The global carbon fiber reinforced plastic (CFRP) market reached a value of US$ 17.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 26.4 Billion by 2027, exhibiting a CAGR of 6.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
The carbon fiber reinforced plastic (CFRP) refers to a composite material that consists of a polymer matrix fortified with fibers. Epoxy, polyester, nylon and vinyl are some of the commonly used CFRPs, which are usually produced by the infusion of the resin with a carbon fiber reinforcement. They are also manufactured through various other processes, such as layup, pultrusion and winding, compression and injection, etc. These plastics exhibit numerous physical properties, such as impact resistance, fatigue resistance, high tensile strength, durability and minimal weight. Owing to this, they find extensive applications in the manufacturing of sports equipment, aerospace and automotive components, protective helmets, blades of wind turbines and construction materials.
The continuous growth in the aerospace industry, along with the increasing product demand for the manufacturing of lightweight automotive components, is one of the key factors driving the growth of the market. In comparison to the traditionally used materials, such as aluminum and steel, CFRPs aid in the manufacturing of environment-friendly and lightweight components with improved fuel economy and higher efficiencies. Extensive utilization of CFRP in the production of various building and construction materials is acting as another major growth-inducing factor. Columns, piers, pylons and reinforcing structures are manufactured using CFRP, owing to its durability and resistance against electromagnetic interference. Other factors, including the growing demand for high-performance products in the defense sector and the increasing product utilization in surgical implants and other medical applications, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global carbon fiber reinforced plastic (CFRP) market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on raw materials, type, manufacturing process and application.
Breakup by Raw Materials:
Breakup by Type:
Polyether Ether Ketone
Breakup by Manufacturing Process:
Pultrusion and Filament Winding
Injection and Compression Moulding
Breakup by Application:
Aerospace & Defense
Electrical and Electronics
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Cytec Industries Inc., DowAksa Advanced Composites Holdings B.V., Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Carbon SE, Teijin Limited. and Toray Industries, Inc., etc.
Key questions answered in this report:
How has the global carbon fiber reinforced plastic (CFRP) market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global carbon fiber reinforced plastic (CFRP) market?
What is the breakup of the market based on the raw materials?
What is the breakup of the market based on the type?
What is the breakup of the market based on the manufacturing process?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global carbon fiber reinforced plastic (CFRP) market and who are the key players?
What is the degree of competition in the industry?