Press release
Carbon Fiber Reinforced Plastic (CFRP) Market Ascends: Market Size, Growth Drivers, CAGR and Prominent Trends
Carbon Fiber Reinforced Plastic (CFRP) Market Ascends:
With an Unprecedented CAGR: Future of the CFRP Market
What Is The Projected Market Size Of The Global Carbon Fiber Reinforced Plastic (CFRP) Market And Its Growth Rate?
The Global Carbon Fiber Reinforced Plastic (CFRP) market has been experiencing a robust growth. Here are the noteworthy figures:
• Growth from $13.66 billion in 2024 to $15.07 billion in 2025 with a compound annual growth rate (CAGR) of 10.3%
• Prediction to reach $22.57 billion in 2029 at a compound annual growth rate (CAGR) of 10.6%
• Historic growth drivers: Aerospace industry expansion, increased focus on fuel efficiency, globalization of automotive production, demand for high-performance materials and for corrosion-resistant materials, expansion of sporting goods industry, and emphasis on sustainable materials
• Forecasted growth drivers: Emerging consumer electronics market, rise of electric vehicles, advancements in CFRP manufacturing, growth in wind energy sector, advancements in resin systems, and consumer electronics miniaturization
What Is Driving The Growth In The Carbon Fiber Reinforced Plastic (CFRP) Market?
The rapid increase in demand for lightweight vehicles is fueling the growth of the carbon fiber-reinforced plastic market. The concept of lightweighting has gained immense popularity in the automobile industry due to its clear advantages such as better fuel efficiency and handling. Reduced vehicle weight can be achieved by using materials such as carbon fiber, plastic for windshields, and aluminum foam for bumpers. CFRP's incredibly low shrinkage and expansion against heat make it an ideal manufacturing material for expensive sports cars, bicycles, and motorbikes. Sales of electric light-duty vehicles have surged, with a 60% increase from 2021, reaching 26 million units in 2022, as per the International Energy Agency. Hence, the increase in demand for lightweight vehicles is propelling the growth of the carbon fiber-reinforced plastic market.
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Who Are the Key Players Driving Carbon Fiber Reinforced Plastic (CFRP) Market Growth?
The following notable companies are pushing forward the growth of CFRP 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.
What Are The Key Trends In The Carbon Fiber Reinforced Plastic (CFRP) Market?
Here are the major trends in the CFRP Market's forecasted growth:
• Advancements in manufacturing technologies
• Automotive lightweighting trends
• Medical device innovations
• Innovations in automotive design
• Expanding use in robotics
• Strategic collaborations and partnerships
What Are The Segments Of The Global Carbon Fiber Reinforced Plastic (CFRP) Market?
1) By Type: Polyacrylonitrile, Petroleum Pitch, Other Types
2) By Resin: Thermosetting, Thermoplastic
3) By End-User: Aerospace, Automotive, Sports And Leisure, Building And Construction, Wind Power Industry, Other End-Users
Which Region Leads The Carbon Fiber Reinforced Plastic (CFRP) Market?
North America commanded the highest market share in the carbon fiber reinforced plastic market in 2024. The carbon fiber reinforced plastic (CFRP) market report covers other key regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Carbon Fiber Reinforced Plastic (CFRP) Market Global Market Report?
- Market Size Analysis: Analyze the Carbon Fiber Reinforced Plastic (CFRP) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Carbon Fiber Reinforced Plastic (CFRP) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Carbon Fiber Reinforced Plastic (CFRP) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Carbon Fiber Reinforced Plastic (CFRP) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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