Press release
Carbon Fiber Reinforced Plastic Market Set to Reach USD 51.5 Billion by 2033, Driven by Demand for Lightweight, High-Performance Materials
Carbon Fiber Reinforced Plastic Market
The latest report, titled 'Global Carbon Fiber Reinforced Plastic Market,' comprises a profound analysis of the fundamental parameters contributing to the global Carbon Fiber Reinforced Plastic market scenario. The research report provides the reader with an in-depth interpretation of the Carbon Fiber Reinforced Plastic market dynamics, including the crucial drivers, opportunities, threats, and challenges. The report also describes the key business strategies, demand and supply ratios, leading regions, and the renowned market players, in a nutshell, offering a futuristic outlook of the overall Carbon Fiber Reinforced Plastic industry. The market intelligence report is a prototype of the 360° overview of the global Carbon Fiber Reinforced Plastic industry, shedding light on the estimated market value, share, growth trends, gross revenue, competitive overview, prominent manufacturers and buyers, available product types, and end-use applications.
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As industries push to improve fuel efficiency and meet stricter environmental regulations, CFRP has emerged as a preferred material thanks to its ability to reduce overall weight without compromising strength. This quality is especially important in the automotive sector, where lighter vehicles lead to better fuel economy and extended range in electric vehicles. In June 2023, automotive engineering firm Dash-CAE introduced the TR01, a carbon fiber monocoque chassis aimed at bringing high-performance, lightweight solutions to road cars.
The construction sector is also adopting CFRP for its energy-saving advantages and long-term structural performance. Lighter components in buildings and infrastructure can lead to improved efficiency and lower operational costs.
One of the key drivers for the CFRP market is the renewable energy sector. Wind energy, in particular, benefits from CFRP's light weight and strength in the production of longer and more efficient turbine blades. These blades help generate more energy, even in low-wind areas, by maximizing surface area while reducing structural strain. In March 2024, the Solar Energy Corporation of India announced plans for a 1,000-megawatt offshore wind energy tender, signaling increased demand for advanced materials like CFRP in energy infrastructure.
Despite strong growth potential, the CFRP market faces challenges related to sustainability. Recycling carbon fiber materials remains a complex issue, as the fibers are bonded with resins that are difficult to separate without damage. As a result, much of the CFRP waste ends up in landfills or is incinerated, leading to significant carbon emissions. In 2022, emissions from incinerated CFRP waste were estimated to exceed 200,000 tons. With projections showing CFRP waste could reach 840,300 tons annually by 2050, especially in aerospace and automotive industries, effective recycling methods are urgently needed.
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The market is segmented by material type into PAN-based and pitch-based carbon fibers. In 2024, PAN-based carbon fiber holds the largest share due to its strong mechanical performance and widespread use in industries requiring high strength and lightweight solutions. PAN fibers are known for their durability, stiffness, and thermal stability, making them ideal for critical applications. To meet rising demand, Hyosung has been expanding its production capacity in China, aiming to reach 14,000 tons by 2024.
Pitch-based carbon fiber is expected to grow at the fastest rate over the forecast period. Known for its exceptional fatigue resistance and durability under harsh conditions, pitch-based CFRP is used in aerospace components such as wings and fuselage parts. In November 2024, researchers at Clemson University highlighted the benefits of using pitch-based carbon fibers in redox flow batteries, showing improvements in strength and conductivity compared to traditional fibers.
As demand increases across sectors, the CFRP market continues to play a vital role in advancing sustainable technologies and performance-driven design, while also highlighting the urgent need for improved recycling solutions to address environmental concerns.
Competitive Terrain:
The global Carbon Fiber Reinforced Plastic industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The Leading Market Contenders Listed In The Report Are:
DowAksa
Cytec Solvay Group
Toray Industries, Inc.
SGL Group
Hexcel Corporation
Teijin Limited
Mitsubishi Rayon Co., Ltd.
Hyosung Corporation
Gurit Holding AG
Kordsa Teknik Tekstil A.Ş.
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Carbon Fiber Reinforced Plastic Market Segmentation Analysis
By Material Outlook (Revenue, USD Billion; 2020-2033)
PAN-based
Pitch-based
By Product Outlook (Revenue, USD Billion; 2020-2033)
Thermosetting CFRP
Thermoplastic CFRP
By Application Outlook (Revenue, USD Billion; 2020-2033)
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
Regional Segmentation:
North America
Latin America
Europe
Middle East & Africa
Asia Pacific
Report Highlights:
Besides offering a vivid depiction of the global Carbon Fiber Reinforced Plastic business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.
The report includes information on the present and historical market scenarios, which helps forecast the market conditions over the next eight years (2020-2027).
The report scrutinizes the salient factors influencing the growth of the market in the near future.
The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.
Key Benefits of the Report:
Comprehensive analysis of the competitive scenario and its changing dynamics
Analytical data with detailed SWOT analysis and Porter's Five Forces analysis
In-depth 8 year analysis of the Global Carbon Fiber Reinforced Plastic Market
Critical assessment of the key market segments
Comprehensive analysis of the drivers, restraints, trends, and opportunities
Detailed regional analysis and extensive company profiling
Extensive assessment of current and emerging trends of the market
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Browse More Report By Emergen Research:
Carbon Fiber Reinforced Plastic Market Size @ https://www.emergenresearch.com/industry-report/carbon-fiber-reinforced-plastic-market/market-size
Carbon Fiber Reinforced Plastic Market Share @ https://www.emergenresearch.com/industry-report/carbon-fiber-reinforced-plastic-market/market-share
Carbon Fiber Reinforced Plastic Market Trends @ https://www.emergenresearch.com/industry-report/carbon-fiber-reinforced-plastic-market/market-trends
Carbon Fiber Reinforced Plastic Regional Market Demand @ https://www.emergenresearch.com/industry-report/carbon-fiber-reinforced-plastic-market/regional-market-demand
Carbon Fiber Reinforced Plastic Market Analysis @ https://www.emergenresearch.com/industry-report/carbon-fiber-reinforced-plastic-market/market-analysis
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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