The global Carbon Fiber Reinforced Plastics (CFRP) Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Product (Thermosetting CFRP, Thermoplastic CFRP), By Material (PAN-based, Pitch-based), By Application (Automotive, Aerospace, Wind Turbines, Sport Equipment, Molding & Compounding, Construction, Pressure Vessels, Other).
Carbon fiber reinforced plastics (CFRP) are composite materials consisting of carbon fibers embedded in a polymer matrix, known for their exceptional strength, stiffness, and lightweight properties in 2024. These materials find applications in aerospace, automotive, marine, sporting goods, and industrial sectors where high-performance materials are required. Carbon fibers are produced through the carbonization of organic precursors such as polyacrylonitrile (PAN) or pitch, resulting in fibers with high tensile strength and modulus. When combined with a polymer matrix such as epoxy, polyester, or vinyl ester, carbon fibers form CFRP laminates that offer superior mechanical properties and durability compared to traditional materials such as steel or aluminum. CFRP materials are valued for their high strength-to-weight ratio, corrosion resistance, and fatigue resistance, making them ideal for applications such as aircraft components, automotive body panels, wind turbine blades, and sporting equipment. With ongoing advancements in carbon fiber production techniques and composite manufacturing processes, CFRP materials to push the boundaries of performance and innovation in various industries, driving demand for lightweight and high-strength structural materials.
The market report analyses the leading companies in the industry including DowAksa Advanced Composites Holdings BV, Gurit Holding AG, Hexcel Corp, Hyosung Corp, Mitsubishi Rayon Co. Ltd, SGL Carbon SE, Solvay SA, Teijin Ltd, Toray Industries Inc, and others.
A prominent trend in the carbon fiber reinforced plastics (CFRP) market is the increasing adoption in automotive and aerospace industries, driven by the demand for lightweight, high-strength materials to improve fuel efficiency, performance, and sustainability. CFRP's exceptional properties, including high strength-to-weight ratio, stiffness, and corrosion resistance, make it ideal for replacing traditional materials such as steel, aluminum, and fiberglass in structural components of vehicles and aircraft. This trend is reshaping manufacturing processes and supply chains, with automotive and aerospace companies increasingly incorporating CFRP composites into their designs to meet stringent regulatory standards, enhance safety, and reduce environmental impact.
The primary driver fueling the demand for carbon fiber reinforced plastics is advancements in composite manufacturing technologies, enabling cost-effective production, higher production rates, and improved quality of CFRP components. Innovations in resin infusion, automated layup, 3D printing, and thermoplastic composites are making CFRP manufacturing more efficient, scalable, and adaptable to a wider range of applications and industries. Additionally, advancements in carbon fiber production processes, such as higher production capacities, lower costs, and improved fiber properties, are further driving market growth by reducing material costs and expanding the use of CFRP in mainstream automotive and aerospace applications.
An emerging opportunity within the carbon fiber reinforced plastics market lies in diversification into renewable energy and infrastructure sectors, leveraging CFRP's lightweight and durable properties for applications such as wind turbine blades, solar panels, bridges, and building structures. With the global shift towards renewable energy sources and sustainable infrastructure development, there is a growing demand for materials that can enhance energy efficiency, reduce construction costs, and extend the lifespan of infrastructure assets. CFRP's high strength, corrosion resistance, and fatigue properties make it well-suited for these applications, offering opportunities for market expansion and collaboration with stakeholders in renewable energy and infrastructure industries to address emerging challenges and opportunities. By exploring new applications and markets, manufacturers of carbon fiber reinforced plastics can capitalize on the growing demand for lightweight and sustainable materials, driving innovation and competitiveness in the global CFRP market.
Among the segments delineated in the Carbon Fiber Reinforced Plastics (CFRP) market, thermosetting CFRP segment is the largest, primarily due to its established applications and superior performance characteristics. Thermosetting CFRP, formed by curing resins through heat or chemical reactions, offers exceptional strength-to-weight ratio, stiffness, and corrosion resistance, making it a preferred choice in various industries such as aerospace, automotive, and sporting goods. In aerospace applications, thermosetting CFRP components are utilized in aircraft structures, interiors, and engine components due to their lightweight nature and high strength properties, contributing to fuel efficiency and performance optimization. Similarly, in the automotive sector, thermosetting CFRP finds application in body panels, chassis components, and interior parts, aiding in weight reduction and enhancing vehicle performance. The established manufacturing processes and extensive utilization of thermosetting CFRP across diverse industries solidify its position as the largest segment in the CFRP market.
Within the Carbon Fiber Reinforced Plastics (CFRP) market, the PAN-based segment is experiencing rapid growth, propelled by technological advancements and the versatility of PAN-based carbon fibers. PAN-based carbon fibers are derived from polyacrylonitrile (PAN) precursors and are renowned for their high strength, stiffness, and excellent fatigue resistance properties. These fibers find extensive applications across various industries, including aerospace, automotive, wind energy, and sporting goods, due to their superior performance characteristics. In recent years, significant advancements in PAN-based carbon fiber manufacturing processes have led to increased production efficiency, reduced costs, and improved fiber properties, further driving the adoption of PAN-based CFRP materials. Moreover, the demand for lightweight and high-strength materials in industries such as aerospace and automotive, coupled with the growing emphasis on sustainability and fuel efficiency, fuels the rapid expansion of the PAN-based segment in the CFRP market. As technological innovations continue to enhance the properties and production capabilities of PAN-based carbon fibers, their prominence in the CFRP market is expected to grow further, driving the segment's rapid growth trajectory.
