Carbon Fibers & Carbon Fiber Reinforced Plastics (CF & CFRP) Market to reach USD 84.9 Billion by 2031, Growing at 12.5% CAGR | Major Market Players 2025 - Toray Industries Ltd., Teijin Limited, Mitsubishi Chemical Corporation

Global CF & CFRP (Carbon Fibers And Carbon Fiber Reinforced Plastics) Market reached US$ 33.1 Billion in 2023 and is expected to reach US$ 84.9 Billion by 2031, growing with a CAGR of 12.5% during the forecast period 2024-2031.

Carbon fibers (CF) and carbon fiber reinforced plastics (CFRPs) are high-performance materials widely used across aerospace, automotive, defense, and sporting goods industries due to their exceptional strength-to-weight ratio, stiffness, and corrosion resistance. Carbon fibers provide structural reinforcement, while CFRPs combine these fibers with polymer matrices to create lightweight, durable components. Advancements in manufacturing processes, including automated layup, resin infusion, and 3D printing, are enhancing production efficiency and material performance. With increasing demand for fuel-efficient vehicles, lightweight aircraft structures, and sustainable construction solutions, carbon fibers and CFRPs are becoming indispensable materials in modern engineering and high-performance applications.

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United States: Recent Industry Developments
✅ In November 2025, U.S. manufacturers launched high-strength, lightweight carbon fibers for aerospace, automotive, and defense applications, enhancing fuel efficiency and structural performance. This reinforces U.S. leadership in advanced composite materials.

✅ In October 2025, several American companies expanded production of carbon fiber reinforced plastics (CFRP) using automated filament winding and prepreg technologies, improving manufacturing scalability and consistency.

✅ In September 2025, U.S. automotive OEMs increased adoption of CFRP components for electric vehicles, reducing vehicle weight and extending battery range.

Japan: Recent Industry Developments
✅ In November 2025, Japanese companies introduced ultra-high-modulus carbon fibers and CFRP sheets for aerospace, robotics, and high-performance sports equipment, reinforcing Japan's innovation in lightweight materials.

✅ In October 2025, Japanese manufacturers adopted automated composite manufacturing solutions, enabling precise production of CFRP parts with complex geometries for automotive and industrial applications.

✅ In September 2025, collaborations between Japanese automotive and aerospace firms accelerated integration of CFRP into structural components, improving safety, performance, and fuel efficiency.

Key Merges and Acquisitions(2025):
✅ Toray Industries - strengthened its carbon fiber portfolio in 2025 by acquiring a high-performance CFRP filament startup, enhancing lightweight composite solutions for aerospace, automotive, and renewable energy applications.

✅ SGL Carbon - expanded its reinforced plastics capabilities through the acquisition of a specialty CFRP components company, enabling advanced structural parts production and improved mechanical performance for industrial clients.

✅ Global Advanced Composites Consortium - pursued strategic acquisitions in 2025 targeting innovative carbon fiber and CFRP startups focused on cost-effective manufacturing, sustainable precursors, and high-strength hybrid composites to capture growing demand in the USD multi-billion carbon fiber market.

Market Segmentation Analysis - CF & CFRP :
- By Source
Polyacrylonitrile (PAN) leads with 85% share, driven by high strength-to-weight ratio, superior mechanical properties, and extensive use in aerospace, automotive, and defense sectors. Pitch-based carbon fibers hold 10%, preferred for thermal conductivity and specialty applications in electronics and industrial equipment. Other sources account for 5%, including rayon-based fibers used in niche applications with moderate performance requirements.

- By Precursor
PAN-based precursors dominate with 80% share, owing to their ability to produce high-strength, high-modulus fibers. Pitch-based precursors hold 15%, used for applications demanding heat resistance and electrical conductivity. Other precursors represent 5%, including hybrid or experimental materials designed for specialized high-performance composites.

- By Resin
Epoxy resins lead with 60% share, widely used in CFRP due to excellent adhesion, chemical resistance, and thermal stability. Polyester and vinyl ester resins hold 25%, preferred in automotive and construction applications for cost-effectiveness. Other resins account for 15%, including phenolic, bismaleimide, and thermoplastic resins for specialized aerospace and industrial uses.

