Carbon Fiber Reinforced Plastic Market size is estimated to reach USD 30 Billion by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of carbon fiber reinforced plastic was USD 20 Billion.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.
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.
Growth Drivers
Challenges
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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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Application (Aerospace & Defense, Wind Turbine, Automotive, Sports Equipment, Building & Construction)
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.
Type (Thermosetting, Thermoplastic)
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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Asia Pacific Market Forecast
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.
Solvay SA 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. Furthermore, Tenjin Limited is also planning to start the production and development of biomass PC resin utilizing the similar BPA.
Author Credits: Smruti Ranjan, Rajrani Baghel
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