiency and handling. Automakers are utilizing materials like carbon fiber for parts, plastic for windshields, and aluminum foam for bumpers to reduce vehicle weight. CFRP offers minimal shrinkage and expansion when exposed to heat, making it particularly advantageous for automotive bodies. It is commonly used in the production of high-end sports cars, bicycles, and motorcycles. For example, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that electric light-duty vehicle sales reached 26 million in 2022, reflecting a 60% increase from 2021, with battery electric vehicles (BEVs) contributing significantly to this growth. Thus, the rising demand for lightweight vehicles is propelling the growth 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.

Leading companies in the Carbon Fiber Reinforced Plastic market are concentrating on creating innovative solutions, such as carbon fiber-reinforced polyvinylidene fluoride (PVDF), to improve material performance across industries like aerospace, automotive, and construction. Carbon fiber-reinforced PVDF is a composite material that incorporates carbon fibers within a PVDF matrix. For example, in May 2024, Xenia Materials, an additive manufacturing company based in Italy, introduced a new line of carbon fiber-reinforced PVDF compounds designed for pellet-fed 3D printing. These advanced compounds enhance the performance and chemical resistance of additive manufacturing materials by combining unfilled PVDF with carbon fiber. The result is improved strength, minimized warping, and compliance with ATEX standards, ensuring safety in hazardous environments.

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.

In June 2022, Mitsubishi Chemical Corporation (MCC), a Japan-based company that provides a diverse range of products, from materials to functional goods supporting various industries, acquired c-m-p GmbH through its subsidiary, Mitsubishi Chemical Advanced Material, for an undisclosed amount. This acquisition enhances MCC's position in the carbon fiber composite material sector and boosts its ability to offer solutions to customers by leveraging the group's extensive capabilities. c-m-p GmbH is a Germany-based company specializing in the development and manufacturing of prepregs and textiles.

Major companies operating in the carbon fiber reinforced plastic (CFRP) market 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, Composite Engineering Inc.

North America was the largest region in the carbon fiber reinforced plastic market share in 2024. 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.

Carbon Fiber Reinforced Plastic (CFRP) represents a robust and enduring form of carbon-infused plastic fortified with high-strength unidirectional fibers. This composite material comprises interlinked carbon atoms within a polymer resin matrix structure. Renowned for its lightweight nature, exceptional strength, and rigidity, CFRP finds extensive utility in applications where a superior strength-to-weight ratio and stiffness are imperative.

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.

The carbon fiber reinforced plastic market research report is one of a series of new reports that 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 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 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.

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