Major players in the carbon fiber reinforced plastic 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 Indusries, 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., and SABIC.
The global carbon fiber reinforced plastic market is expected to grow from $11.32 billion in 2022 to $12.58 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global carbon fiber reinforced plastic market is expected to grow to $18.01 billion in 2027 at a CAGR of 9.4%.
The carbon fiber reinforced plastic (CFRP) market consists of sales of carbon fiber reinforced plastic, having a base or carrier substance, also called matrix, and a second reinforcing component, the carbon fiber, which is embedded in the matrix.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The carbon fiber reinforced plastic (CFRP) is a type of durable and strong carbon plastic reinforced with high-strength unidirectional fibers.It is composed of linked-chain carbon atoms in a matrix structure of polymer resin.
It is lightweight, strong, stiff material and used wherever high strength-to-weight ratio and stiffness (rigidity) are required.
North America was the largest region in the carbon fiber reinforced plastic market in 2022. The regions covered in the carbon fiber reinforced plastic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of carbon fiber reinforced plastic include polyacrylonitrile, petroleum pitch and other types.Polyacrylonitrile is a synthetic resin made from acrylonitrile polymerization.
It is a hard, rigid thermoplastic substance that belongs to the significant family of acrylic resins and is resistant to the most of solvents and chemicals. The different carbon fiber reinforced plastic resins include thermosetting and thermoplastic, used by end-user industries such as aerospace, automotive, sports and leisure, building and construction, wind power industry and others.
The rise in demand for lightweight vehicles is expected to boost the growth of the carbon fiber reinforced plastic market going forward.Light weighting is a concept in the automobile industry referring to designing automobiles that are lighter, to achieve better fuel efficiency and handling.
Automakers manufacture parts from carbon fiber, windshields from plastic, and bumpers out of aluminum foam, as ways to lessen vehicle load.Carbon fiber reinforced plastic (CPRF) has extremely low shrinkage and expansion against heat which is a strong benefit for automobiles body.
CFRP are used in manufacturing expensive sports cars, bicycles, and motorbikes. For instance, in October 2021, according to International Energy Outlook, a report released by Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, in 2020, there were 1.31 billion light-duty vehicles (LDVs) in use worldwide and it is expected that there will be 2.21 billion LDVs by 2050. Similarly, the electric vehicles (EVs) any LDV with a charging plug will expected to grow from 0.7% of the global LDV fleet in 2020 to 31% in 2050, reaching 672 million vehicles. Therefore, the rise in demand for lightweight vehicles is driving the growth of carbon fiber reinforced plastic market.
The product innovation is a key trend in the carbon fiber reinforced plastic market.Major companies operating in the carbon fiber reinforced plastic market are focused on developing innovative products to strengthen their position in the market.
For instance, in May 2021, Braskem S.A., a Brazil-based petrochemical company partnered with Vartega Inc., a US-based plastic resin manufacturer, for a new 3D Printing Filament Recycling Program, and launched a new, innovative carbon fiber reinforced polypropylene filament for 3D printing ("CF-PP") ("FL900PP-CF"). This product offers superior mechanical and thermal properties as well as low warpage and allows users to 3D print lightweight and exceptionally rigid parts for high-end applications including automotive, aerospace, sporting goods, nautical, and much more. This product (FL00PP-CF) is made using 100% recycled carbon fiber with the same performance that is expected from virgin carbon fiber. It is available in both 1.75 mm and 2.85 mm diameters to fit a wide range of 3D printer applications.
In June 2022, Mitsubishi Chemical Corporation (MCC), a Japan-based company that offers a wide variety of products, from materials to functional products, supporting the foundations of all types of industries acquired c-m-p GmbH through its subsidiary, Mitsubishi Chemical Advanced Material, for an undisclosed amount. This acquisition strengthens MCC’s presence in the carbon fiber composite material business and capability to propose solutions to customers while leveraging the group’s comprehensive strength. c-m-p GmbH is a Germany-based company that develops and manufactures prepregs and textiles.
The countries covered in the carbon fiber reinforced plastic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The carbon fiber reinforced plastic market research report is one of a series of new reports that provides carbon fiber reinforced plastic market statistics, including carbon fiber reinforced plastic industry global market size, regional shares, competitors with a carbon fiber reinforced plastic market share, detailed carbon fiber reinforced plastic market segments, market trends and opportunities, and any further data you may need to thrive in the carbon fiber reinforced plastic industry. This carbon fiber reinforced plastic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.