Carbon Fiber Reinforced Polymer Market Size, Share, By Resin Type (Thermosetting Resins, and Thermoplastic Resins), By Carbon Fiber Precursor (Polyacrylonitrile (PAN)-Based CFRP, and Pitch-Based CFRP), By End-User (Aerospace, Automotive, Sports and Leisure, Wind Energy, Construction, and Others) and By Region - Trends, Analysis and Forecast till 2034

Carbon fiber reinforced polymer market size was valued at USD 3.56 Billion in 2024 and is expected to reach USD 7.82 Billion by 2034, growing at a CAGR of 9.0%

Carbon fiber-reinforced polymer is a high-performance composite material that is extensively applied in industries due to its spectacular features. Carbon fibers are mixed with the polymer matrix to create a material with an exceptionally high strength-to-weight ratio, stiffness, and durability. Because of these unique features, CFRP becomes a material of choice for applications requiring high performance, low weight, and corrosion resistance. The CFRP market has shown high growth in the last years as a result of, first, increased demand for lightweight and fuel-efficient products, second, new manufacturing technologies, and third, raising environmental awareness through which composite materials can help. The aerospace, automotive, wind energy, and sports and leisure industries are some of the major contributing sectors to the growth of the CFRP market.

Besides the many advantages, there are associated challenges: cost for manufacturing, low levels of recyclability, and potential environmental problems with the production and disposal of carbon fiber-reinforced polymer. Therefore, continuing research and development efforts are addressing these issues and exploring new applications for CFRP. The CFRP market will likely grow further because of the heightened demand for high-performance materials and innovative manufacturing technologies. CFRP is supposed to be one of the critical materials in driving industry forward in most diversified sectors, from aerospace and automotive to sports and leisure.

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Key Drivers of Target Market:

Design Flexibility

• CFRP's design and manufacturing flexibility can produce complex shapes, hence providing innovative product designs and functionalities. This is particularly useful in the automobile, aircraft, and consumer goods sectors.

Governmental Support and Regulations

• Different countries' governments develop initiatives and regulations supporting sustainability and energy efficiency, raising demand for CFRP. The demand in the CFRP market is driven by incentives, subsidies, and mandates for lightweight materials and renewable sources of energy.

Restrains:

High Manufacturing Costs

• The production of CFRP entails a rather complex chain of manufacture—from the output of the fiber to the final curing and finishing. These processes involve specialized machines and labor, accompanied by strict quality control at each stage, making them costlier than traditional materials. Additionally, the quality of the raw material used in producing CFRP is ordinarily high and usually raises costs. Generally speaking, CFRP manufacturing equipment and facilities are costly to create; such an investment is huge at the front end, and it can be quite challenging to realize economies of scale for smaller or less experienced producers.

Opportunities:

Advanced Manufacturing Technologies

• Realization of advanced manufacturing technologies related to the production of CFRPs, such as, but not limited to, additive manufacturing, 3D printing, automated layup, and robotic assembly, will improve the efficiency and cost-effectiveness of their production and provide opportunities for competitive, out-of-reach investments in manufacturing.

The market is segmented based on Resin Type, Carbon Fiber Precursor, End-User and Region.

By Resin Type:

• Thermosetting Resins: These resins, with excellent mechanical properties, heat resistance, and chemical stability, find major applications in CFRP. They generally undergo curing at high temperatures, which yields a stiff, cross-linked network. Examples of thermosetting resins applied in CFRP include epoxies, polyesters, and phenolic resins.
• Thermoplastic Resins: Compared to thermoset resins, thermoplastic resins have an obvious advantage due to the recyclability, repairability, and lower temperature processing involved. They can be heated and molded several times without degradation of their properties. Examples of such thermoplastic resins in CFRP are polyetherimide, polyamide, and polyetheretherketone.

By Carbon Fiber Precursor:

• Polyacrylonitrile (PAN)-Based CFRP: Due to its advanced properties, this is the most used form of CFRP. The manufacturing process for PAN-based carbon fibers involves heating the PAN precursors under an atmosphere with a controlled oxygen content. It forms a very highly crystalline or graphitized carbon structure, responsible for the PAN-based CFRP's extraordinary strength, modulus, and chemical resistance. In contrast, the scope of application for PAN-based CFRP is quite wide, from high-performance purposes, such as aerospace and the automotive industry, to sports equipment and wind energy.
• Pitch-Based CFRP: Pitch-based CFRP is fabricated from carbon-rich precursors like coal tar pitch or petroleum pitch. Generally, pitch-based carbon fibers show lower mechanical properties compared to PAN-based carbon fibers, though this kind of carbon fiber will benefit from cost reduction with an increased carbon content. The application of pitch-based CFRP is mainly in cost-driven applications such as construction, automobiles, and electrical components.

