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Global Carbon Fibers (CF) and Carbon Fiber Reinforced Plastics (CFRP) Market – Industry Trends and Forecast to 2030

  • Chemical and Materials
  • Upcoming Report
  • Aug 2023
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Carbon Fibers (CF) and Carbon Fiber Reinforced Plastics (CFRP) Market, By Carbon Fiber Materials (Polyacrylonitrile Carbon Fibers, Pitch-Based Carbon Fiber, Rayon-Based Carbon Fiber, Others), Resin Type (Thermosetting CFRP, Thermoplastic CFRP), Manufacturing Process (Lay-Up, Resin Transfer Molding, Compression Molding, Injection Molding, Filament Winding, Pultrusion), Application (Floor beams, Ailerons, Vertical stabilizers, Elevators, Wings, Engine nacelles, Wind Turbines), End-use (Aerospace and Defence, Automotive, Wind Energy, Sporting Goods, Medical, Electronics, Marine) - Industry Trends and Forecast to 2030.

Carbon Fibers (CF) And Carbon Fiber Reinforced Plastics (CFRP) Market

Carbon Fibers (CF) And Carbon Fiber Reinforced Plastics (CFRP) Market Analysis and Size

Carbon fiber is a cutting-edge substance that is multiple times superior to steel at just a fourth of its greatness. Major factors that are expected to boost the growth of the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market in the forecast period are the government incentive packages for aerospace and other industries for the COVID-19 pandemic outbreak, the rise in the need for fuel effective vehicles and the upsurge in the requirement from the wind energy industry. On the other hand, the decline in the number of commercial aircraft deliveries and the increase in the price of carbon fiber are a couple of factors that are derailing the growth of the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market in the timeline period.

Data Bridge Market Research analyses that the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market which was USD  1,881.62 million in 2022, would rocket up to USD 4,082.30 million by 2030, and is expected to undergo a CAGR of 11.70% during the forecast period. “Automotive” dominates the End-use segment of the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market owing to the rising global demand for the automobile sector. CFRP is lightweight as compared to metals thus giving high mileage and, less cost and weight. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, pricing analysis, and regulatory framework.

Carbon Fibers (CF) And Carbon Fiber Reinforced Plastics (CFRP) Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2023

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Carbon Fiber Materials (Polyacrylonitrile Carbon Fibers, Pitch-Based Carbon Fiber, Rayon-Based Carbon Fiber, Others), Resin Type (Thermosetting CFRP, Thermoplastic CFRP), Manufacturing Process (Lay-Up, Resin Transfer Molding, Compression Molding, Injection Molding, Filament Winding, Pultrusion), Application (Floor beams, Ailerons, Vertical stabilizers, Elevators, Wings, Engine nacelles, Wind Turbines), End-use (Aerospace and Defence, Automotive, Wind Energy, Sporting Goods, Medical, Electronics, Marine)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

Solvay (Belgium), Hexcel Corporation (U.S.), Gurit (Switzerland), TORAY INDUSTRIES, INC (Japan), TEIJIN LIMITED (Japan), SGL Group (Germany), Mitsubishi Chemical Holding Corporation (Japan), Formosa Plastics Corporation (Taiwan), HYOSUNG (South Korea), Koninklijke Ten Cate bv (Netherlands), Aeron Composite Pvt. Ltd (India), Sigmatex (U.K.), Nippon Graphite Fiber Corporation (Japan), Crosby Composites (U.K.), DowAksa ( Turkey) among others

Market Opportunities

  • Decrease in the price of carbon fiber
  • The rising demand from the developing countries

Market Definition

Carbon fibers (CF) are strong, lightweight fibers made primarily of carbon atoms. They are composed of tightly bonded carbon atoms arranged in a crystalline structure. These fibers have high tensile strength, low weight, and excellent resistance to heat, chemicals, and corrosion.

Carbon fiber reinforced plastics (CFRP) refer to composite materials where carbon fibers are embedded in a matrix material, typically a polymer resin such as epoxy. The carbon fibers provide the reinforcement, imparting strength and stiffness to the composite, while the polymer matrix holds the fibers together and provides protection. CFRP combines the exceptional mechanical properties of carbon fibers with the versatility and formability of the polymer matrix.

Carbon Fibers (CF) And Carbon Fiber Reinforced Plastics (CFRP) Market Dynamics

Drivers

  • Lightweight and High Strength Requirements

Industries such as aerospace, automotive, and wind energy have a strong demand for lightweight materials with high strength-to-weight ratios. Carbon fibers and CFRP offer a remarkable combination of strength and low weight. Their high tensile strength allows them to withstand heavy loads while being significantly lighter than traditional materials like steel or aluminum. This characteristic is crucial in applications where weight reduction is essential for improving performance, energy efficiency, and overall sustainability.

  • Energy Efficiency and Emissions Reduction

The drive for energy efficiency and reduced emissions is a major factor across industries. By utilizing lightweight CF and CFRP materials, manufacturers can significantly reduce the weight of vehicles, aircraft, and wind turbine blades. This weight reduction contributes to improved fuel efficiency and reduced energy consumption, aligning with sustainability goals and environmental regulations.

Opportunities

  • Increasing Demand for Electric Vehicles (EVs)

The global shift towards electric vehicles has gained significant momentum. CF and CFRP play a crucial role in the development of electric vehicles due to their lightweight nature and strength. By incorporating CFRP components, manufacturers can offset the weight of batteries and increase the driving range of electric vehicles. Furthermore, CFRP's moldability allows for complex and innovative designs that can optimize the efficiency and performance of electric vehicles.

  • Growing Aerospace Industry

The aerospace sector demands materials that can withstand extreme conditions while offering weight reduction opportunities. CF and CFRP have become integral to the aerospace industry due to their exceptional strength, stiffness, and resistance to heat and corrosion. The aerospace industry's constant pursuit of fuel efficiency and performance improvements drives the adoption of CF and CFRP in aircraft manufacturing, including structural components, interior parts, and wings.

Restraints/Challenges

  • Limited Production Capacity

The production capacity for CF and CFRP remains limited compared to the demand in various industries. The manufacturing process for carbon fibers requires specialized facilities and equipment, and scaling up production can be challenging. The limited production capacity can lead to supply constraints, longer lead times, and higher costs. Increasing production capacity to meet the growing demand is a significant challenge that the industry needs to address.

  • Recycling and Disposal Challenges

CFRP materials pose challenges in terms of recycling and disposal. While carbon fibers themselves are highly recyclable, the process is complex and requires specialized facilities. The thermoset polymers used as matrix materials in CFRP are challenging to recycle effectively. The disposal of CFRP components can be a concern due to their non-biodegradable nature. Proper recycling and disposal infrastructure and technologies need to be developed to mitigate the environmental impact and promote sustainability.

This carbon fibers (CF) and carbon fiber reinforced plastics (CFRP)  market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In December 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to commercialize composite materials based on large-tow intermediate modulus (IM) carbon fiber. This agreement has helped Solvay strengthen its hold in the aerospace industry
  • In December 2017, SGL Carbon completed the purchase of 50% shares of BENTELER Carbon Composites Beteiligungs-GmbH in the joint venture Benteler SGL GmbH & Co. KG, Paderborn. The transaction resulted in SGL Carbon being the sole owner of the company, thus strengthening its production capabilities for components produced from fiber-reinforced composites.

Global Carbon Fibers (CF) And Carbon Fiber Reinforced Plastics (CFRP) Market Scope

The carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market is segmented on the basis of carbon fiber materials, resin type, manufacturing process, application, and end-use. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.

Carbon Fiber Materials

  • Polyacrylonitrile Carbon Fibers
  • Pitch-Based Carbon Fiber
  • Rayon-Based Carbon Fiber
  • Others

Resin Type

  • Thermosetting Carbon Fiber Reinforced Plastics (CFRP)
  • Thermoplastic Carbon Fiber Reinforced Plastics (CFRP)

Manufacturing Process

  • Lay-Up
  • Resin Transfer Molding
  • Compression Molding
  • Injection Molding
  • Filament Winding
  • Pultrusion

Application

  • Floor Beam
  •  Ailerons
  • Vertical Stabilizers
  • Elevators
  • Wings,
  • Engine Nacelles
  • Wind Turbines.

End-Use

  • Aerospace and Defence
  • Automotive
  • Wind Energy,
  • Sporting Goods
  • Medical
  • Electronics
  • Marine

Carbon Fibers (CF) And Carbon Fib​​​​​​​er Reinforced Plastics (CFRP) Market Regional Analysis/Insights

The carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market is analysed and market size, volume information is provided by country, carbon fiber materials, resin type, manufacturing process, application, and end-use as referenced above.

The countries covered in the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market report are the U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is the fastest growing and expected to dominate the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market due to the rise in the foreign direct investment for the economic development. Furthermore, rise in the development in the aerospace and defense sector will further boost the growth of the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market in the region during the forecast period. Europe is projected to observe significant amount of growth in the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market due to the rise in the need from aerospace and defense, wind energy, and automotive industries. Moreover, the occurrence of major key players is further anticipated to propel the growth of the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market in the region in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Carbon Fibers (CF) And Carbon Fiber Reinforced Plastics (CFRP) Market Share Analysis

The carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market are:

  • Solvay (Belgium)
  • Hexcel Corporation (U.S.)
  • Gurit (Switzerland)
  • TORAY INDUSTRIES, INC (Japan)
  • TEIJIN LIMITED (Japan)
  • SGL Group (Germany)
  • Mitsubishi Chemical Holding Corporation (Japan)
  • Formosa Plastics Corporation (Taiwan)
  • HYOSUNG (South Korea)
  • Koninklijke Ten Cate bv (Netherlands)
  • Aeron Composite Pvt. Ltd (India)
  • Sigmatex (U.K.)
  • Nippon Graphite Fiber Corporation (Japan)
  • Crosby Composites (U.K.)
  • DowAksa (Turkey)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market size will be worth USD 4,082.30 million by 2030.
The growth rate of the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market is 11.70% by 2030.
Lightweight and high strength requirements & energy efficiency and emissions reduction are the growth drivers of the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market.
Major companies in the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market are Solvay (Belgium), Hexcel Corporation (U.S.), Gurit (Switzerland), TORAY INDUSTRIES, INC (Japan), TEIJIN LIMITED (Japan), SGL Group (Germany), Mitsubishi Chemical Holding Corporation (Japan), Formosa Plastics Corporation (Taiwan), HYOSUNG (South Korea), Koninklijke Ten Cate bv (Netherlands), Aeron Composite Pvt. Ltd (India), Sigmatex (U.K.), Nippon Graphite Fiber Corporation (Japan), Crosby Composites (U.K.), DowAksa ( Turkey) among others.
Carbon fiber materials, resin type, manufacturing process, application, and end-use are the factors on which the carbon fibers (CF) and carbon fiber reinforced plastics (CFRP) market research is based.
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