Carbon Fiber Reinforced Plastics (CFRP) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026

Report ID: GMI3688

Summary Methodology

Carbon Fiber Reinforced Plastics (CFRP) Market size is mounting at a significant pace due to the increasing demand for lightweight materials in the vehicles to improve its fuel efficiency and reduce carbon emission. Carbon fiber reinforced plastics are strong and lightweight composite materials. They are formulated by combining carbon fibers into plastic resin to escalate the strength.

The aerospace and automotive industry will advance during the estimated timespan owing to the improved living standards and increasing spending power of the consumers worldwide. The budding tourism industry in the APAC countries such as China, India, Malaysia, Hong Kong, Thailand and Singapore, will boost the growth of the aerospace industry, which will. directly propel the demand for CFRP products in the forecast period. These products are gradually replacing metals in numerous automotive applications, mainly to enhance the efficiency and decrease fuel consumption. The product also has a widespread application in the manufacturing of tennis racquets, protective helmets, aerospace components, blades for wind turbines, building & construction plates, molding compounds, imaging equipment structures, etc. that is projected to boost the CFRP market size in the near future.

Advancing demand for lightweight vehicles is anticipated to boost the market growth in the coming years. Various favorable regulatory frameworks by government organizations, facilitated the automotive and aerospace manufacturers to invest in the research and development activities, to improve the quality and to escalate the production. For instance, BMW and McLaren are heavily employing CFRP parts in their cars in order to increase the vehicle performance while conforming to the regularly updating emission norms. Moreover, McLaren has plans to build a sports car completely with carbon fiber parts. Similarly, Boeing’s Dreamliner aircrafts, that is known for its greater fuel efficiency, depends on CFRP components for weight reduction. These modern automotive and aerospace developments will assuredly propel the product market size by 2025.

However, the considerable high prices of the carbon fiber reinforced plastic products may hinder the market growth of over the expected timeframe. The advanced carbon fiber composites are comparatively more expensive then the conventional metals owing to their high strength-to-weight ratio and stiffness. Nevertheless, recent technological advancements in composites are driving the product to be more cost effective that would generate copious opportunities for the carbon fiber reinforced plastics industry size in the expected timespan.

The global carbon fiber reinforced plastics market has been categorized based on its raw materials, product types, end-use industries and region. The overall CFRP market size is divided on the basis on its raw materials into polyacrylonitrile (PAN) based and pitch based. Production growth of propylene has boosted the market for polyacrylonitrile based CFRP products.

According to the product types, the carbon fiber reinforced plastics market is grouped into thermoplastic and thermosetting. Thermosetting CFRP is likely to be the dominant segment in the product market size. However, thermoplastic CFRP will record a significant market share in the coming years due to its unique properties such as short processing time, high impact resistance, easy storage, recyclability etc.

Based on the end-use industries, the product market is classified into building and construction, automotive, aerospace, sports equipment, wind turbines, molding & compounding and few others. Aerospace industry is projected to record the maximum share in the product market size. Conventional metals are widely substituted by carbon fiber reinforced plastics in aircrafts, due to their lightweight yet sturdy designs and ease of fabrication, that will directly augment the CFRP industry size in the near future.

North America is anticipated to be the dominant region in the carbon fiber reinforced plastics market size due to the extensive automotive and aerospace industries in the U.S. Moreover, strict government regulations regarding vehicular pollution is projected to propel the consumption for CFRP products for the production of lightweight transports in the region. This would aid the product market in growing affluently in the projected timeframe.

The major market players contributing in the carbon fiber reinforced plastics market includes Solvay Inc., Hexcel Corporation, Formosa Plastics Corporation, Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Carbon SE, Teijin Limited, Nippon Inc., SABIC, Cytec Industries Inc. etc.

Carbon Fiber Reinforced Plastics Market, By Raw materials, 2014-2025

  • Polyacrylonitrile (PAN) based
  • Pitch based

CFRP Market, By Product type, 2014-2025

  • Thermoplastic
  • Thermosetting

CFRP Market, By End-use industries, 2014-2025

  • Building and construction
  • Automotive
  • Aerospace
  • Sports equipments
  • Wind turbines
  • Molding & compounding
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • South Africa
    • UAE

Company Profiles:

  • Solvay Inc.
  • Hexcel Corporation
  • Formosa Plastics Corporation
  • Mitsubishi Rayon Co. Ltd.
  • Toray Industries Inc.
  • SGL Carbon SE
  • Teijin Limited
  • Nippon Inc.
  • Cytec Industries Inc.

What Information does this report contain?

Historical data coverage: 2015 to 2019; Growth Projections: 2020 to 2026.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Customize this Report

Pre Book Now

Need a Discount? Get in touch with us for special pricing

Request Discount

Our Market Research Reports Include:

  • Market snapshot
  • Market Segmentation
  • Value Chain Analysis
  • Growth Dynamics
  • Potential Market Opportunities
  • Regulatory Overview
  • Technology Evolution
  • Innovation & Sustainability

Connect with our sales team

Benefits of Association

Data Coverage & Quality

GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.

Client Trust & Security

GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.

Customer Service

Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.

GMIPulse, our report store

We have introduced ‘GMIPulse’, which is our report store; designed to offer clients a one-stop platform for all market research and business intelligence requirements. Clients can access reports, presentations, raw data excel sheets as well as detailed company profiles. GMIPulse allows you to track relevant industries and stay informed with latest innovation, competitive and regulatory developments to help design strategic framework.

Chat with us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X