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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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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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~8% |
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Base Year Market Size (2022) |
~ USD 20 Billion |
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Forecast Year Market Size (2033) |
~ USD 30 Billion |
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Regional Scope |
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Growth Drivers
Challenges
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.
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:
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By Raw Material |
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By Type |
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By Application |
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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.
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.
Ans: Higher utilization of carbon fiber reinforced plastic in construction sector are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.
Ans: High costs associated with carbon fiber reinforced plastics are estimated to be the growth hindering factors for the market expansion.
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.
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.
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.
Ans: The market is segmented by raw material, type, application, and by region.
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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