By End-User:

• Aerospace: CFRP is utilized in aircraft structures, engine parts, and components, all thanks to its high strength-to-weight ratio, stiffness, and durability. The lighter mass leads to fuel efficiency, while high-performance features ensure structure and safety. It finds its applications in many aircraft components, from wings to fuselage and control surfaces to engine parts.
• Automotive: CFRP is increasingly used in high-performance and electric vehicles to reduce overall vehicle weight and thus improve fuel efficiency. This gives the vehicle more impetus for better acceleration while consuming less energy. Some CFRP parts include body panels, chassis, and vehicle structural reinforcements.
• Sports and Leisure: CFRP has been used in sporting equipment, such as bicycles, golf clubs, and tennis rackets. The application's reasons lie in its high strength, lightness of weight, and durability, among many other main characteristics expressed in high stiffness and vibration damping, making CFRP a better performer with added comfort. This material is used for various sporting equipment components such as frames, shafts, etc.
• Wind Energy: CFRP is used due to its strength and capacity to resist the most challenging environmental conditions. Its higher strength-to-weight ratio can make for a longer blade, catching more wind energy. CFRP wind turbine blades are more efficient and easier to handle compared to traditional ones, which are usually fabricated from fiberglass or other materials.
• Construction: CFRP finds applications in construction uses such as reinforced concrete, bridge components, and building facades to give it the strength and corrosion resistance needed to be durable. The most crucial aspect to consider is the lightweight property that reduces the structure's overall weight, saves costs, and improves seismic performance. CFRP can be used as reinforcement bars, pre-stressed tendons, and external reinforcement for concrete structures.
• Others: The other industries that utilize the services and products of CFRP include the marine, electronic, and medical equipment industries. In the shipbuilding industry, CFRP is applied in ship hulls, masts, or any other element wherein the lightweight is required alongside anti-corrosion and hydrodynamic features. In electronics, such material is applied in printed circuit boards, cases of electronic components, and a large set of other elements because of electrical insulation combined with mechanical strength for such applications. CFRP has applications in prostheses, implants, and other appliances in medical equipment due to the biocompatibility, strength, and light weight of the materials used.

Regional Insights

• North America: Strong presence in the aerospace and automotive markets has driven the CFRP market in North America. Strong established supply chains, advanced manufacturing capacity, and heavy R&D investments have made it tick. This has been a major driving factor behind the recent growth of the CFRP market, particularly in the United States, as most CFRP uses are in the aerospace and automotive manufacturers. Although smaller in size, Canada can be considered today in the same status as CFRP-related technological advancement, in the primary orientation to the markets of aerospace and renewable energy.
• Europe: this region is another major market for CFRP, especially for wind energy and automotive applications. This region has a long history of innovations in material science and engineering. Therefore, this tremendous early impetus propelled several large manufacturers and suppliers in CFRP forward. Countries like Germany, France, and the United Kingdom are among the leading countries in Europe's CFRP market, providing much investment in developing research and manufacturing capabilities.
• Asia Pacific: Asia Pacific is considered an expanding region in the CFRP market due to both the pace of industrialization and infrastructure development due to growing consumer demand. In this region, China, having especially become a vital player due to massive investments in the manufacturing and research of CFRP, large and growing automotive, and aerospace industries, are pushing up the demand for CFRP, with Chinese manufacturers increasingly developing capabilities in CFRP production and processing. Major players contributing to the CFRP market are also from the Asia Pacific region: Japan, South Korea, and India, where high awareness of high-performance applications with advanced manufacturing technologies is increasing.
• Latin America: the CFRP market is driven by the growth in the aerospace, automotive, and wind energy industries. The main country in the latter region is Brazil, which focuses on aerospace and automotive applications. Brazil already has a large aerospace industry and is investing in developing a domestic supply chain for the automotive industry, both of which have been stimulating CFRP demand.
• Middle East and Africa: the CFRP market is driven by infrastructure development, industrialization, and government initiatives that either aid or encourage advanced materials. Countries such as Saudi Arabia, the UAE, and Egypt spend billions of dollars on infrastructure projects in transportation, energy, and construction, thereby creating rising demand for CFRP. Moreover, this region's growing aerospace and automotive industries also provide solid underpinning for CFRP demand. Government support for advanced materials and many initiatives encouraging innovation and entrepreneurship are also setting the proper environment for the CFRP market to grow within the MEA region.

