Carbon Fiber Reinforced Plastic (CFRP) Market Size, Scope Analysis, Key Insights, Leading Key Players, And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Carbon Fiber Reinforced Plastic (CFRP) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The carbon fiber reinforced plastic (cfrp) market size has grown rapidly in recent years. It will grow from $12.46 billion in 2023 to $13.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to aerospace industry growth, expansion of sporting goods industry, demand for high-performance materials, increased focus on fuel efficiency, globalization of automotive production, demand for corrosion-resistant materials, focus on sustainable materials.

The carbon fiber reinforced plastic (cfrp) market size is expected to see rapid growth in the next few years. It will grow to $20.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to growing consumer electronics market, rise of electric vehicles, advancements in cfrp manufacturing, growth in wind energy sector, advancements in resin systems, consumer electronics miniaturization. Major trends in the forecast period include automotive lightweighting trends, advancements in manufacturing technologies, medical device innovations, innovations in automotive design, expanding use in robotics, strategic collaborations and partnerships.

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Market Drivers and Trends:

The growth of the construction industry is expected to propel the carbon fiber-reinforced plastic market going forward. The construction industry encompasses the planning, creation, and maintenance of physical structures and infrastructure using labor, materials, and equipment. Carbon Fiber Reinforced Plastic (CFRP) is utilized in construction for strengthening structures, bridges, and buildings due to its high strength, lightweight properties, and corrosion resistance. For instance, according to Rethinking The Future, an India-based platform for architecture & design, by 2024, the Canadian construction industry will grow at an 8.5% compound annual growth rate (CAGR). This will increase the value of Canada's construction industry to $354.9 billion (USD). Furthermore, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the growing demand for construction is driving the growth of the carbon fiber-reinforced plastic market.

The product innovation is a key trend in the carbon fiber-reinforced plastic market. Major companies operating in the carbon fiber-reinforced plastic market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2021, Braskem S.A., a Brazil-based petrochemical company partnered with Vartega Inc., a US-based plastic resin manufacturer, for a new 3D Printing Filament Recycling Program, and launched a new, innovative carbon fiber reinforced polypropylene filament for 3D printing (""CF-PP"") (""FL900PP-CF""). This product offers superior mechanical and thermal properties as well as low warpage and allows users to 3D print lightweight and exceptionally rigid parts for high-end applications including automotive, aerospace, sporting goods, nautical, and much more. This product (FL00PP-CF) is made using 100% recycled carbon fiber with the same performance that is expected from virgin carbon fiber. It is available in both 1.75 mm and 2.85 mm diameters to fit a wide range of 3D printer applications.

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Major Key Players of the Market:

Solvay S.A, DowAksa Advanced Composites Holding B.V, Formosa Plastics Corporation, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., SGL Carbon SE, Teijin Limited, Toray Industries Inc., Nikkiso Co. Ltd., AllRed & Associates Inc., Rochling Group, Jiangsu Hengshen Fiber Material Co. Ltd., Zhongfu Shenying Carbon Fiber Co. Ltd., Nippon Graphite Fiber Co. Ltd., Saudi Basic Industries Corporation, Gurit Holding AG, Park Aerospace Corp., Axiom Materials Inc., Plasan Carbon Composites, Zoltek Companies Inc., Hyosung Advanced Materials Corporation, Owens Corning, Huntsman Corporation, Cytec Solvay Group, Kureha Corporation, Carbon Mods, Carbon Revolution, Carbon Conversions Inc., Carbon Fiber Works, Composite Engineering Inc.

Carbon Fiber Reinforced Plastic (CFRP) Market 2024 Key Insights:

• The carbon fiber reinforced plastic (cfrp) market size is expected to see rapid growth in the next few years. It will grow to $20.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Growing Demand For Lightweight Vehicles Drives Carbon Fiber Reinforced Plastic Market
• Product Innovation Drives Growth In Carbon Fiber Reinforced Plastic Market
• North America was the largest region in the carbon fiber reinforced plastic market share in 2023

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