Carbon Fiber Reinforced Plastics (CFRP) Market To Reach USD 32.80 Billion By 2032 | CFRP's Role In Revolutionizing Aerospace And Automotive Efficiency

(MENAFN- GlobeNewsWire - Nasdaq) The demand for Carbon Fiber Reinforced Plastics (CFRP) continues to surge, driven by innovations in aerospace technology and the material's lightweight, high-strength properties, which enhance fuel efficiency and performance.

Austin, Jan. 06, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The Carbon Fiber Reinforced Plastics Market Size was valued at USD 17.1 0 Billion in 2023 & will reach USD 32.8 0 Billion by 2032 & grow at a CAGR of 7.6% over the forecast period of 2024-2032. ”

The Carbon Fiber Reinforced Plastics (CFRP) market has been experiencing robust growth due to its increasing adoption across multiple industries, particularly in the aerospace and automotive sectors. CFRP's unique properties, including high strength-to-weight ratio, corrosion resistance, and design flexibility, have made it an ideal choice for lightweight and durable components. According to the European Composites Industry Association (ECCA), the European CFRP production reached approximately 85,000 tons in 2022, representing a growth of 7% from the previous year. Furthermore, the aviation sector is witnessing a shift towards CFRP for its applications in fuselage and wing components, with manufacturers like Boeing and Airbus increasingly utilizing CFRP in their latest models. In 2023, Boeing reported that over 50% of the 787 Dreamliner structure is made from CFRP, illustrating the material's critical role in enhancing aircraft performance and efficiency. Additionally, supportive government initiatives promoting advanced materials research are expected to drive further innovations in CFRP production and application.

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Key Players:

• DowAksa (DowAksa Torayca Carbon Fiber Prepreg, DowAksa ZOLAMID)
• Cytec Solvay Group (Cytec MTM50 Carbon Fiber Prepreg, Cytec Hexcel Composites)
• Toray Industries, Inc. (Torayca Carbon Fiber Prepreg, Toray Tenax Carbon Fiber)
• SGL Group (SGL Carbon Fiber Prepreg, SGL Carbon Fiber Reinforced Composites)
• Hexcel Corporation (Hexcel HexPly Carbon Fiber Prepreg, Hexcel IM7 Carbon Fiber)
• Teijin Limited (Teijin T800 Carbon Fiber, Teijin Carbon Fiber Reinforced Composites)
• Mitsubishi Rayon Co., Ltd. (Mitsubishi Rayon Carbon Fiber, Mitsubishi Rayon Carbon Fiber Reinforced Composites)
• Hyosung Corporation (Hyosung Carbon Fiber, Hyosung Carbon Fiber Reinforced Composites)
• Gurit Holding AG (Gurit GFRP Prepreg, Gurit Carbon Fiber Reinforced Composites)
• Owens Corning (Owens Corning Carbon Fiber. Owens Corning Carbon Fiber Reinforced Composites)
• Carbon Fiber Solutions (Carbon Fiber Solutions Prepreg, Carbon Fiber Solutions Composites)
• Huntsman Corporation (Huntsman Carbon Fiber Prepreg, Huntsman Carbon Fiber Reinforced Composites)
• SABIC (SABIC Carbon Fiber Reinforced Composites, SABIC Thermoplastic Composites)
• BASF (BASF Carbon Fiber Reinforced Composites, BASF Thermoplastic Composites)
• Airbus (Airbus Aircraft Components, Airbus Spacecraft Components)
• Boeing (Boeing Aircraft Components, Boeing Aerospace Components)
• General Electric (GE Aircraft Components, GE Wind Turbine Blades)
• Toyota (Toyota Automotive Components, Toyota Electric Vehicle Components)
• BMW (BMW Automotive Components, BMW Electric Vehicle Components)
• Tesla (Tesla Automotive Components, Tesla Electric Vehicle Components)

Carbon Fiber Reinforced Plastics Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 17.10 Billion
Market Size by 2032	USD 32.80 Billion
CAGR	CAGR of 7.6% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Product Type (Thermosetting CFRP, Thermoplastic CFRP) . By Material Type (PAN-based, Pitch-based) . By Application Type (Automotive, Aerospace, Wind Turbines, Sport Equipment, Molding & Compounding, Construction, Pressure Vessels, Other)
Key Drivers	. CFRP's Role in Revolutionizing Aerospace and Automotive Efficiency . Revolutionizing CFRP Production: The Impact of Manufacturing Innovations

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What are the growth factors of the Carbon Fiber Reinforced Plastics (CFRP) market?

