Carbon Fiber Reinforced Plastic Market by Raw Material (Petroleum Pitch, Polyacrylonitrile), Type (Thermoplastic, Thermosetting), Application - Global Forecast 2024-2030

Carbon Fiber Reinforced Plastic Market by Raw Material (Petroleum Pitch, Polyacrylonitrile), Type (Thermoplastic, Thermosetting), Application - Global Forecast 2024-2030

The Carbon Fiber Reinforced Plastic Market size was estimated at USD 11.32 billion in 2023 and expected to reach USD 13.46 billion in 2024, at a CAGR 21.79% to reach USD 45.01 billion by 2030.

Carbon fiber-reinforced plastic (CFRP) is a composite material consisting of a polymer matrix reinforced with carbon fibers. The polymer often used is epoxy, but other varieties, such as polyester, vinyl ester, or nylon, are also common. The major factors driving the expansion of CFRP use include its superior strength-to-weight ratio compared to traditional materials like metal and wood, which is crucial for high-performance applications in aerospace, automotive, and sports equipment industries. Additionally, the growing demand for fuel-efficient vehicles to reduce emissions contributes to the rising adoption of CFRP, as lighter cars consume less fuel. There is also an increasing trend in the construction and wind energy sectors toward the use of composites due to their durability and resistance to environmental factors. However, their high cost, difficulties in recycling, and the complexity of repair compared to metals limit their widespread application. The development of more cost-effective manufacturing processes, advancements in recyclable thermoplastic composites, and improved repair techniques are underway to address these concerns. Innovation in 3D printing with CFRP could also bring down costs and allow for more complex shapes and structures. Moreover, the ongoing research focusing on reducing the carbon footprint of CFRP manufacturing and enhancing its recyclability promises a greener and more sustainable future for the use of these advanced materials.

Regional Insights

In the Americas, the use of CFRP is highly integrated within the aerospace, defense, and automotive industries due to the material's strength-to-weight ratio and corrosion resistance. Major companies, primarily in the United States, have extensive production capabilities and are investing in research and development to advance CFRP technology, often driven by government and defense contracts. The Asia-Pacific (APAC) region, led by Japan, South Korea, and China, demonstrates a vigorous expansion in CFRP production and use. The regional market is propelled by the growing demand from the automotive, sports equipment, and wind energy sectors, with APAC companies focusing on high-volume and cost-effective production methods. Europe, the Middle East, and Africa (EMEA) exhibit a sophisticated and diverse marketplace for CFRP, with Europe at the forefront of advanced research, particularly in the automotive and aerospace sectors. The Eurocentric industrial ecosystem is characterized by strong regulatory frameworks encouraging the use of environmentally friendly materials and well-established automotive brands driving the demand for high-performance CFRP components. The EMEA region is also home to several leading carbon fiber manufacturers and suppliers with a strong focus on quality and innovation, which is critical to maintaining a competitive edge in the global CFRP market.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Carbon Fiber Reinforced Plastic Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing Adoption in Aerospace and Automobile Industries
    • Strong Investment Zone in Renewable Energy, Subsequently Demanding Production of Wind Turbines and Other Components
    • Surging Utilization of CFRP in Sports Equipment
    • Market Restraints
      • Long Production Cycles and High Cost of CFRP Material
      • Market Opportunities
        • Development of Embedded Process Tools for the Manufacturing of Carbon Fiber
        • Innovations in CFRP from Continuous Research & Development
        • Market Challenges
          • Limitation in the Use of Carbon Fiber in High-Temperature Applications
          • Market Segmentation Analysis
            • Raw Material: Exponential use of PAN for performance-driven applications
            • Type: Adoption of thermosetting CRPF for enhanced strength-to-weight ratio and durability
            • Application: Expanding use of carbon fiber-reinforced plastic in the renewable energy sector
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Carbon Fiber Reinforced Plastic Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Carbon Fiber Reinforced Plastic Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • The Mitsubishi Chemical Group Embarks on Strategic Acquisition of CPC, An Italian Manufacturer of Carbon Fiber Composite Components to the Automotive Industry
              
              The Mitsubishi Chemical Group (MCG Group) completed the strategic acquisition of CPC SRL (CPC), an Italian firm recognized for its expertise in producing carbon fiber reinforced plastic (CFRP) components for the automotive sector. This move is in alignment with the organization's long-term strategy to bolster its presence in the advanced composites industry.
              
              Toray Set to Increase Carbon Fiber Capacity to Meet Growing Demand in Pressure Vessel Applications
              
              Toray Composite Materials America, Inc. (Toray CMA), a key player in the carbon fiber industry, has officially announced a significant expansion of their Spartanburg, South Carolina operation. This strategic enhancement, encompassing an additional 30,000 square feet, is set to bolster Toray CMA's annual production output by 3,000 metric tons by 2025. This initiative underlines the company's commitment to addressing the escalating demand for carbon fiber-reinforced plastic, material known for its major role in advancing clean energy technologies.
              
              Asahi Kasei Collaborates On the Development Of Recycling Technology For Inexpensive, High-Quality Carbon Fiber
              
              Asahi Kasei, in collaboration with the National Institute of Technology, Kitakyushu College, and the Tokyo University of Science, introduced an innovative recycling technology for carbon fiber-reinforced plastics and thermoplastics commonly utilized in automotive manufacturing. This process successfully recovers high-quality carbon fibers in their continuous form. It significantly differs from traditional methods that usually degrade fiber integrity, as it allows these materials to be seamlessly separated from composite resins.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Carbon Fiber Reinforced Plastic Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Carbon Fiber Reinforced Plastic Market, highlighting leading vendors and their innovative profiles. These include Action Composite Technology Limited, Advanced Composites Inc., Aeron Composite Pvt. Ltd., Alformet B.V., Clock Spring Company, Inc., CompLam Material Co., Ltd., Crosby Composites Ltd., DowAksa Ileri Kompozit Malzemeleri San. Ltd. Şti., Formosa Plastics Group, Gen 2 Carbon Limited, Hexcel Corporation, Hyosung Group, Jiangsu Hengshen Co., Ltd., Kureha Corporation, Mitsubishi Chemical Group Corporation, Nippon Steel Corporation, Pioneer Carbon India, Plasan Sasa Ltd., Reinforced Plastic Industries, Röchling SE & Co. KG, SGL Carbon SE, Sigmatex (UK) Limited, Sika AG, Solvay S.A., TEIJIN LIMITED, Toray Industries, Inc., Umatex by Rosatom State Corporation, Veplas, d.d., and Zhongfu Shenying Carbon Fiber Co., Ltd..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Carbon Fiber Reinforced Plastic Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Raw Material
              • Petroleum Pitch
              • Polyacrylonitrile
              • Type
                • Thermoplastic
                • Thermosetting
                • Application
                  • Aerospace & Defense
                  • Automotive
                  • Sports Equipment
                  • Wind Turbines
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year