CF & CFRP Market

Updated on : August 22, 2024

CFRP Market

The global CFRP market was valued at USD 29.7 billion in 2022 and is projected to reach USD 60.3 billion by 2028, growing at 12.7% cagr from 2023 to 2028. Over the world, the CF & CFRP market is expanding significantly, and during the forecast period, a similar trend is anticipated.

The demand for CF & CFRP has been driven by several factors, including the need to increase the efficiency of operations, reduce maintenance costs, and enhance safety. The major applications of CF & CFRP include automotive & transportation, wind energy, aerospace and defense, marine, electrical and electronics, and others.

CF & CFRP are widely used in the automotive industry to reduce vehicle weight. By replacing heavier materials, such as steel, with lightweight CF & CFRP components, manufacturers can improve fuel efficiency, handling, and overall performance.  

In the wind energy industry, carbon fiber composite is used to manufacture wind turbine blades. In the aerospace and defense industry, carbon fiber composite is used to manufacture various components, such as radomes, fairings, and wingtips. In the marine industry, carbon fiber composite is used to manufacture boats, yachts, and watercraft. In the electrical and electronics industry, CF and CFRP materials are used in the manufacturing of consumer electronics such as smartphones, laptops, and tablets. They are often utilized in the construction of casings, frames, and covers, offering a combination of strength, durability, and aesthetic appeal.

Attractive Opportunities in CF & CFRP Market Trends

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CF & CFRP Market Dynamics

Driver: Increasing demand from the aerospace & defence industries

The use of CF & CFRP in the aerospace & defence industries is increasing due to its lightweight, high strength, and durability. CF & CFRP composites are widely used in the construction of aircraft structures, such as wings, fuselages, empennages, and control surfaces. For example, the Boeing 787 Dreamliner extensively uses CFRP composites in its airframe, resulting in a lighter and more fuel-efficient aircraft. CFRP materials are used in the manufacturing of rocket components, including payload fairings, nose cones, and fuel tanks. The SpaceX Falcon 9 rocket employs CFRP composite overwrapped pressure vessels (COPVs) for its propellant tanks, offering high strength and weight savings.

Restraint: High cost of CF & CFRP materials

CFRP materials are relatively expensive compared to traditional materials like aluminum and steel. The high cost of raw materials, manufacturing processes, and specialized equipment required for CFRP production can limit its widespread adoption, especially in cost-sensitive industries.

Opportunity: Increased demand from emerging economies and growing demand for CF & CFRP materials

The Asia Pacific region has seen substantial growth in the wind energy sector. Countries like China, India, and Japan have made significant investments in wind power generation. CF & CFRP materials are crucial for wind turbine blades as they offer high strength and fatigue resistance. As the demand for renewable energy continues to rise in the region, the demand for CF & CFRP materials for wind turbine blades is expected to increase as well. The Asia Pacific region has been investing in infrastructure development, including bridges, buildings, and transportation systems. CF & CFRP composites can provide enhanced structural performance and durability for these infrastructure projects. With the region's focus on sustainable and innovative construction practices, the demand for CF & CFRP materials in infrastructure applications is likely to grow.

Challenge: Lack of Standards and Specifications

The CF & CFRP industry lacks comprehensive and widely accepted standards and specifications for material properties, testing methods, and design guidelines. The absence of standardized practices and guidelines can lead to variations in material performance, hinder inter-manufacturer compatibility, and create barriers to wider adoption.

Based on the end-use industry, the wind energy segment is estimated to account for the second largest CFRP market share during the forecast period

Based on the end-use industry type wind energy segment is estimated to account for the second largest market share. CFRP composites are extensively used in wind turbine blades due to their high strength-to-weight ratio. CFRP materials enable the construction of longer and more efficient blades, which capture more wind energy and improve turbine performance. The lightweight nature of CFRP reduces the load on the turbine and enhances its overall energy production. The use of CFRP in wind turbine blades enables the construction of longer and larger rotor diameters. Larger rotor diameters capture more wind energy, leading to increased power generation. This enhanced energy capture contributes to higher energy output and improved cost-effectiveness of wind energy systems.