• The automotive industry is increasingly adopting CFRP for its lightweight properties, which help improve fuel efficiency and reduce emissions.
• The demand for CFRP in wind turbine manufacturing is rising due to its durability and ability to withstand harsh environmental conditions.
• The utilization of CFRP in medical devices and equipment is growing, driven by the need for lightweight and strong materials.

Which segment dominated the Carbon Fiber Reinforced Plastics (CFRP) Market?

The aerospace segment dominated the Carbon Fiber Reinforced Plastics (CFRP) market in 2023, holding a market share of approximately 40%. This dominance is attributed to the extensive use of CFRP in aircraft components, which improves performance and reduces weight. Companies like Boeing have integrated CFRP into significant portions of their aircraft designs, showcasing the material's advantages. The continued innovation in the aerospace sector is expected to sustain this trend, further solidifying CFRP's leading position in the market.

Trend Analysis in the Carbon Fiber Reinforced Plastics (CFRP) Market

The Carbon Fiber Reinforced Plastics (CFRP) market is experiencing several key trends that are shaping its future. One of the most significant trends is the increasing focus on sustainability within manufacturing processes. Companies are investing in recycling technologies and developing bio-based CFRP materials to reduce environmental impact. Additionally, advancements in manufacturing techniques, such as automated fiber placement (AFP) and 3D printing, are streamlining production and reducing costs, making CFRP more accessible to a broader range of industries. Furthermore, as the demand for lightweight and durable materials continues to grow, sectors like automotive and renewable energy are driving innovation in CFRP applications. The integration of CFRP in electric vehicles (EVs) is also noteworthy, as manufacturers seek to maximize range and efficiency. Overall, the market is poised for significant growth as these trends evolve, attracting new investments and encouraging technological advancements.

What Are the Opportunities of the Carbon Fiber Reinforced Plastics (CFRP) Market?

• The growing opportunity for CFRP in the biomedical field lies in its lightweight and durable properties, which are essential for developing advanced medical devices and prosthetics, enhancing performance and usability.
• The advancement of recycling technologies for CFRP can create new market opportunities, allowing manufacturers to reuse materials and reduce waste.

Regional Analysis

In 2023, the European region dominated the Carbon Fiber Reinforced Plastics (CFRP) market, accounting for approximately 31% of the global market share. This dominance is driven by the strong aerospace and automotive industries, which increasingly utilize CFRP for its lightweight and high-strength properties. The growth is further supported by a projected surge in electric vehicle (EV) production, with over 65% of new cars in Europe expected to be fully electric by 2030. The automotive sector's revenue is also anticipated to grow by USD 1.5 trillion by 2030, fueled by innovations such as CFRP that improve vehicle performance and reduce weight.

The Carbon Fiber Reinforced Plastics (CFRP) market is growing rapidly, driven by its use in aerospace, automotive, and renewable energy sectors due to its strength, lightweight properties, and durability. Increasing demand for fuel-efficient aircraft, lightweight vehicles, and wind turbines is fueling market expansion, with sustainability and performance at the forefront of industry priorities.

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Recent Developments

• August 2023: UBE Corporation introduced a new generation of highly durable polycarbonate-based polyurethane elastomers. Their Carbon Fiber Reinforced Plastics (CFRP) and polycarbonate-based urethane prepolymer technology offer exceptional long-term performance, even in harsh environments.

Table of Contents – Major Key Points

1. Introduction

• Market Definition
• Scope (Inclusion and Exclusions)
• Research Assumptions

2. Executive Summary

• Market Overview
• Regional Synopsis
• Competitive Summary

3. Research Methodology

• Top-Down Approach
• Bottom-up Approach
• Data Validation
• Primary Interviews

4. Market Dynamics Impact Analysis

• Market Driving Factors Analysis
• PESTLE Analysis
• Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

• Demand-Supply Analysis
• Adoption Rates
• Fab Capacity Utilization (2023)
• Exports and Imports

6. Competitive Landscape

• List of Major Companies, By Region
• Market Share Analysis, By Region
• Product Benchmarking
• Strategic Initiatives
• Technological Advancements
• Market Positioning and Branding

7. Carbon Fiber Reinforced Plastics (CFRP) Market Segmentation, By Material Type

8. Carbon Fiber Reinforced Plastics (CFRP) Market Segmentation, By Application Type

9. Carbon Fiber Reinforced Plastics (CFRP) Market Segmentation, By Product Type

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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