Carbon Fiber Reinforced Plastics (CFRPs) Market Size, Share, and Industry Analysis, By Resin (Thermosetting CFRPs and Thermoplastic CFRPs), By End-use Industry (Automotive, Aerospace & Defense, Building & Construction, Sports & Leisure, Wind Power Industry, and Others), and Regional Forecast, 2024-2032

Carbon Fiber Reinforced Plastics (CFRPs) are composite materials in which a plastic matrix is reinforced with carbon fibers, which provides higher strength to the material. The high strength-to-weight ratio of carbon fiber reinforced plastics is propelling its demand from several industries, including automotive, aerospace & defense, building & construction, sports & leisure, and wind power industry. The rising demand-supply gap in the metal industry and the added advantages offered by the CFRPS are driving the demand from these industries.

• According to the India Brand Equity Foundation, the Indian car market is anticipated to reach USD 54.84 billion by 2027 by growing with a CAGR of around 9%.

Segmentation

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, and Partnerships


• Latest Technological Advancements


• Insights on Sustainability


• Porters Five Forces Analysis


• Impact of COVID-19 on the Market

Analysis by Resin

By resin, the market is segmented into thermosetting CFRPs and thermoplastic CFRPs. The thermosetting CFRPs segment holds a significant share of the global carbon fiber reinforced plastics market. Thermosetting carbon fiber reinforced plastics dominated the global carbon fiber reinforced fiber market owing to their superior properties. Enhanced dielectric strength, strength-to-weight ratio, and excellent chemical and dimensional stability enable the application of thermosetting CFRPS in high-end industries, including aerospace, defense, and wind power. Thermosetting CFRPs are witnessing a higher demand from the market owing to their ability to retain their strength and shape when exposed to higher temperatures.

• In 2022, the Government of China announced a USD 1 trillion investment plan for different construction projects.

Analysis by End-use Industry

By end-use industry, the market is segmented into automotive, aerospace & defense, building & construction, sports & leisure, wind power industry, and others. The automotive segment holds a significant share of the global high-performance polyamides market.

Carbon fiber-reinforced plastics have a high strength-to-weight ratio, which plays an important role in the assembly and performance of the different components used in the aerospace and defense industry. CFRPs are used in the manufacturing of specialty components such as radar panels, missile systems, body armor, ballistic protective equipment, propulsion systems, nuclear submarines, and many more. Essential agility at the time of sudden attacks and inventions in defense technology, coupled with the escalation of the rising security issues in different regions of the world, are driving the growth of the aerospace and defense industry, positively impacting the growth of the market.

Regional Analysis

The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Europe holds a significant share of the carbon fiber reinforced plastics market owing to rapidly growing demand from the aerospace and defense industry. The higher stiffness-to-density ratio, lower thermal conductivity, and superior physical properties are pushing their demand from the aerospace and defense industry in the region. The rapidly growing automotive industry is the key factor driving the market growth in the region.  Rising demand for e-vehicles, where the weight of the vehicle plays an important role in fuel efficiency, is anticipated to fuel the market growth in the near future.

• According to Boeing, the forecast for commercial airplane deliveries can be as follows:
  
  
  
  • North America- 9.31K
  
  
  • Europe- 8.55K
  
  
  • China- 8.49K
  
  
  • Middle East-2.98K
  
  
  • Latin America-2.24K
  
  
  • Southeast Asia- 2.35K
  
  
  • South Asia- 3.25K
  
  
  • Africa- 1.01K
  
  
  
  

The major carbon fiber reinforced plastics market consumers by region are China, Japan, and India in Asia Pacific; the U.S. & Canada in North America; Germany and France in Europe; and Saudi Arabia and UAE in the Middle East.

• In 2022, U.S. Aerospace and Defense revenues were estimated at USD 373 billion, a substantial increase from USD 335 billion in 2017, indicating recovery from declines in 2019 and 2020 due to COVID-19 and supply chain constraints.

Key Players Covered

The report includes the profiles of key players, such as Mitsubishi Chemical Corporation, Solvay, Röchling Group, Formosa M Co., Ltd, Allred & Associates Inc., Nikkiso Co., Ltd., Hexcel Corporation, Nippon Graphite Fiber Co. Ltd., SABIC, SGL Carbon SE, Cytec Industries Inc., and TEIJIN LIMITED.

Key Industry Developments

• In June 2022, Mitsubishi Chemical Corporation announced that it had acquired c-m-p GmbH, a German carbon fiber prepreg manufacturer, through its subsidiary, Mitsubishi Chemical Advanced Material. The move is anticipated to strengthen its position in the carbon fiber composites business.

• In May 2020, Toray Industries Inc. announced that it had developed high-tensile carbon fiber and thermoplastic pellets, which can be suitable for injection molding applications.