Carbon Fiber Reinforced Polymer Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on  Resin type, Carbon fiber precursor,  End-User and Region.

Segmentation:

By Resin Type:

• Thermosetting Resins
•  Thermoplastic Resins

By Carbon Fiber Precursor:

• Polyacrylonitrile (PAN)-Based CFRP
• Pitch-Based CFRP

By End-User:

• Aerospace
• Automotive
•  Sports and Leisure
• Wind Energy
•  Construction
• Others

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Carbon Fiber Reinforced Polymer Market include Mitsubishi Chemical Carbon Fiber and Composites, Inc., Toray Industries, Hexcel Corporation, TEIJIN LIMITED, Solvay, SGL Carbon, Nippon Graphite Fiber Corporation, Hyosung Advanced, Nikkiso Co Ltd, Advanced Composites, Inc., Celanese Corporation, DowAksa Advanced Composites Holdings BV, Plastic Corporation, ZHONGFU SHENYING CARBON FIBER CO.LTD., Formosa M Co., Ltd., Allred & Associates Inc, Jiangsu Hengshen Fiber.

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• In May 2024, Xenia will launch a new carbon fiber-reinforced PVDF for 3D printing. Xenia Materials, a global developer of carbon fiber-reinforced polymers, is launching its new range of PVDF-based compounds for pellet-fed 3D printing applications. This new group of materials ensures the properties of carbon fiber combined with outstanding PVDF features, opening up new options for additive manufacturing production where high performance and chemical resistance are required.
• In March 2024, Hexcel announced the launch of a new HexTow continuous carbon fiber—IM9 24K—providing lighter, stronger, and more durable carbon fiber with advanced value for the world's most advanced aerospace composite applications.

• Mitsubishi Chemical Carbon Fiber and Composites, Inc.

• Company Overview
• Product Portfolio
• Key Highlights
• Financial Performance
• Business Strategies

• Toray Industries
•  Hexcel Corporation
•  TEIJIN LIMITED
• Solvay
•  SGL Carbon
•  Nippon Graphite Fiber Corporation
•  Hyosung Advanced
•  Nikkiso Co Ltd
• Advanced Composites, Inc.
•  Celanese Corporation
•  DowAksa Advanced Composites Holdings BV
•  Plastic Corporation
•  ZHONGFU SHENYING CARBON FIBER CO.LTD.
•  Formosa M Co., Ltd.
•  Allred & Associates Inc
•  Jiangsu Hengshen Fiber

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Resin Type
  • Market Snippet, By Carbon Fiber Precursor
  • Market Snippet, By End-User
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, Resin Type, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Thermosetting Resins
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Thermoplastic Resins
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Carbon Fiber Precursor, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Polyacrylonitrile (PAN)-Based CFRP
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Pitch-Based CFRP
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, End-User, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Aerospace
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Automotive
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Sports and Leisure
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Wind Energy
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Construction
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (USD Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Carbon Fiber Precursor, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (USD Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Carbon Fiber Precursor, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (USD Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Carbon Fiber Precursor, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (USD Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Carbon Fiber Precursor, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (USD Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Carbon Fiber Precursor, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• Toray Industries
•  Hexcel Corporation
•  TEIJIN LIMITED
• Solvay
•  SGL Carbon
•  Nippon Graphite Fiber Corporation
•  Hyosung Advanced
•  Nikkiso Co Ltd
• Advanced Composites, Inc.
•  Celanese Corporation
•  DowAksa Advanced Composites Holdings BV
•  Plastic Corporation
•  ZHONGFU SHENYING CARBON FIBER CO.LTD.
•  Formosa M Co., Ltd.
•  Allred & Associates Inc
•  Jiangsu Hengshen Fiber

The Last Word

• Future Impact
• About Us
• Contact