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Carbon Fiber Reinforced Plastic Market

Analysis by Raw Material (Polyacrylonitrile, Petroleum Pitch, and Others); by Type (Thermosetting, Thermoplastic, and Others); and by Application (Aerospace & Defense, Wind Turbine, Automotive, Sports Equipment, Building & Construction, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 4402 | Published On: Feb 24, 2023
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Global Carbon Fiber Reinforced Plastic Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global carbon fiber reinforced plastic market is estimated to garner a revenue of ~ USD 30 Billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 20 Billion in the year 2022. The growth of the market can be attributed to the increasing expansion of the automotive industry in recent years. The high demand for vehicles from the population is expected to increase the utilization rate of carbon fiber reinforced plastic in  automobiles over the forecast period. According to recent statistics, the Indian automotive industry is projected to rise by up to USD 282 billion by 2026. Further, the global automotive industry is expected to reach approximately USD 9 trillion by 2030.

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Carbon fiber reinforced plastic market trends, such as, the burgeoning population propelling the demand for lightweight vehicles with fuel-efficient properties backed by government regulations to curb vehicular pollution, are expected to increase the sales of carbon fiber reinforced plastic during the forecast period. Furthermore, the high number of vehicles on the road is expected to increase the use of carbon fiber reinforced plastic, propelling the market’s size during the forecast period. By the end of the first quarter of 2022, it was estimated that there were approximately 1.45 billion vehicles on the roads across the globe. Out of these, around 1 billion are estimated to be passenger cars.


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Global Carbon Fiber Reinforced Plastic Market: Key Insights
cscs

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Base Year Market Size (2022)

~ USD 20 Billion

Forecast Year Market Size (2033)

~ USD 30 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Carbon Fiber Reinforced Plastic Market: Growth Drivers and Challenges

Growth Drivers

  • Surge in the Production Volume of Vehicles – As per the Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80,145,988 units in 2021. This is a rise from 77,711,725 units in 2020.In the automotive industry, carbon fiber reinforced plastics are being highly utilized owing to their considerable weight savings, enhanced tensile strength, fatigue resistance, and durability. Thus, the increase in demand for and production of vehicles is expected to create lucrative opportunities in the market.
  • Growth in the Aerospace and Defense Industry – Recently, the revenue generation by the global aerospace and defense industry was approximately USD 700 billion in 2021, an increment of 4% from 2020, and there was a profit generation of almost USD 6o billion in the same time period.
  • Burgeoning of Population with Middle Income - According to the World Bank, the total population with a middle income in the world rose from USD 5.51 billion in 2015 to USD 5.86 billion in 2021.
  • Higher Utilization of Carbon Fiber Reinforced Plastic in Construction Sector – for instance, the rise in construction was observed to be around 11% in 2021 than the previous year globally, while total construction output is projected to hit approximately USD 15 trillion by 2030 across the globe.

Challenges

  • Presence of Prolonged Production Cycles
  • Easy Availability of Steel Counterparts
  • High Costs Associated with Carbon Fiber Reinforced Plastics

Carbon fiber reinforced plastic is expensive since its cost is directly associated with the cost of the precursor from which it is acquired. The manufacturing process of carbon fiber reinforced plastic is also highly-specialized and it also requires advanced machinery for production. Moreover, the machinery to produce carbon fiber reinforced plastic can cost thousands of dollars that increases the price of the end product. Hence, it is expected to hamper the market’s growth.


Market Segmentation

The global carbon fiber reinforced plastic market is segmented and analyzed for demand and supply by application into aerospace & defense, wind turbine, automotive, sports equipment, building & construction, and others. Out of these segments, the automotive segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing demand for and manufacturing of automobiles, whether they are electric or powered by combustion engines, across the globe. This factor is projected to hike the utilization of carbon fiber reinforced plastic, and it is predicted to drive the segment’s growth in the market. As per the Organization of Motor Vehicle Manufacturers, the sales of vehicles rose from 78, 774,320 units in 2020 to 82, 684, 788 in 2021 worldwide.

The global carbon fiber reinforced plastic market is also segmented and analyzed for demand and supply by type into thermosetting, thermoplastic, and others. Amongst these segments, the thermosetting segment is expected to garner a significant share. The growth of the segment is ascribed to the escalated utilization of thermosetting resin such as, vinyl, epoxy, polyester, and others in the formation of carbon fiber reinforced plastics since it comprises of the significant properties that are high strength, adhesion, low shrinkage, adaptability, and others. It is observed that thermosetting resins shrinks only by 2 to 8 % during polymerization. Additionally, thermosetting resins are heavily used in multiple industries, such as, automotive, aerospace, marine, oil & gas, wind energy, electrical & electronics, and others.

Our in-depth analysis of the global carbon fiber reinforced plastic market includes the following segments:  

                        By Raw Material

  • Polyacrylonitrile
  • Petroleum Pitch
  • Others

                        By Type

  • Thermosetting
  • Thermoplastic
  • Others

                        By Application

  • Aerospace & Defense
  • Wind Turbine
  • Automotive
  • Sports Equipment
  • Building & Construction
  • Others


Global Carbon Fiber Reinforced Plastic Market Regional Synopsis

The Asia Pacific carbon fiber reinforced plastic market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing demand for vehicles and expansion of rapid growth in automotive industry. The International Organization of Motor Vehicles stated that the total production of vehicles in China rose from 44,276,549 units in 2020 to 46,732,785 units in 2021. Similarly, the total sales in the region rose from 40,322,544 in 2020 to 42,663,736 units in 2021. In addition, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market in the forecast period. In 2021, China exported around 400,000 commercial vehicles and around 2 million passenger vehicles. India and Japan are also projected to obtain the notable share in the global automotive industry, backed by the higher manufacturing of commercial vehicles. For instance, in 2021, nearly 75,0000 units of commercial cars were produced in India while Japan manufactured approximately 12,000,00 units of commercial cars in the similar year. Furthermore, the growing population and rapid migration of people from rural to urban areas has triggered the demand for higher construction of building that requires the heavy utilization of carbon fiber reinforced plastic. Hence, it is anticipated to boost the market’s growth in the region.

Carbon-Fiber-Reinforced-Plastic-Market-regional

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Top Featured Companies Dominating the Global Carbon Fiber Reinforced Plastic Market

    • SGL Carbon SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Toray Industries, Inc.
    • Röchling SE & Co. KG
    • Nikkiso Co., Ltd.
    • Formosa Plastics Corporation, U.S.A.
    • Teijin Limited
    • Hexcel Corporation
    • PHC Holdings Corporation
    • Solvay SA
    • Nippon Graphite Fiber Co., Ltd.

      

     


In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the carbon fiber reinforced plastic market?

Ans: Higher utilization of carbon fiber reinforced plastic in construction sector are the major factors driving the market growth.

2) What would be the CAGR of carbon fiber reinforced plastic market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the carbon fiber reinforced plastic market growth?

Ans: High costs associated with carbon fiber reinforced plastics are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of carbon fiber reinforced plastic market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the carbon fiber reinforced plastic market?

Ans: The major players in the market are Toray Industries, Inc., Röchling SE & Co. KG, Nikkiso Co., Ltd., Formosa Plastics Corporation, U.S.A., Teijin Limited, Hexcel Corporation, PHC Holdings Corporation, Solvay SA, Nippon Graphite Fiber Co., Ltd., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the carbon fiber reinforced plastic market?

Ans: The market is segmented by raw material, type, application, and by region.

8) Which segment captures the largest market size in application in the carbon fiber reinforced plastic market?

Ans: The automotive segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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