Carbon Fiber Reinforced Plastic (CFRP) Market Size Forecasted To Achieve $22.57 Billion By 2029 With Steady Growth

The Carbon Fiber Reinforced Plastic (CFRP) Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Carbon Fiber Reinforced Plastic (CFRP) Market Size and Projected Growth Rate?
In recent years, the market size for carbon fiber reinforced plastic (CFRP) has seen significant expansion. From a value of $13.66 billion in 2024, it is projected to rise to $15.07 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.3%. Factors contributing to this historic growth include the expansion of the aerospace industry, the growth of the sports goods industry, the rising demand for high-performance materials, enhanced focus on fuel efficiency, globalization of car production, the increasing need for corrosion-resistant materials, and an emphasis on sustainable materials.

The size of the carbon fiber reinforced plastic (CFRP) market is projected to rapidly expand in the forthcoming years. Analysts predict an increase to $22.57 billion by 2029, presenting a compound annual growth rate (CAGR) of 10.6%. The expected growth during this forecast period can be credited to the burgeoning consumer electronics market, the emerging prominence of electric cars, enhancements in CFRP production techniques, expansion in the wind energy sector, and advancements in resin systems and miniaturization of consumer electronics. Key trends for this period comprise automotive lightweighting movements, advanced manufacturing technologies, breakthroughs in medical apparatuses, creative automotive designs, extended use in robotics, and joint ventures.

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What Are the Major Segments in the Carbon Fiber Reinforced Plastic (CFRP) Market?
The carbon fiber reinforced plastic (CFRP) market covered in this report is segmented -

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

Subsegments:
1) By Polyacrylonitrile (PAN): Standard PAN-Based CFRP, High-Strength PAN-Based CFRP
2) By Petroleum Pitch: Pitch-Based CFRP, Specialty Pitch-Based CFRP
3) By Other Types: Rayon-Based CFRP, Biobased Carbon Fiber Reinforcements

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What Are The Driving Carbon Fiber Reinforced Plastic (CFRP) Market Evolution?
The growth of the carbon fiber-reinforced plastic (CFRP) market is projected to be propelled by the increasing demand for lightweight vehicles. The lightweighting concept in the auto industry, which denotes the creation of lighter cars for heightened fuel efficiency and handling, is contributing to this development. Car manufacturers use carbon fiber for car parts, plastic for windshields, and aluminum foam for bumpers to lessen the vehicle weight. CFRP's minimal shrinkage and expansion in response to heat make it a valuable asset for car bodies. It's utilised in the production of high-priced sports cars, bicycles, and motorbikes. For example, as per the France-based International Energy Agency (IEA), a self-governing intergovernmental organisation, sales of electric light-duty vehicles saw a 60% increase from 2021, hitting 26 million in 2022, with battery electric vehicles (BEVs) being the primary driver of this growth. As a result, the amplified demand for lightweight vehicles is fuelling the growth of the CFRP market.

Which Firms Dominate The Carbon Fiber Reinforced Plastic (CFRP) Market Segments?
Major companies operating in the carbon fiber reinforced plastic (CFRP) market are 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 Trends Are Expected to Dominate the Carbon Fiber Reinforced Plastic (CFRP) Market in the Next 5 Years?
In the Carbon Fiber Reinforced Plastic Market, prominent firms are concentrating their efforts on creating novel solutions such as carbon fiber reinforced PVDF to improve material efficiency in sectors such as aerospace, automotive, and construction. Essentially, carbon fiber-reinforced PVDF is a composite material that comprises carbon fibers incorporated within a matrix of polyvinylidene fluoride (PVDF). To illustrate, in May 2024, Xenia Materials, an additive manufacturing establishment based in Italy, introduced a fresh series of carbon fiber-reinforced polyvinylidene fluoride (PVDF) compounds designed specifically for pellet-fed 3D printing, thereby enhancing the durability and chemical resilience of additive manufacturing substances. These groundbreaking compounds merge unfilled PVDF with carbon fiber, leading to enhanced strength, minimal warping, and adherence to ATEX safety standards in risky conditions.

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Which Is The Largest Region In The Carbon Fiber Reinforced Plastic (CFRP) Market?
North America was the largest region in the carbon fiber reinforced plastic market share in 2024. The regions covered in the carbon fiber reinforced plastic (CFRP) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Carbon Fiber Reinforced Plastic (CFRP) Market?
2. What is the CAGR expected in the Carbon Fiber Reinforced Plastic (CFRP) Market?
3. What Are the Key Innovations Transforming the Carbon Fiber Reinforced Plastic (CFRP) Industry?
4. Which Region Is Leading the Carbon Fiber Reinforced Plastic (CFRP) Market?

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