Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP
Market Report
2024
The Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP market size is USD 30.5 billion in 2023 andwill expand at a compound annual growth rate (CAGR) of 13.50% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP market size is USD 30.5 billion in 2023 andwill expand at a compound annual growth rate (CAGR) of 13.50% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Sales Revenue 2023 | $ 30.5 Billion |
Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13.5% |
North America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Sales Revenue 2023 | $ 12.2 Billion |
North America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12% |
Europe Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Sales Revenue 2023 | $ 9.15 Billion |
Europe Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12.2% |
Asia Pacific Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Sales Revenue 2023 | $ 6.71 Billion |
Asia Pacific Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.2% |
South America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Sales Revenue 2023 | $ 1.53 Billion |
South America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13.1% |
Middle East and Africa Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Sales Revenue 2023 | $ 0.92 Billion |
Middle East and Africa Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13.2% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Carbon fibers (CF) consist of carbon atoms and are known for their strength, lightness, and resistance to heat, chemicals, and corrosion. The increasing demand from developing countries and the decrease in the price of carbon fiber have fueled the growth of the industry
For instance, a joint development agreement (JDA) was signed by Solvay and SGL Carbon to commercialize composite materials based on large-tow intermediate modulus (IM) carbon fiber. Solvay has been able to solidify its position in the aerospace sector thanks to this cooperation.
The aerospace and military sectors' growing demand is propelling the carbon fiber-reinforced carbon (C/C) industry. Because of its special qualities, such as its high strength-to-weight ratio and tolerance to high temperatures, C/C is a great material to employ in missile systems, aerospace and military equipment, and other applications. The growing focus on lightweight and high-performance materials in the aerospace and defense sectors is expected to continue driving the demand for C/C materials, thereby fueling market growth.
The acquisition of 50% of BENTELER Carbon Composites Beteiligungs-GmbH in the joint venture Benteler SGL GmbH & Co. KG, Paderborn, by SGL Carbon has been finalized. After the sale, SGL Carbon became the exclusive owner of the business, enhancing its capacity to create fiber-reinforced composite components.
Another key driver of the C/C market is the expanding application scope in the automotive and sports equipment industries. C/C materials are increasingly being used in the production of high-performance automotive components, such as brake discs, drive shafts, and body panels, due to their lightweight and high-strength properties. In the sports equipment industry, C/C materials are used in the production of bicycle frames, golf club shafts, and tennis rackets, among other applications. It is anticipated that in the upcoming years, the C/C market will expand due to the growing need for high-performance, lightweight materials in these sectors.
Röchling SE & Co. KG launched two sustainable products, Röchling-BioBoom and Röchling-ReLoop, for bioplastics and recycled materials. Both products help strengthen the company's sustainability activities and support customers in achieving their sustainability goals.
(Source: www.roechling.com/newsroom/detail/roechling-expands-range-of-bioplastics-and-recycled-materials)
One of the key restraints in the Carbon Fiber-Reinforced Carbon (C/C) market is the high cost of carbon fiber. The cost of carbon fiber is significantly higher than that of traditional materials such as steel and aluminum, which can limit its adoption in certain industries. This high cost is due to the complex manufacturing process and the high cost of raw materials, which can make C/C materials less competitive in price-sensitive markets. As a result, the market growth of C/C materials is restricted by the high cost of carbon fiber.
The COVID-19 pandemic has had a significant impact on the Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market. The pandemic has reduced output in various industries, including automotive, construction, and aerospace, which are significant end-users of carbon fiber. The global automotive supply industry has been severely impacted, with vehicle production and sales ceasing abruptly in most parts of the world. The aerospace and defense industry has also been impacted, with a substantial reduction in demand for carbon fiber. However, despite the pandemic, the wind energy industry performed well in 2020 and 2021, with demand for carbon fiber-reinforced plastics increasing by double digits. The pandemic has also led to innovations in manufacturing processes and the development of new applications for carbon fiber, such as in medical equipment and personal protective equipment.
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The competitive landscape of the Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market is characterized by the presence of several key players, each focusing on product innovation, strategic collaborations, and geographical expansion to seize market opportunities. The market is segmented based on carbon fiber materials, resin type, manufacturing process, application, and end-use.
Top Companies Market Share in Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Industry: (In no particular order of Rank)
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According to Cognitive Market Research, the global Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market demonstrated robust growth, with a market size estimated at USD 30.5 Billion. North America emerged as the dominant region, holding a substantial share of more than 40% of the global revenue, representing a market size of USD 12.20 billion in 2023. The region is poised for continued success, anticipating a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030, signifying sustained expansion. In the regional analysis, North America's distinctive market characteristics, economic drivers, and prevailing trends within the Carbon Fibers and CFRP industry are meticulously examined. The segmentation analysis provides insights into key applications and industries within the North American market, contributing to the demand for Carbon Fibers and CFRP. In conclusion, North America's substantial market share and impressive growth rate underscore its pivotal role in shaping the overall trajectory of the Carbon Fibers and CFRP market.