Among the segments delineated in the Carbon Fiber Reinforced Plastics (CFRP) market, the Automotive segment is the largest, primarily due to the pervasive trend of lightweighting in the automotive industry and the increasing demand for high-performance vehicles. Carbon fiber reinforced plastics offer significant weight reduction compared to traditional materials like steel and aluminum while maintaining or even improving strength and stiffness properties. This characteristic makes CFRP highly desirable for automotive manufacturers striving to enhance fuel efficiency, reduce emissions, and improve overall vehicle performance. Additionally, stringent regulatory standards regarding emissions and safety drive the adoption of lightweight materials like CFRP in automotive design and production. Furthermore, the growing consumer preference for electric and hybrid vehicles, which benefit greatly from reduced weight to extend driving range, further bolsters the demand for CFRP in the automotive sector. As automotive manufacturers continue to prioritize lightweighting and performance optimization, the Automotive segment is expected to maintain its dominance in the CFRP market.
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
OtherCountries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
DowAksa Advanced Composites Holdings BV
Gurit Holding AG
Hexcel Corp
Hyosung Corp
Mitsubishi Rayon Co. Ltd
SGL Carbon SE
Solvay SA
Teijin Ltd
Toray Industries Inc
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Carbon Fiber Reinforced Plastics Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Carbon Fiber Reinforced Plastics Market Size Outlook, $ Million, 2021 to 2032
3.2 Carbon Fiber Reinforced Plastics Market Outlook by Type, $ Million, 2021 to 2032
3.3 Carbon Fiber Reinforced Plastics Market Outlook by Product, $ Million, 2021 to 2032
3.4 Carbon Fiber Reinforced Plastics Market Outlook by Application, $ Million, 2021 to 2032
3.5 Carbon Fiber Reinforced Plastics Market Outlook by Key Countries, $ Million, 2021 to 2032
4 Market Dynamics
4.1 Key Driving Forces of Carbon Fiber Reinforced Plastics Industry
4.2 Key Market Trends in Carbon Fiber Reinforced Plastics Industry
4.3 Potential Opportunities in Carbon Fiber Reinforced Plastics Industry
4.4 Key Challenges in Carbon Fiber Reinforced Plastics Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Carbon Fiber Reinforced Plastics Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Carbon Fiber Reinforced Plastics Market Outlook by Segments
7.1 Carbon Fiber Reinforced Plastics Market Outlook by Segments, $ Million, 2021- 2032
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
8 North America Carbon Fiber Reinforced Plastics Market Analysis and Outlook To 2032
8.1 Introduction to North America Carbon Fiber Reinforced Plastics Markets in 2024
8.2 North America Carbon Fiber Reinforced Plastics Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Carbon Fiber Reinforced Plastics Market size Outlook by Segments, 2021-2032
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
9 Europe Carbon Fiber Reinforced Plastics Market Analysis and Outlook To 2032
9.1 Introduction to Europe Carbon Fiber Reinforced Plastics Markets in 2024
9.2 Europe Carbon Fiber Reinforced Plastics Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Carbon Fiber Reinforced Plastics Market Size Outlook by Segments, 2021-2032
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
10 Asia Pacific Carbon Fiber Reinforced Plastics Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Carbon Fiber Reinforced Plastics Markets in 2024
10.2 Asia Pacific Carbon Fiber Reinforced Plastics Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Carbon Fiber Reinforced Plastics Market size Outlook by Segments, 2021-2032
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
11 South America Carbon Fiber Reinforced Plastics Market Analysis and Outlook To 2032
11.1 Introduction to South America Carbon Fiber Reinforced Plastics Markets in 2024
11.2 South America Carbon Fiber Reinforced Plastics Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Carbon Fiber Reinforced Plastics Market size Outlook by Segments, 2021-2032
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
12 Middle East and Africa Carbon Fiber Reinforced Plastics Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Carbon Fiber Reinforced Plastics Markets in 2024
12.2 Middle East and Africa Carbon Fiber Reinforced Plastics Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Carbon Fiber Reinforced Plastics Market size Outlook by Segments, 2021-2032
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
DowAksa Advanced Composites Holdings BV
Gurit Holding AG
Hexcel Corp
Hyosung Corp
Mitsubishi Rayon Co. Ltd
SGL Carbon SE
Solvay SA
Teijin Ltd
Toray Industries Inc
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Product
Thermosetting CFRP
Thermoplastic CFRP
By Material
PAN-based
Pitch-based
By Application
Automotive
Aerospace
Wind Turbines
Sport Equipment
Molding & Compounding
Construction
Pressure Vessels
Other
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Carbon Fiber Reinforced Plastics (CFRP) Market Size is valued at $35.9 Billion in 2024 and is forecast to register a growth rate (CAGR) of 11.8% to reach $87.6 Billion by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
DowAksa Advanced Composites Holdings BV, Gurit Holding AG, Hexcel Corp, Hyosung Corp, Mitsubishi Rayon Co. Ltd, SGL Carbon SE, Solvay SA, Teijin Ltd, Toray Industries Inc
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume