Carbon Fiber Reinforced Plastic Market Size, Share & Trends Analysis Report By Raw Material, By Product (Thermosetting, Thermoplastic), By Application, By Region, And Segment Forecasts, 2023 - 2030

Carbon Fiber Reinforced Plastic Market Size, Share & Trends Analysis Report By Raw Material, By Product (Thermosetting, Thermoplastic), By Application, By Region, And Segment Forecasts, 2023 - 2030

Carbon Fiber Reinforced Plastic Market Growth & Trends

The global carbon fiber reinforced plastic market size is estimated to reach USD 41.8 billion by 2030, registering a CAGR of 7.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing composites demand in the automotive industry is expected to remain a key driving factor for global CFRP market. Aerospace & defense application segment contributed significantly to shape the overall revenue owing to the high cost of aerospace grade CFRP. Research and development in the aviation industry for manufacturing components capable of withstanding high environmental stresses is anticipated to fuel CFRP market growth over the next eight years.

Extensive R&D activities particularly in Japan and Europe have led to the emergence of numerous market players, which in turn is expected to drive the regional market demand. Escalating CFRP demand in sports applications, specifically in the Asia Pacific region, is anticipated to impel CFRP consumption.

Although CFRP offers excellent benefits due to its superior strength and lesser weight, its expensive nature has restricted its use to certain high performance applications only. Although CFRP offers considerable advantages, high cost associated with the same poses a challenge for the market across various other application segments.

Polyacrylonitrile (PAN) precursor is expected to gain some of the market shares over the forecast period and is projected to account for around 97% of the total demand in 2024. PAN has gained popularity on account of its superior properties over pitch precursor. Lower cost of PAN as compared to pitch-based CFRP is also anticipated to foster the industry growth.

Advantages offered by thermoplastic carbon fiber plastic over thermosetting composites such as short processing time, high impact resistance, easy storage, and recyclability are expected to fuel thermoplastic CFRP demand.

Carbon Fiber Reinforced Plastic Market Report Highlights

• Thermosetting CFRP dominated the market with the highest revenue share of 74.7% in 2022 and Thermoplastic CFRP is projected to grow at a CAGR of 8.3% over the forecast period
• The low cost and high strength to weight ratio of PAN-based carbon composites are expected to drive polyacrylonitrile demand for CFRP production over the forecast period
• The automotive segment is anticipated to grow at the fastest CAGR of 8.7% over the forecast period
• Europe emerged as the largest regional market and accounted for a 41.4%% revenue share in 2022. It is anticipated to grow at the fastest CAGR of 7.9% over the forecast period
• Most of the key market players such as Cytec Industries, Toray, Zoltek, Toho, Mitsubishi Rayon Corporation, Hexcel, and Hyosung have integrated along the major part of the value chain ranging from production and raw material supply to CFRP distribution. High level of integration enables companies to cut down the cost associated with raw material procurement and strengthens their market share with the development of specialty products.

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