What is the Historical Analysis of the Carbon Fiber Reinforced Plastic (CFRP) Market Size?
The carbon fiber reinforced plastic (cfrp) market has seen considerable growth due to a variety of factors.
• The market size of Carbon Fiber Reinforced Plastic (CFRP) has experienced swift expansion in the past few years. The market, which is projected to be worth $13.66 billion in 2024, is anticipated to increase to $15.07 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 10.3%. The historical growth can be accredited to various factors such as the expansion of the aerospace sector, the burgeoning sporting goods industry, the increasing demand for high-performance materials, and an accentuated focus on fuel efficiency. Other factors include the internationalization of automotive manufacturing, the demand for materials that resist corrosion, and a heightened focus on sustainable materials.
What Does Future Hold for The Carbon Fiber Reinforced Plastic (CFRP) Market Size?
The Carbon Fiber Reinforced Plastic (CFRP) market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the carbon fiber reinforced plastic (CFRP) market is anticipated to experience swift expansion in the upcoming years, ballooning to $22.57 billion in 2029 with a compound annual growth rate (CAGR) of 10.6%.
This growth in the projected period can be ascribed to several factors such as the expanding consumer electronics market, increasing popularity of electric vehicles, advancements in CFRP manufacturing, wind energy sector growth, advancements in resin systems and consumer electronics miniaturization. Key trends for the forecast period comprise of automotive lightweighting trends, advancements in manufacturing technologies, innovations in medical devices, breakthroughs in automotive design, the growing scope in robotics, and strategic collaborations and partnerships.
What Are The Primary Growth Drivers In The Carbon Fiber Reinforced Plastic (CFRP) Market?
The upward trend in the demand for lightweight vehicles propels the growth of the carbon fiber-reinforced plastic market. The automobile industry uses a design concept called lightweighting, which focuses on creating lighter cars to optimize fuel efficiency and handling. Auto manufacturers employ carbon fiber for parts, plastic for windshields, and aluminum foam for bumpers to decrease a vehicle's weight. Carbon fiber reinforced plastic (CPRF) showcases significantly small heat-induced shrinkage and expansion, making it ideal for car bodies. CFRP is utilized in the production of high-end sports cars, bicycles, and motorbikes. The International Energy Agency, an independent French intergovernmental organization, reported that electric light-duty vehicle sales hit 26 million in 2022, a 60% increase from 2021, propelled primarily by BEVs. Consequently, the escalating demand for lightweight automobiles fuels the growth of the carbon fiber-reinforced plastic market.
What Is The Segmentation Of The Global Carbon Fiber Reinforced Plastic (CFRP) Market?
The carbon fiber reinforced plastic (CFRP) market covered in this report is segmented –
1) By Type: Polyacrylonitrile, Petroleum Pitch, Other Types
2) By Resin: Thermosetting, Thermoplastic
3) By End-User: Aerospace, Automotive, Sports And Leisure, Building And Construction, Wind Power Industry, Other End-Users
Subsegments:
1) By Polyacrylonitrile (PAN): Standard PAN-Based CFRP, High-Strength PAN-Based CFRP
2) By Petroleum Pitch: Pitch-Based CFRP, Specialty Pitch-Based CFRP
3) By Other Types: Rayon-Based CFRP, Biobased Carbon Fiber Reinforcements
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What Emerging Trends Are Shaping The Carbon Fiber Reinforced Plastic (CFRP) Market Landscape?
Prominent players in the Carbon Fiber Reinforced Plastic Market are shifting their focus towards generating inventive solutions like carbon fiber reinforced PVDF to augment the performance of materials within sectors such as aerospace, automotive, and construction. Carbon fiber-reinforced PVDF is a composite material where carbon fibers are enclosed within a matrix of polyvinylidene fluoride (PVDF). For example, in May 2024, an additive manufacturing firm based in Italy called Xenia Materials, introduced a fresh array of carbon fiber-reinforced polyvinylidene fluoride (PVDF) compounds for use in pellet-fed 3D printing, which bolsters the functionality and chemical resistance of additive manufacturing materials. These cutting-edge compounds fuse unfilled PVDF with carbon fiber, leading to enhanced strength, minimized distortion, and adherence to ATEX norms for safety in risky environments.
Who Are the Key Players In The Carbon Fiber Reinforced Plastic (CFRP) Market?
Major companies operating in the carbon fiber reinforced plastic (CFRP) market include:
• 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.
What Are The Regional Insights Into The Carbon Fiber Reinforced Plastic (CFRP) Market?
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.
