According to IMARC Group latest published report, titled “Carbon Fiber Reinforced Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” that the global carbon fiber reinforced plastic (CFRP) market reached a value of US$ 17.5 Billion in 2021. Looking forward, the market expected to reach US$ 26.4 Billion by 2027, exhibiting a CAGR of 6.8% during 2022-2027.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027
Carbon fiber reinforced plastic (CFRP) represents a composite material that consists of a polymer matrix strengthened with fibers. Commonly used substances include polyester, nylon, epoxy, and vinyl, which are usually produced by the infusion of the resin with a carbon fiber reinforcement. CFRPs are also manufactured through various other processes, such as pultrusion and winding, layup, compression and injection, etc. These materials exhibit several physical properties, including impact and fatigue resistance, high tensile strength, durability, and minimal weight. As a result, CFRPs find widespread applications in the manufacturing of aerospace and automotive components, sports equipment, protective helmets, blades of wind turbines, construction materials, etc.
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Carbon Fiber Reinforced Plastic Market Trends:
The expanding aerospace industry and the escalating product demand to produce lightweight automotive components are among the primary factors driving the carbon fiber reinforced plastic (CFRP) market. Besides this, the elevating requirement for these materials in place of aluminum and steel, on account of their environment-friendly and lightweight component manufacturing with improved fuel economy and higher efficiencies, is further augmenting the market growth.
Moreover, the increasing need for CFRP to assemble piers, pylons, columns, and reinforcing structures, owing to its durability and resistance against electromagnetic interference, is also catalyzing the global market. Apart from this, the growing popularity of high-performance products in the defense sector and the rising utilization of these materials in surgical implants and other medical applications are anticipated to propel the carbon fiber reinforced plastic (CFRP) market over the forecasted period.
Competitive Scenario with Key Players:
The competitive landscape of the industry has also been examined with some of the key players being Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited. and Toray Industries, Inc., etc.
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CFRP Market Report Segmentation:
The report has been segmented the market into following categories:
Market Breakup by Raw Materials:
- Polyacrylonitrile
- Pitch-based
- Rayon-based
Market Breakup by Type:
- Thermoset
- Epoxy Resin
- Polyester Resin
- Vinyl Resin
- Thermoplastic
- Polyurethane
- Polyether Ether Ketone
- Polyethersulfone
Market Breakup by Manufacturing Process:
- Layup
- Pultrusion and Filament Winding
- Resin Transfer
- Injection and Compression Moulding
- Others
Market Breakup by Application:
- Aerospace & Defense
- Automotive
- Wind Energy
- Civil Engineering
- Sporting Goods
- Electrical and Electronics
- Marine Applications
- Others
Market Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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