Based on resin type, the thermoplastic segment is anticipated to register the highest CAGR in CFRP market

Based on resin type, the market is segmented into thermosetting and thermoplastic resin Thermoplastic resins, such as polyetheretherketone (PEEK), polypropylene (PP), and polyamide (PA), offer a range of desirable properties for CFRP applications. They exhibit excellent mechanical strength, toughness, chemical resistance, and thermal stability. These properties contribute to the overall performance and durability of CFRP composites. One of the key advantages of thermoplastic resins is their ability to be melted and re-melted multiple times without significant degradation. This property enables efficient processing techniques such as melt impregnation, thermoforming, and welding. Unlike thermosetting resins, which require curing and cannot be reshaped after processing, thermoplastics offer greater flexibility and easier fabrication. Due to these factors, thermoplastic segment of CFRP Industry is expected to witness the highest CAGR between 2023 and 2028.

North America to hold the second-largest market share during the forecast period

North America has a robust aerospace and defense industry, which is a major consumer of CFRP materials. CFRP composites offer high strength-to-weight ratio properties that are crucial for aerospace applications, including aircraft components and structures. The region is home to several leading aircraft manufacturers, driving the demand for CFRP in this sector. The automotive industry in North America has been increasingly adopting CFRP materials for lightweighting and performance enhancement. CFRP composites offer weight reduction, improved fuel efficiency, and increased safety in vehicle structures. Automakers in the region are incorporating CFRP in high-end sports cars, electric vehicles (EVs), and luxury vehicles.

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CF & CFRP Market Players

The CF & CFRP market is dominated by a few globally established players such as Toray Industries Inc., (Japan), Teijin Limited (Japan), Mitsubishi Chemical corporation (Japan), Hexcel Corporation (US), Solvay (Belgium), SGL Carbon (Germany), Hyosung Advanced Materials (South Korea), among others, are the key manufacturers that secured major contracts in the last few years. Major focus was given to the contracts and new product development due to the changing requirements across the world.

These companies are pursuing a variety of inorganic and organic strategies in order to gain a foothold in the CF & CFRP market. The research includes a detailed competitive analysis of these key players in the Carbon Fiber Reinforced Plastic Industry, including company profiles, recent developments, and key market strategies.

CF & CFRP Market Report Scope

The study categorizes the CF & CFRP market based on Precursor Type, Source, Resin Type, Manufacturing Process, End-Use Industry, and Region.

By Precursor Type:

• PAN
• Pitch
• Rayon

By Source:

• Virgin CF
• Recycled CF

By Resin Type:

• Thermosetting CFRP
• Thermoplastic CFRP

By Manufacturing Process:

• Lay-up
• Compression Molding
• Resin Transfer Molding
• Filament Winding
• Pultrusion
• Injection Molding
• Others

By End-Use Industry:

• Aerospace & Defense
• Wind Energy
• Automotive & Transportation
• Sporting Goods
• Civil Engineering
• Pipes & Tanks
• Marine
• Medical
• Electrical & Electronics
• Others

By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Recent Developments

• In April 2023, Solvay and GKN Aerospace signed an extension to their 2017 collaboration agreement. Under the agreement, both businesses are developing a joint thermoplastic composites (TPC) roadmap to explore new materials and manufacturing processes for aerospace structures while jointly targeting future strategic high-rate programs. Solvay is expected to remain a GKN Aerospace preferred supplier for TPC materials.
• In November 2022, Hyosung Advanced Materials acquired ISCC (International Sustainability & Carbon Certification) PLUS. This acquisition is expected to boost the operational capabilities of Hyosung Advanced Materials.
• In July 2022, Hexcel announced that it has signed a long-term agreement with Dassault to supply carbon fiber prepreg for the Falcon 10X program. This is the first Dassault business jet program to incorporate high-performance advanced carbon fiber composites in the manufacture of its aircraft wings.
• In February 2022, Teijin Limited announced that it has agreed to form a business alliance with Fuji Design Co., Ltd., a Japanese manufacturer of recycled carbon fibers to establish a business structure for the production, supply, and commercialization of carbon fiber-reinforced plastic (CFRP) products made from recycled carbon fibers using a low environmental impact process.
• In July 2020, Teijin Carbon Europe and the UK’s National Composites Centre strengthened their innovation partnership in carbon fiber composite materials. This partnership is expected to lead to the intensive research & development in carbon fiber.

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