“Increasing demand for lightweight and high strength material breaches to drive the CF and CFRP market”
The global Carbon Fiber Reinforced Plastic (CFRP) market is projected to reach USD 37.19 billion by 2031, at a CAGR of 10.50% between 2022 and 2031.
Major factors fueling the growth of the CFRP market are increasing use of carbon fiber composites in Boeing and Airbus aircraft, and rise in demand for lightweight vehicles to achieve fuel efficiency and production of electricity from renewables. The major restraint for growth of the CFRP market is high cost of carbon fiber. The price of automotive grade carbon fiber currently ranges between USD 8/lb and USD 15/lb. If this price is decreased to USD 5/lb -USD7/lb, then carbon fiber can be used for mass production of automobiles.
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“Automotive is the fastest-growing end-use industry segment of the CFRP market”
Carbon fiber composites are being used to manufacture lightweight cars for good performance and luxury at economical price. Several key market players are responding to the needs and expectations of vehicle Original Equipment Manufacturers (OEMs), system suppliers, and customers. The key driver for growth of the market for carbon fiber composites is the increasing need for lighter, safer, cleaner, and more cost-effective vehicles. Most common automotive components where carbon fiber composites are used are exterior body parts, hoods, bonnets, and test plates. Additionally, several car companies, such as BMW (Germany), Audi (Germany), and GM (U.S.) have signed agreements with carbon fiber composite manufacturers to support low-cost carbon fiber composites manufacturing.
“Europe is the fastest-growing market for CFRP”
Europe is the fastest-growing market for CFRP, in terms of value and volume. High economic growth rate, rise in the number of manufacturing industries, increasing carbon fiber composites patents, new product developments, capacity expansions, and new plant establishments by various leading players are factors fueling the growth of the CFRP market in the region.
Germany leads the market for CFRP in Europe. Consumption of carbon fiber composites in Germany has grown exceptionally and is expected to witness growth in the future. The number of agreements and joint ventures between carbon fiber manufacturers and OEMs have helped to expand the CFRP business in wind energy, automotive, aerospace & defense, and other industries.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided in three categories, namely, by company type, by designation, and by region.
• By company type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
• By designation- C Level- 30%, Director Level- 25%, and Others- 35%
• By region- North America- 30%, Asia-Pacific- 30%, Europe- 25%, ME&A – 10%, and South America – 5%
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The report also provides company profiles and competitive strategies adopted by major market players. Various key players profiled in the report are as follows:
• Toray Industries Inc. (Japan)
• Teijin Limited (Japan)
• Mitsubishi Rayon Co. Ltd. (Japan)
• SGL-Group (Germany)
• Formosa Plastics Corporation (Taiwan)
• Hexcel Corporation (U.S.)
• Hyosung (South Korea)
• Tencate (Netherlands)
• Dow-Aksa (Turkey)
• Cytec Industries Inc. (U.S.)
• Taekwang Industrial Co. ltd. (Korea)
This report covers the CFRP market on the basis of end-use industry, manufacturing process, resin type, and region, and the CF market on basis of raw material. It aims at estimating the market size and future growth potential across the abovementioned segments. Furthermore, the report also includes an in-depth competitive analysis of key players in the market, along with company profiles, DIVE analysis, recent developments, and key growth strategies.
Reasons to Buy the Report:
The report will help market leaders/new entrants in the following ways:
1. This report segments the CF and CFRP market comprehensively, and provides closest approximations of revenue numbers for the overall market and subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market, and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand competitors and gain more insights to improve their position in the market. The competitive landscape section includes competitor ecosystem, new product developments, agreements, partnerships, and mergers & acquisitions.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
For more information, please contact:Lauren Brown
Shibuya Data Count
Tel: + 81 50 50509159
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