Carbon Fiber Reinforced Plastic (CFRP) Global Market Estimated to Surge at a CAGR of 10.1% to Reach $20.19 Billion By 2028 | Solvay S.A, SGL Carbon SE, Teijin Limited, Toray Industries Inc., Nikkiso Co. Ltd.

The carbon fiber reinforced plastic (cfrp) market size has grown rapidly in recent years. It will grow from $12.46 billion in 2023 to $13.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to aerospace industry growth, expansion of sporting goods industry, demand for high-performance materials, increased focus on fuel efficiency, globalization of automotive production, demand for corrosion-resistant materials, focus on sustainable materials.

The carbon fiber reinforced plastic (cfrp) market size is expected to see rapid growth in the next few years. It will grow to $20.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to growing consumer electronics market, rise of electric vehicles, advancements in cfrp manufacturing, growth in wind energy sector, advancements in resin systems, consumer electronics miniaturization. Major trends in the forecast period include automotive lightweighting trends, advancements in manufacturing technologies, medical device innovations, innovations in automotive design, expanding use in robotics, strategic collaborations and partnerships.

Market Overview -
Carbon fiber reinforced plastic (CFRP) is a type of durable and strong carbon plastic reinforced with high-strength unidirectional fibers. It is composed of linked-chain carbon atoms in a matrix structure of polymer resin. It is a lightweight, strong, stiff material and is used wherever a high strength-to-weight ratio and stiffness (rigidity) are required.

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Growing Demand For Lightweight Vehicles Drives Carbon Fiber Reinforced Plastic Market
The rise in demand for lightweight vehicles is expected to boost the growth of the carbon fiber-reinforced plastic market going forward. Lightweighting is a concept in the automobile industry that refers to designing lighter automobiles, to achieve better fuel efficiency and handling. Automakers manufacture parts from carbon fiber, windshields from plastic, and bumpers out of aluminum foam, as ways to lessen vehicle load. Carbon fiber reinforced plastic (CPRF) has extremely low shrinkage and expansion against heat which is a strong benefit for automobile bodies. CFRP is used in manufacturing expensive sports cars, bicycles, and motorbikes. For instance, in October 2021, according to International Energy Outlook, a report released by the Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, in 2020, there were 1.31 billion light-duty vehicles (LDVs) in use worldwide and it is expected that there will be 2.21 billion LDVs by 2050. Similarly, electric vehicles (EVs) any LDV with a charging plug are expected to grow from 0.7% of the global LDV fleet in 2020 to 31% in 2050, reaching 672 million vehicles. Therefore, the rise in demand for lightweight vehicles is driving the growth of the carbon fiber-reinforced plastic market.

Competitive Landscape -
Major companies operating in the carbon fiber reinforced plastic (cfrp) market report are Solvay S.A, DowAksa Advanced Composites Holding B.V, Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., SGL Carbon SE, Teijin Limited, Toray Industries Inc., Nikkiso Co. Ltd., AllRed & Associates Inc., Rochling Group, Jiangsu Hengshen Fiber Material Co. Ltd., Zhongfu Shenying Carbon Fiber Co. Ltd., Nippon Graphite Fiber Co. Ltd., Saudi Basic Industries Corporation, Gurit Holding AG, Park Aerospace Corp., Axiom Materials Inc., Plasan Carbon Composites, Zoltek Companies Inc., Hyosung Advanced Materials Corporation, Owens Corning, Huntsman Corporation, Cytec Solvay Group, Kureha Corporation, Carbon Mods, Carbon Revolution, Carbon Conversions Inc., Carbon Fiber Works, Composite Engineering Inc.

Product Innovation Drives Growth In Carbon Fiber Reinforced Plastic Market
The product innovation is a key trend in the carbon fiber-reinforced plastic market. Major companies operating in the carbon fiber-reinforced plastic market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2021, Braskem S.A., a Brazil-based petrochemical company partnered with Vartega Inc., a US-based plastic resin manufacturer, for a new 3D Printing Filament Recycling Program, and launched a new, innovative carbon fiber reinforced polypropylene filament for 3D printing (""CF-PP"") (""FL900PP-CF""). This product offers superior mechanical and thermal properties as well as low warpage and allows users to 3D print lightweight and exceptionally rigid parts for high-end applications including automotive, aerospace, sporting goods, nautical, and much more. This product (FL00PP-CF) is made using 100% recycled carbon fiber with the same performance that is expected from virgin carbon fiber. It is available in both 1.75 mm and 2.85 mm diameters to fit a wide range of 3D printer applications.

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Key Segments -
The carbon fiber reinforced plastic (cfrp) market covered in this report is segmented -
1) By Type: Polyacrylonitrile, Petroleum Pitch, Other Types
2) By Resin: Thermosetting, Thermoplastic
3) By End-User: Aerospace, Automotive, Sports and Leisure, Building and Construction, Wind Power Industry, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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