Carbon Fiber Reinforced Polymer (CFRP) Market Size, Share, Trends, Growth 2032

Carbon Fiber Reinforced Polymer (CFRP) Industry Prospective:

The global carbon fiber reinforced polymer (CFRP) market size was worth around USD 23.4 billion in 2023 and is predicted to grow to around USD 44.8 billion by 2032, with a compound annual growth rate (CAGR) of roughly 7.5% between 2024 and 2032.

Request Free Sample

Carbon Fiber Reinforced Polymer (CFRP) Market: Overview

Polymer matrices such as epoxy, polyester, or thermoplastic resins encase carbon fibers to form a composite material called carbon fiber-reinforced polymer (CFRP). They are well known because of their exceptional strength-to-weight ratio, rigidity, and lifetime. For usage needing materials with both strength and low weight, this makes it perfect. CFRP is employed whenever a high strength-to-weight ratio and stiffness (rigidity) are needed, even if manufacturing it is very expensive. The growing demand from end-use sectors, including aerospace, ship superstructures, automotive, civil engineering, sports equipment, and others, drives the carbon fiber reinforced polymer industry growth.

Key Insights

• As per the analysis shared by our research analyst, the global Carbon Fiber Reinforced Polymer (CFRP) market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032).
• In terms of revenue, the global Carbon Fiber Reinforced Polymer (CFRP) market size was valued at around USD 23.4 billion in 2023 and is projected to reach USD 44.8 billion by 2032.
• The increasing automotive sector is expected to drive the Carbon Fiber Reinforced Polymer (CFRP) market over the forecast period.
• Based on the material, the PAN-based segment is expected to hold the largest market share over the forecast period.
• Based on the product, the Thermosetting CFRP segment is expected to dominate the market expansion over the projected period.
• Based on the application, the automotive segment is expected to capture the largest market share over the projected period.
• Based on region, Europe is expected to dominate the market during the forecast period.

Carbon Fiber Reinforced Polymer (CFRP) Market: Growth Drivers

Rising demand from the aerospace sector drives market growth

Carbon fiber reinforced polymer (CFRP) is widely used in the aircraft industry because of its excellent strength-to-weight ratio, advantages in fuel economy, and corrosion resistance. CFRP components are being used by aircraft manufacturers more frequently to increase aircraft performance, decrease total weight, and save fuel. The use of CFRP in next-generation aircraft is growing among major aerospace companies like Boeing and Airbus. The airframes of the Boeing 787 Dreamliner and Airbus A350 XWB are made of more than 50% CFRP to improve fuel efficiency. The increasing need for long-range, fuel-efficient aircraft is driving the use of CFRP. Thus, the rising demand from the aerospace sector drives the carbon fiber reinforced polymer market growth.

Carbon Fiber Reinforced Polymer (CFRP) Market: Restraints

High production cost hinders market growth

Carbon fiber, the main ingredient of CFRP, is expensive because of energy-intensive manufacturing techniques, including carbonization based on polyacrylonitrile (PAN). High prices are also a result of resin matrices (epoxy, polyester, and thermoplastics), particularly in automotive and aerospace applications where high-performance resins are needed. Additionally, the production of CFRP entails several processes that require specialized tools and regulated settings, such as autoclaves, such as fiber weaving, resin impregnation, curing, and finishing. Energy consumption and operating costs are further increased by high-temperature and high-pressure processing techniques. Thus, the high production cost will likely hinder the carbon fiber-reinforced polymer industry growth over the forecast period.

Carbon Fiber Reinforced Polymer (CFRP) Market: Opportunities

Expansion of carbon fiber material by the key market player offers a lucrative opportunity for market growth

The expansion of the carbon fiber material by the key market players is expected to offer a lucrative opportunity for carbon fiber reinforced polymer market growth over the forecast period. For instance, in October 2022, the global Röchling Group is introducing two new sustainable product families for recycled materials and bioplastics: Röchling-BioBoom® and Röchling-ReLoop®. The first presentation of the sustainable concepts and s sustainability objectives to bolster the Group's sustainability initiatives. According to the Röchling Group, one of the most crucial strategic topics for the company's future is sustainability. The company wants to rank among the top providers of recycled materials and bioplastics by 2035.

