Insights Into The Carbon Fiber Reinforced Plastic (CFRP) Market’s Growth Opportunities Through 2023-2032 – Includes Carbon Fiber Reinforced Plastic (CFRP) Market Report
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Increased demand for lightweight vehicles is expected to drive innovation in carbon fibre reinforced plastic (CFRP) manufacturing, propelling the market during the forecast period.
The global carbon fiber reinforced plastic (CFRP) market is expected to grow from $11.32 billion in 2022 to $12.58 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The global carbon fiber reinforced plastic market size is expected to grow to $18.01 billion in 2027 at a CAGR of 9.4%.
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Global Carbon Fiber Reinforced Plastic (CFRP) Market Segments Include:
- By Type: Polyacrylonitrile, Petroleum Pitch, Other Types
- By Resin: Thermosetting, Thermoplastic
- By End-User: Aerospace, Automotive, Sports and Leisure, Building and Construction, Wind Power Industry, Other End-Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global carbon fiber reinforced plastic (CFRP) market in 2021.
Major Market Players in the carbon fiber reinforced plastic (CFRP) market include Solvay S.A, DowAksa Advanced Composites Holding B.V, Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., SGL Carbon SE.
In the carbon fibre reinforced plastic market, product innovation is a key trend. Major players in the carbon fibre reinforced plastic market are focusing on developing innovative products to strengthen their market position. For example, in May 2021, Braskem S.A., a petrochemical company based in Brazil, partnered with Vartega Inc., a plastic resin manufacturer based in the United States, to launch a new 3D Printing Filament Recycling Program, as well as a new, innovative carbon fibre reinforced polypropylene filament for 3D printing (“CF-PP”) (“FL900PP-CF”). This product has superior mechanical and thermal properties, as well as low warpage, and allows users to 3D print lightweight and extremely rigid parts for high-end applications such as automotive, aerospace, sporting goods, nautical, and many others. This product (FL00PP-CF) is made from 100% recycled carbon fibre and has the same performance as virgin carbon fibre. It comes in 1.75 mm and 2.85 mm diameters to accommodate a wide range of 3D printer applications.
The Carbon Fiber Reinforced Plastic (CFRP) Global Market Report 2023 provides a carbon fiber reinforced plastic (CFRP) market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The carbon fiber reinforced plastic (CFRP) market forecast analyzes carbon fiber reinforced plastic (CFRP) market size, carbon fiber reinforced plastic (CFRP) market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Carbon fibre reinforced plastic (CFRP) is a type of strong and long-lasting carbon plastic reinforced with unidirectional high-strength fibres. It is made up of linked-chain carbon atoms in a polymer resin matrix structure. It is a lightweight, strong, and stiff material that is used in applications that require a high strength-to-weight ratio and stiffness (rigidity).
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