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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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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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  • Solvay Group and SGL Carbon SE has entered into a partnership to develop composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials are expected to reduce costs and CO2 emissions, and improve the production process and fuel efficiency of next-generation commercial aircraft.
  • Teijin Limited and Mitsui Chemicals, Inc. has joined hands to develop and market biomass-derived bisphenol A (BPA) and polycarbonate (PC) resins, that will support efforts to achieve carbon neutrality by reducing greenhouse gas (GHG) emissions.

Global Carbon Fiber Reinforced Plastic Market Highlights Over 2023 - 2033

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 20 Billion

Forecast Year Market Size (2033)

~ USD 30 Billion

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 primary factor of the market growth is attributed to the expansion of the automotive industry in recent years. 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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The burgeoning population has propelled the demand for lightweight vehicles with fuel-efficient properties. Also, government regulations to curb vehicular pollution are expected to increase the sales of carbon fiber reinforced plastic. The high number of vehicles on the road is expected to increase the use of carbon fiber reinforced plastic, propelling the market 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.

Global Carbon Fiber Reinforced Plastic Market: Growth Drivers and Challenges

Growth Drivers

  • Rise in Demand and Production of Vehicles – In the automotive industry, carbon fiber reinforced plastics are being highly utilized owing to 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. 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.

  • 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 5.51 billion in 2015 to 5.86 billion in 2021.
  • Increased Research and Development – As per the World Bank, the statistics revealed that the expenditure on research and development activities accounted for 2.63% of the total GDP, a considerable rise from the year 2017 with 2.17% of the total GDP.


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

The 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, the automotive segment is attributed to garnering the highest market share by 2033, owing to the high sales of the vehicles across the globe. 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.

Major Macro-Economic Indicators Impacting the Market Growth


The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Carbon Fiber Reinforced Plastic Market Regional Synopsis

Regionally, the global carbon fiber reinforced market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 on the back of increased demand for vehicles. The International Organization of Motor Vehicles stated that the total production of vehicles 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.


The global carbon fiber reinforced market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global carbon fiber reinforced plastics 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

Top Featured Companies Dominating the Global Carbon Fiber Reinforced Plastic Market

    • 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
  • Nikkiso Co., Ltd.
  • Solvay Group
  • Nippon Graphite Fiber Co., Ltd.



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