Carbon Fiber Reinforced Polymer (CFRP) Market: Challenges

Volatile cost and raw material availability pose a major challenge to market expansion

Compared to other fiber-reinforced polymers like glass fiber and aramid, carbon fiber-reinforced polymers are more costly. Furthermore, CFRP costs nearly ten times as much as steel and aluminum, which are used in the automotive industry. This element may impede the global market expansion of carbon fiber-reinforced plastics. Carbon fiber-reinforced plastics are currently mostly used by aerospace, defense, and luxury automobile manufacturers. For example, CFRP is used in the supercars made by Lamborghini, a high-end automaker. Additionally, because of its lengthy manufacturing cycle, carbon fiber reinforced polymer produces fewer goods in a given period, which restricts its use in applications where a greater quantity of CFRP is needed quickly.

Carbon Fiber Reinforced Polymer (CFRP) Market: Report Scope

Carbon Fiber Reinforced Polymer (CFRP) Market: Segmentation

The global Carbon Fiber Reinforced Polymer (CFRP) industry is segmented based on material, product, application, and region.

Based on the material, the global Carbon Fiber Reinforced Polymer (CFRP) market is bifurcated into PAN-based and Pitch-based. The PAN-based segment is expected to hold the largest market share over the forecast period. The demand for automobiles that are lighter and use less fuel has resulted in greater use of CFRP, particularly PAN-based varieties, in the production of structural and body panels. Additionally, PAN-based CFRP is still used in the sports industry for equipment such as tennis rackets, golf clubs, and bicycles to improve performance through higher strength and decreased weight.

Based on the product, the global Carbon Fiber Reinforced Polymer (CFRP) industry is bifurcated into Thermosetting CFRP and Thermoplastic CFRP. The Thermosetting CFRP segment is expected to dominate the market expansion over the projected period. Thermosetting CFRP is a composite material made of carbon fibers embedded in a matrix of thermoset resin that, when cured, solidifies permanently. Because of its great strength, low weight, and chemical and heat resistance, it is utilized extensively.

Based on the application, the global Carbon Fiber Reinforced Polymer (CFRP) market is bifurcated into automotive, aerospace, wind turbines, sports equipment, molding & compounding, construction, pressure vessels, and others. The automotive segment is expected to capture the largest market share over the projected period. The increasing regulation regarding the downsizing of vehicle weight drives the industry's growth.

Carbon Fiber Reinforced Polymer (CFRP) Market: Regional Analysis

Europe dominates the market over the projected period

Europe is expected to dominate the global carbon fiber reinforced polymer market over the projected time period. The region's major auto and aircraft manufacturers have increased demand for European products. The market is anticipated to develop because of the increase in demand from end users such as wind energy, aerospace, and defense. Additionally, it is the location of several significant manufacturers of aircraft composites, including Solvay and SGL Carbon. The demand for CFRP in Europe is rising sharply due to the expansion of Airbus craft services.

Besides, North America is likely to hold a substantial market share over the projected period. The regional market is anticipated to be driven by the expansion of the automotive, aerospace, and defense sectors in the United States, as well as strict government regulations about vehicle emissions. Product demand in this area is anticipated to be driven by government rules about environmentally friendly and energy-efficient products as well as technological improvements.

Carbon Fiber Reinforced Polymer (CFRP) Market: Competitive Analysis

The global Carbon Fiber Reinforced Polymer (CFRP) market is dominated by players like;

• Solvay
• Hexcel Corporation
• Formosa M Co. Ltd
• Mitsubishi Chemical Corporation
• Nippon Graphite Fiber Co. Ltd
• SABIC
• TEIJIN LIMITED
• TORAY INDUSTRIES INC.
• ALLRed & Associates Inc.
• Röchling
• Nikkiso Co. Ltd.

The global Carbon Fiber Reinforced Polymer (CFRP) market is segmented as follows:

By Material

•  PAN-based
• Pitch-based

By Product

• Thermosetting CFRP
• Thermoplastic CFRP

By Application

• Automotive
• Aerospace
• Wind Turbines
• Sport Equipment
• Molding & Compounding
• Construction
• Pressure Vessels
• Other

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa