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 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
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2023
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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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)
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Countries Covered
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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
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Market Players Covered
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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
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Market Opportunities
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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 Fiber 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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