Carbon Fiber Reinforced Plastic (CFRP) Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Raw Material (Polyacrylonitrile (PAN), Petroleum Pitch, Others), By Product (Thermoplastic, Thermosetting), By Industry (Construction, Automotive, Aerospace, Energy And Power, Sports, Others), And By Geography - Forecasts From 2021 To 2026

The carbon fiber reinforced plastic (CFRP) market is evaluated at US$20.553 billion for the year 2019 and is projected to grow at a CAGR of 7.76% to reach the market size of US$34.690 billion by the year 2026.

Carbon fiber reinforced plastic (CFRP) are high-strength composite materials that are light in weight and are majorly used in industries like aerospace and automobile. The demand for the use of CFRPs in the aerospace industry has been increasing over the years. The previously-used metals are being widely replaced by the new and innovative CFRPs, which is anticipated to propel the growth of CFRPs during the forecast period. Also, owing to the rise in climate change concerns around the world, various countries have set their carbon emission targets, which has prompted the need for the automobile manufacturers to manufacture lightweight vehicles, and hence they have been increasingly shifting towards the use of CFRPs, which is anticipated to surge the growth of CFRP market during the forecast period.

The recent outbreak of the novel coronavirus disease had a negative impact on the carbon fiber reinforced plastic (CFRP) market. Owing to the lockdowns implemented in various parts of the world, the factories were shut down and there was a shortage of workers even after the opening of the factories. The supply chain of the CFRP market was disrupted due to the trade restrictions applied to curb the spread of the coronavirus. Various end-use industries of CFRPs such as aerospace and automobile was severely impacted due to the pandemic. This led to a decline in the growth of the CFRP market. However, as the lockdowns have now been lifted, the restrictions have been eased and vaccinations have been started, the CFRP market is anticipated to recover by the year 2022 and continue at its normal pace.

The carbon fiber reinforced plastic (CFRP) market has been classified on the basis of raw material, application, and geography. By raw material, the market has been classified on the basis of Polyacrylonitrile (PAN), Petroleum Pitch, and others. On the basis of type, the segmentation has been done into Thermosetting (Epoxy resin, Polyester resin, Vinyl resin, and others) and Thermoplastic (Polyether ether ketone (PEEK), Polyurethane (PU), Polyethersulfone (PES), Polyetherimide (PEI), and others). By application, the market has been categorized into Building & Construction, Automotive, Aerospace & Defense, Energy and Power, Sports, and others. Geographically, the market for carbon fiber reinforced plastic (CFRP) has been distributed into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Rising preference for lightweight and fuel-efficient vehicles

One of the significant factors which are anticipated to propel the growth of the CFRP market during the forecast period is the growing preference of the automakers to manufacture lightweight and fuel-efficient vehicles, owing to the pressure to reduce vehicle emissions from the governments due to climate change and zero-emission targets of various countries. Lightweight vehicles take less energy to move and hence lightweight materials are increasingly being used in vehicle manufacturing to increase the fuel efficiency of the vehicle. According to the Office of Energy Efficiency & Renewable Energy, U.S. Department of Energy, around 6-8% of the fuel efficiency can be increased by reducing the weight of the vehicle by 10%. It also states that if lightweight components like CFRP and high-efficiency engines enabled by advanced materials are used in one-quarter of the U.S. fleet, it can reduce the fuel consumption by 5 billion gallons by 2030. Various countries around the world have set their targets to cut down carbon emissions. For instance, the government of the US has recently announced to commit to reaching net-zero emissions by 2050, and in April 2021, the UK announced to cut down the country’s carbon emissions by 2035. Also, the European Union announced in 2021 to reduce their carbon emissions by 55% by 2030, in order to curb climate change. These targets have prompted the automobile manufacturers to manufacture lightweight vehicles, and are anticipated to elevate the growth of the carbon fiber reinforced plastic (CFRP) market during the forecast period.