According to Cognitive Market Research, the global Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market have exhibited notable growth, with a market size estimated at USD 30.5 Billion. Asia Pacific stands out as the fastest-growing region, capturing over 22% of the global revenue, equivalent to a market size of USD 6.71 billion in 2023. This region is projecting a compelling compound annual growth rate (CAGR) of 15.0% from 2023 to 2030, highlighting its dynamic market dynamics. In the regional analysis, Asia Pacific's unique market trends, economic drivers, and key growth sectors within the Carbon Fibers and CFRP industry are thoroughly examined. The segmentation analysis delves into the specific applications and industries driving the demand for Carbon Fibers and CFRP in the Asia Pacific market. In conclusion, the impressive market share and accelerated growth rate position Asia Pacific as a pivotal player in shaping the overall trajectory of the Carbon Fibers and CFRP market. The region is anticipated to continue its robust growth, contributing significantly to the global landscape of Carbon Fibers and Carbon Fiber Reinforced Plastics.
The current report Scope analyzes Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market demonstrated robust growth, with a market size estimated at USD 30.5 Billion. North America emerged as the dominant region, holding a substantial share of more than 40% of the global revenue, representing a market size of USD 12.20 billion in 2023. The region is poised for continued success, anticipating a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030, signifying sustained expansion. In the regional analysis, North America's distinctive market characteristics, economic drivers, and prevailing trends within the Carbon Fibers and CFRP industry are meticulously examined. The segmentation analysis provides insights into key applications and industries within the North American market, contributing to the demand for Carbon Fibers and CFRP. In conclusion, North America's substantial market share and impressive growth rate underscore its pivotal role in shaping the overall trajectory of the Carbon Fibers and CFRP market.
According to Cognitive Market Research, the global Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market have demonstrated significant market size, estimated at USD 30.5 Billion. Within this landscape, the Europe region emerges as a dominant force, holding more than 30% of the global revenue, equivalent to a market size of USD 9.15 billion in 2023. Europe is projecting a robust compound annual growth rate (CAGR) of 12.2% from 2023 to 2030. In the regional analysis, Europe's distinctive market dynamics, industry trends, and key drivers within the Carbon Fibers and CFRP sector are thoroughly examined. The segmentation analysis provides insights into specific applications and industries propelling the demand for Carbon Fibers and CFRP in the European market. In conclusion, Europe's substantial market share and promising growth rate solidify its influential position, contributing significantly to shaping the overall trajectory of the Carbon Fibers and CFRP market. The region is expected to play a pivotal role in advancing innovation and development in the Carbon Fibers and Carbon Fiber Reinforced Plastics sector on a global scale.
According to Cognitive Market Research, the Asia Pacific market size was estimated at USD 30.5 Billion out of which Asia Pacific held the major market of more than 22% of the global revenue with a market size of USD 6.71 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030. The growth in this region is driven by the growth of lightweight and high-performance materials in various industries, including aerospace, automotive, and wind energy. The region's focus on innovation and technological advancements in manufacturing processes has led to the adoption of CFRP materials in a wide range of applications, thereby fueling market growth. The region's leading position in the global CFRP market can be attributed to its advanced manufacturing capabilities, strong R&D investments, and the growing adoption of CFRP materials in various industries. As a result, the Asia Pacific region is expected to continue dominating the global CFRP market in the foreseeable future. In conclusion, the region's focus is on innovation and technological advancements in manufacturing processes.
According to Cognitive Market Research, According to Cognitive Market Research, the global Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market have marked a substantial market size, estimated at USD 30.5 Billion. Within this landscape, the Latin America region holding more than 5% of the global revenue, equivalent to a market size of USD 1.53 billion in 2023. Latin America is projecting a compelling compound annual growth rate (CAGR) of 13.1% from 2023 to 2030, signifying a flourishing market. In the regional analysis, Latin America's unique market dynamics, industry trends, and key drivers within the Carbon Fibers and CFRP sector are thoroughly examined. The segmentation analysis provides insights into specific applications and industries driving the demand for Carbon Fibers and CFRP in the Latin American market. In conclusion, Latin America's substantial market share and promising growth rate underscore its growing influence, contributing significantly to shaping the overall trajectory of the Carbon Fibers and CFRP market. The region is expected to play a pivotal role in advancing innovation and development in the Carbon Fibers and Carbon Fiber Reinforced Plastics sector on a global scale.
