Carbon Fiber Reinforced Plastics (CFRP) Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

Fiber reinforced composites finds its application in various fields of engineering such as automotive, aerospace, and defense industries. Various advancements in technology, have led to development of lightweight composites with high tensile strength. Carbon fiber reinforced plastic, also referred to as carbon fiber reinforced thermoplastics, and is manufactured by blending carbon fiber with plastic, in order to enhance its strength. Carbon filaments produced from polymers such as polyacrylonitrile (PAN), rayon, and petroleum pitch, are the essential elements used in the manufacturing of CFRP. The carbon fiber is woven into resin, mostly epoxy resin, to culminate in the formation of a material exhibiting extremely high strength, rigidity, low density, excellent damping properties, and high resistance to thermal expansion. CFRP also exhibits enhanced electrical and thermal conductivity as compared to glass fiber reinforced plastics (GRP). These key attributes of CFRP allow for its incorporation in a wide range of applications such as aerospace & defense, wind energy, automotive, sports equipment, construction equipment, pipe & tanks, marine, electrical, and electronics. Methods such as molding, vacuum bagging, compression bolding, and filament winding are used in the manufacturing of CFRP.  Carbon fiber and carbon fiber reinforced polymers are recognized as clean energy technologies by the U.S. Department of Energy (DOE), Office of Energy Efficiency, and Renewable Energy (EERE). Major contributors of the CFRP market share include the aerospace, defense, wind energy, and sports equipment industries.

Global Carbon Fiber Reinforced Plastics Market Taxonomy

The global CFRP market is classified on the basis of the following segments:

  • By raw material type
    • Polyacrylonitrile (Pan-Based) Carbon Fibers
      • Polyacrylonitrile (Pan-Based) Carbon Fibers, by Tow size
        • Small-Tow
        • Large-Tow
      • Pitch-Based Carbon Fiber
      • Rayon-Based Carbon Fiber
  • By resin type
    • Thermosetting CFRP
    • Thermoplastic CFRP
  • By manufacturing process
    • Lay Up Process
    • Compression Molding Process
    • Resin Transfer Molding Process
    • Filament Winding Process
    • Injection Molding Process
    • Pultrusion Process
    • Other Processes
  • By application
    • Aerospace & Defense
    • Wind Energy
    • Automotive
    • Sporting Goods
    • Civil Engineering
    • Pipe & Tank
    • Marine
    • Electrical & Electronics
    • Other Applications

Prevalent Scenario in Carbon Fiber Reinforced Plastics Market

Carbon fiber reinforced plastics are extensively used in the aerospace industry for manufacturing aircraft. Aircraft manufacturers such as Boeing and Airbus are enormously investing in research and development activities as means of manufacturing aircraft capable of withstanding high environmental stresses. These aerospace applications are subject to high standards, stringent compliances, and incur high licensing & inspection costs.  Stringent regulations on vehicle emissions have compelled the key automotive manufacturers such as Volkswagen, BMW, Ferrari, and Audi to lay more emphasize on reducing the weight of automobiles. In order to curb the weight of vehicles, CFRP is being widely used as a polymer composite, resulting in improved fuel-efficiency of vehicles. Also, stringent regulations such as Corporate Average Fuel Economy (CAFÉ) standards in the U.S. and carbon emission standards in Europe have led to an increasing demand for lightweight composites, in turn, driving growth of the CFRP market. Growing awareness about renewable energy among the populace, has increased the installation of wind farms, in turn, fueling the demand for CFRP products. The thermosetting CFRP products consist of cross-linked polymers, which do not melt at high temperatures, during the curing procedure. This property increases the significance of thermosetting CFRP, among others and is used in variety of applications, thus contributing a major market share in the CFRP market.  The cost of manufacturing of CFRP products is higher than that of glass and steel polymers, thus resulting in higher selling price of these products. Research and development of the CFRP products and its incorporation into a wide range of applications, also incurs high costs. The manufacturing of CFRP products is highly dependent on the supply of large volumes of raw materials, which leads to limited production capacities. North America market contributes to a larger market share as compared to Europe, due to increasing research and development in aerospace and defense industries in the region. However, the presence of large number of major automobile manufacturers in Europe, positions it as a high growth region in the global CFRP market.

Fragmented Market

The global carbon fiber reinforced plastics market is highly fragmented due to the presence of many established and emerging players in the CFRP market. Major players involved in the market include Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL-Group (Germany), Formosa Plastics Corporation (Taiwan), and Hexcel Corporation (U.S.).

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
Smiley face

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

[email protected]

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.