New York , Jan. 24, 2024 (GLOBE NEWSWIRE) -- The global carbon fiber reinforced plastic market size is predicted to grow at a CAGR of over 8% from 2023 to 2033. The market is projected to garner a revenue of USD 30 billion by the end of 2033, up from a revenue of USD 20 billion in the year 2022. This is largely due to the growing automotive industry across the globe. For instance, by 2030, the worldwide automobile market is predicted to grow to a GDP of more than USD 8 trillion. As a result, there is an increasing demand for lightweight materials including carbon-fiber-reinforced polymer (CFRP) composite materials that contribute to fuel economy and are superior to metals in terms of particular stiffness, specific strength, and fatigue characteristics.
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Carbon Fiber Reinforced Plastic Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Automotive segment to garner the highest growth
- Market in North America to grow at a significant rate
Growing Construction Industry to Boost Market Growth
The construction sector is predicted to more than double in size between 2020 and 2030 due to growing demand for urban housing and state spending on transportation infrastructure, a spike in public infrastructure spending, and growing populations across the globe. For instance, the construction industry was valued at over USD 6 trillion USD in 2020 and is projected to grow to around USD 14 trillion by 2030. As a result, the demand for carbon fiber reinforced plastic is expected to rise since it is used for structural retrofitting and strengthening of already-existing buildings and bridges owing to its excellent mechanical qualities, and great durability.
Carbon Fiber Reinforced Plastic Industry: Regional Overview
The global carbon fiber reinforced plastic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Aerospace Sector to Drive the Growth in the Asia Pacific Region
The carbon fiber reinforced plastic market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The aircraft industry in India is one of the sectors with the quickest growth driven by developments in space exploration, a booming commercial aviation industry, domestic manufacturing capacity, and a focus on sustainability and innovation. For instance, the strategic and economic interests of India depend heavily on the aerospace industry which might grow to a value of over USD 65 billion by 2030. Particularly, the country's domestic aviation sector is predicted to reach over USD 25 billion by 2024, ranking third in the world. All these factors are expected to drive the demand for carbon fiber reinforced plastic in the region as nowadays, more than 35% of modern aircraft are made of CFRP composites since it considered as the best material for lightweight construction. Additionally, sales of electric vehicles are highest in China, which has increased the demand for lightweight materials including carbon fiber reinforced plastic. In November 2023, China's car sales increased by around 27% year over year to over 2 million units.
Rising Demand for Sports Equipment to Drive the Growth in the North America Region
The North America carbon fiber reinforced plastic market is estimated to garner the largest revenue by the end of 2033. Sports equipment demand in the United States is expected to increase as there are more national and international sporting events and the presence of well-known worldwide athletic equipment companies, leading to the widespread use of carbon fiber composite materials in sports that aid in maximizing the structure of sporting equipment. For instance, through 2024, the nominal demand for sports equipment in the United States is expected to increase by more than 2%.
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Carbon Fiber Reinforced Plastic Segmentation by Application
- Aerospace & Defense
- Wind Turbine
- Automotive
- Sports Equipment
- Building & Construction
- Others
The automotive segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the rising sale of luxury cars. For instance, the total number of luxury cars sold in India in 2022 was more than 33000 units which is around a 49% increase over 2021. Sales of luxury vehicles have increased by double digits because of the launch of high-tech models, changing consumer preferences, more disposable incomes, and the maturation of the youth population across the globe. This has led to an increase in demand for carbon fiber reinforced polymers which is a light, incredibly strong polymer reinforced with carbon fibers, that is extensively employed by automakers in their high-end and sports vehicles. Moreover, when compared to materials like steel and aluminum, carbon fiber reinforced plastic, or CFRP, offers high specific stiffness and strength, and aids in lowering the vehicle's weight.
Carbon Fiber Reinforced Plastic Segmentation by Type
- Thermosetting
- Thermoplastic
- Others
The thermosetting segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing production of oil and gas driven by growing consumer demands, producers' increased capacity to extract gas and oil from previously untapped geological formations, and economic expansion. For instance, global crude oil output rose to a record of more than 5% rate in 2022. Particularly, in 2024, it is predicted that the world's production of liquid fuels will rise by over 0.5 million barrels per day (b/d). Moreover, the oil and gas sector need materials that function well in challenging circumstances has led to an increase in the usage of thermosetting polymers as they have remarkable mechanical qualities, heat endurance, and chemical resistance which makes them extremely promising for use in petroleum drilling and production engineering.
Carbon Fiber Reinforced Plastic Segmentation by Raw Material
- Polyacrylonitrile
- Petroleum Pitch
- Others
A few of the well-known market leaders in the global carbon fiber reinforced plastic market that are profiled by Research Nester are SGL Carbon SE, 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 other key market players.
Recent Development Carbon Fiber Reinforced Plastic Market
- Solvay SA partnered with SGL Carbon SE to create composite materials using carbon fiber with a large tow intermediate modulus (IM) which will aid in lowering expenses and greenhouse gas emissions while also enhancing the manufacturing process and fuel economy of next-generation commercial aircraft.
- Teijin Limited teamed up with Mitsui Chemicals to create and market polycarbonate (PC) and bisphenol A (BPA) resins made from biomass to aid in the reduction of greenhouse gas (GHG) emissions.
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