- By Modulus
Standard modulus carbon fibers dominate with 65% share, offering a balanced combination of strength, stiffness, and cost-efficiency for general aerospace, automotive, and sporting goods applications. Intermediate modulus holds 25%, used in high-performance structures. High modulus fibers account for 10%, adopted in advanced aerospace, defense, and specialty engineering applications requiring maximum stiffness.

- By Manufacturing Process
Tow-based processes lead with 55% share, widely adopted for continuous fiber production and composite reinforcement. Weaving and fabric-based processes hold 25%, used for prepregs, laminates, and structural panels. Other processes account for 20%, including filament winding, pultrusion, and 3D printing methods used in specialized CFRP manufacturing.

- By End-User
Aerospace & defense dominate with 40% share, driven by lightweighting, fuel efficiency, and performance demands. Automotive accounts for 30%, supported by electric vehicle adoption and high-performance vehicle production. Industrial & construction hold 15%, including wind turbine blades, sporting goods, and civil infrastructure. Other end-users represent 15%, covering electronics, marine, and research institutions deploying CFRP for innovative applications.

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Growth Drivers:
- Rising demand for lightweight, high-strength materials in aerospace, automotive, and wind energy applications to improve fuel efficiency and structural performance.

- Increasing adoption of carbon fiber reinforced plastics (CFRP) in sports equipment, marine, and construction industries for enhanced durability and corrosion resistance.

- Growing focus on sustainable and energy-efficient materials, as carbon fiber composites help reduce emissions and improve energy consumption.

- Advancements in manufacturing processes, including resin transfer molding, automated fiber placement, and precursor innovations, enabling cost-effective and large-scale production.

- Expanding applications across emerging sectors such as electric vehicles, next-generation aircraft, and renewable energy systems, driving broader market growth and investment.

Regional Insights
- North America currently holds a leading share, typically accounting for around 34-35% of global revenues. Growth is driven by high adoption in aerospace, automotive, and defense sectors, supported by advanced manufacturing infrastructure and strong R&D in lightweight and high-strength materials. The U.S. dominates the regional demand, with Canada contributing growing adoption in automotive and industrial applications.

- Europe represents a major market, generally around 28-30% of global revenues, fueled by strong aerospace, automotive, and wind energy industries. Germany, France, the U.K., and Italy are key contributors, leveraging carbon fiber composites for lightweight vehicles, aircraft, and renewable energy applications.

- Asia-Pacific is the fastest-growing region, currently holding approximately 27-28% of the global share. Expansion is driven by rapid industrialization, increasing EV production, growing aerospace manufacturing, and government initiatives supporting lightweight and high-performance materials in China, Japan, India, and South Korea.

- South America accounts for around 5-6% of global revenues, supported by rising adoption in automotive and infrastructure applications, particularly in Brazil and Argentina.

- Middle East & Africa represent about 3-4% of the market, driven by emerging aerospace, defense, and industrial projects, with growing interest in lightweight and high-strength composite materials in the UAE, Saudi Arabia, and South Africa.

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Key Players:
Toray Industries Ltd., Teijin Limited, Mitsubishi Chemical Corporation, Hexcel Corporation, Solvay SA, SGL Carbon, Kureha Corporation, Hyosung Advanced Materials, Jilin Chemical Fiber Co., Ltd. and Jiangsu Hengshen Co., Ltd.

Key Highlights (Top 3 Key Players) for CF & CFRP :
- Toray Industries Ltd. generates significant revenue from carbon fibers and carbon fiber reinforced plastics (CFRP), supplying advanced lightweight materials for aerospace, automotive, and industrial applications, supported by high-performance production technologies and global partnerships.

- Teijin Limited drives robust revenue through its CFRP and carbon fiber solutions, offering high-strength, lightweight composites for automotive, aerospace, and sporting goods markets, with a focus on sustainability and innovation in material development.

- Mitsubishi Chemical Corporation achieves steady revenue growth by providing carbon fibers and CFRP materials for industrial, aerospace, and automotive sectors, leveraging advanced resin technologies and composite manufacturing expertise.

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