The rise in demand from the aerospace industry

The CFRPs are increasingly being used in airplanes due to various advantages provided by them such as high-tensile strength and less weight, which is one of the major factors anticipated to bolster the growth of the carbon fiber reinforced plastic (CFRP) market during the forecast period. It also has terrific fire protection capabilities due to which the popularity of CRPFs has been increasing in the aerospace industry in recent years. The CRPFs have been extensively used in the manufacturing of new generation of aircrafts such as the Airbus A350, the Boeing 787, among many others. In space applications, the metals were preferred over other materials due to the need for a combination of stiffness and strength, and for thermal and electrical conductivity, but with time, the pressure for the reduction of weight increased, and the weight reduction in space applications came to the forefront, which prompted the manufacturers to build some satellites predominantly with CRPF. This trend is expected to continue and is anticipated to propel the growth of CRPF market during the forecast period. With the continuous investments in research and development for innovations in CFRP, new kinds of CFRPs have been developed which have self-healing properties and can overcome the effects of damage in composite materials, which makes the role of CFRPs more prominent in the aircraft design and assembly, and is anticipated to propel the growth of CRPF market during the forecast period.

Europe to hold a significant market share

Geographically, the European region is anticipated to hold a significant market share owing to the presence of a large aerospace industry and the high demand for CFRPs from them. The Asia Pacific region is anticipated to witness substantial growth due to the rise in the adoption of CFRPs in various end-use industries like aerospace. Also, the presence of leading automobile manufacturers in the region such as China and Japan, and their growth is further anticipated to propel the growth of the CFRP market in the region.

Competitive Insights

Prominent/major key market players in the carbon fiber reinforced plastic (CFRP) market include Hexcel Corporation, SGL Group, Inc., Toray Industries, Inc., among others. The players in the carbon fiber reinforced plastic (CFRP) market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the carbon fiber reinforced plastic (CFRP) market.

Carbon Fiber Reinforced Plastic (CFRP) Market Scope:

Report Metric	Details
Market size value in 2019	US$20.553 billion
Market size value in 2026	US$34.690 billion
Growth Rate	CAGR of 7.76% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Billion
Segments covered	Raw Material, Type, Application, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Hexcel Corporation, SGL Group, Inc., Toray Industries, Inc., Gurit Holdings, Kringlan   Composites, Cytec Industries, Inc., Magna International, Inc., Mitsubishi Rayon Co.   Ltd., Plasan Carbon Composites, Teijin Ltd.
Customization scope	Free report customization with purchase

 

Segmentation

• By Raw Material
  • Polyacrylonitrile (PAN)
  • Petroleum Pitch
  • Others
• By Type
  • Thermosetting
    • Epoxy Resin
    • Polyester Resin
    • Vinyl Resin
    • Others
  • Thermoplastic
    • Polyether Ether Ketone (PEEK)
    • Polyurethane (PU)
    • Polyethersulfone (PES)
    • Polyetherimide (PEI)
    • Others
• By Application
  • Building & Construction
  • Automotive
  • Aerospace & Defense
  • Energy and Power
  • Sports
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

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Frequently Asked Questions (FAQs)

Q1. What will be the carbon fiber reinforced plastic market size by 2026?
A1. The carbon fiber reinforced plastic market is projected to reach a market size of US$34.690 billion by the year 2026.

Q2. What is the size of the carbon fiber reinforced plastic (CFRP) market?
A2. Carbon Fiber Reinforced Plastic (CFRP) Market was valued at US$20.553 billion in 2019.

Q3. What are the growth prospects for the carbon fiber reinforced plastic market?
A3. The global carbon fiber reinforced plastic market is projected to grow at a CAGR of 7.76% during the forecast period.

Q4. Which region holds the maximum market share of the carbon fiber reinforced plastic market?
A4. Geographically, the European region is anticipated to hold a significant share of the carbon fiber reinforced plastic market owing to the presence of a large aerospace industry and the high demand for CFRPs from them.

Q5. What factors are anticipated to drive the carbon fiber reinforced plastic market growth?
A5. The previously-used metals are being widely replaced by the new and innovative CFRPs, which are anticipated to propel the growth of the carbon fiber reinforced plastic market.

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