According to Cognitive Market Research, the global Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market have demonstrated a significant market size, estimated at USD 30.5 billion. In this landscape, the Middle East and Africa region holding more than 3.00% of the global revenue, equivalent to a market size of USD 0.92 billion in 2023. The Middle East and Africa market are poised for robust growth, forecasting a compelling compound annual growth rate (CAGR) of 13.2% from 2023 to 2030, indicative of a thriving market.In the regional analysis, key aspects such as market trends, dynamics, and growth opportunities specific to the Middle East and Africa region in the Carbon Fibers and CFRP sector are comprehensively explored. The segmentation analysis provides insights into the diverse applications and industries driving the demand for Carbon Fibers and CFRP in this regional market. In conclusion, the Middle East and Africa's notable market share and projected growth rate underscore its rising significance, contributing significantly to shaping the overall trajectory of the Carbon Fibers and CFRP market. The region is anticipated to play a pivotal role in advancing innovation and development in the Carbon Fibers and Carbon Fiber Reinforced Plastics sector at a global scale.
Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Industry growth. Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP market has been segmented with the help of its Type, Application , and others. Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the dominant category in the carbon fibers and carbon fiber reinforced plastics (CFRP) market is the PAN-based carbon fiber. PAN-based carbon fiber holds the largest market share among the raw material type segment, and virgin carbon fiber holds the dominant position. PAN-based carbon fiber's special qualities—such as its high strength, high stiffness, and low weight—make it the perfect material for a variety of uses, including wind energy, automotive, and aerospace. It is anticipated that these sectors' growing need for high-performance, lightweight materials will continue to propel the PAN-based carbon fiber market's rise.
The fastest-growing category in the carbon fibers and carbon fiber reinforced plastics (CFRP) market is the pitch-based carbon fiber. The continuous carbon fiber segment governs the demand for carbon fiber composite worldwide, holding a massive share of nearly 45% in 2022. The composite segment is expected to post the highest CAGR during the forecast period. The pitch-based carbon fiber is expected to experience rapid growth due to its increasing adoption in various industries, including automotive, aerospace, and wind energy. The unique properties of pitch-based carbon fiber, such as high thermal conductivity and chemical resistance, make it an ideal material for use in high-temperature and corrosive environments, driving its rapid adoption and growth in the CFRP market.
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According to Cognitive Market Research, the dominant application category in the Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market is the aerospace and defense industry. Because of its exceptional strength, rigidity, and low weight, carbon fiber is a perfect material for use in missile systems, aerospace and aviation parts, and other defense-related applications. It is anticipated that the aerospace and defense industries' growing emphasis on lightweight and high-performance materials would keep boosting demand for carbon fiber materials and fostering market expansion.
The fastest-growing application category in the Carbon Fibers and Carbon Fiber Reinforced Plastics (CFRP) market is the wind energy industry. The demand for carbon fiber-reinforced plastics for wind energy has increased by double digits in recent years. The increasing demand for wind energy and the need for larger and more efficient wind turbines are driving the growth of the carbon fiber market in the wind energy sector. Carbon fiber-based composites are widely used in wind turbine blades due to their high stiffness requirements, which are necessary for offshore and onshore markets. The increasing demand for wind energy is expected to continue driving the growth of the carbon fiber market in the coming years.
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Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market is witnessing significant growth in the near future.
In 2023, the PAN-Based Carbon Fiber segment accounted for noticeable share of global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market and is projected to experience significant growth in the near future.
The Aerospace and Defense segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Solvay (Belgium) , Gurit (Switzerland) and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | PAN-Based Carbon Fiber, Pitch-Based Carbon Fiber, Carbon Fibers Based on Other Precursors |
Application | Aerospace and Defense, Sports and Leisure, Wind Energy, Automotive, Pressure Vessels, Construction and Infrastructure, Electrical and Electronic, Oil and Gas, Other |
List of Competitors | 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) |
This chapter will help you gain GLOBAL Market Analysis of Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP. Further deep in this chapter, you will be able to review Global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Trends North America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Technological Road Map North America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Drivers North America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Restraints North America Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why PAN-Based Carbon Fiber have a significant impact on Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP market? |
What are the key factors affecting the PAN-Based Carbon Fiber and Pitch-Based Carbon Fiber of Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market? |
What is the CAGR/Growth Rate of Aerospace and Defense during the forecast period? |
By type, which segment accounted for largest share of the global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market? |
Which region is expected to dominate the global Carbon Fibers and Carbon Fiber Reinforced Plastics CFRP Market within the forecast period? |
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