CF & CFRP Market: Global Industry Analysis and Forecast (2023-2029)

Global CF & CFRP Market size was valued at USD 32.8 Billion in 2022 and the total CF & CFRP revenue is expected to grow at a CAGR of 12.5% from 2023 to 2029, reaching nearly USD 74.81 Billion.

CF and CFRPs are widely utilized in industries like aerospace, automotive, rail transport, infrastructure, and renewable energy due to their lightweight characteristics. CFRPs, specifically composed of carbon fiber incorporated into a polymer matrix, offer exceptional strength-to-weight ratios, making them highly desirable for various applications. They are well-suited for applications that demand superior strength, stiffness, reduced weight, and exceptional fatigue resistance. In comparison to aluminum and steel, carbon fiber offers approximately ten times higher specific strength (depending on the type of fiber utilized).

CFRPs have been effectively utilized in the aerospace, automotive, rail transport, marine, and wind energy sectors for over fifty years. In aerospace, the Airbus A350 and Boeing 787, the latest long-range aircraft, have extensively integrated CFRPs into their airframes, constituting more than 50% of the overall weight. In the automotive sector, carbon fibers offer advantages in reducing vehicle weight and enhancing performance, particularly for structures like body panels, roofs, and floor components where stiffness is crucial. the In wind turbine applications, the superior specific modulus of carbon fibers compared to E-glass fibers allows for longer and slimmer blades, resulting in improved aerodynamic performance. As a result, the growing demand for CF and CFRPs across various industries is driving the growth of the CF and CFRP market.

The global CF & CFRP market has been heavily affected by the COVID-19 pandemic, leading to a decrease in the demand for carbon fibers and their composites. This decline can be attributed to various factors, including grounded commercial aircraft resulting in reduced domestic and international travel as well as limitations on sporting activities. The significant decrease in airplane orders directly impacted the demand for composite materials in the aerospace industry. Leading carbon fiber suppliers like Toray and Hexcel experienced a sharp decline in sales as a consequence. Specifically, the aerospace sector witnessed a substantial reduction of approximately 30% in global carbon fiber consumption.


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CF & CFRP Market Dynamics:
High demand for Next-Generation Single-Aisle Aircraft

The deployment of Carbon Fiber (CF) and Carbon Fiber Reinforced Polymer (CFRP) in aircraft machinery/ components and constructions is increasing rapidly all across the world. The demand for CF and CFRP is driven by their superior strength-to-weight ratio, which exceeds that of traditional metals. The increasing need for these composites in manufacturing aircraft components like wings, elevators, ailerons, engine nacelles, vertical stabilizers, and floor beams is anticipated to fuel the growth of the CF and CFRP market.

To undertake new projects in manufacturing next-generation single-aisle regional aircraft, aircraft manufacturers are engaging in consolidation efforts, further strengthening their position in the industry. Single-aisle aircraft are expected to dominate new aircraft deliveries, accounting for the largest market share during the forecast period. These aircraft are estimated to meet approximately 70% of the future commercial aircraft demand. As a result, there is expected to be a surge in carbon fiber demand originating from the production of next-generation single-aisle aircraft.

Growing adoption of carbon fiber in 3D printing

3D printing technology revolutionizes the manufacturing process by utilizing a digital model to print three-dimensional objects layer by layer. It offers various advantages, including the ability to print multiple objects quickly and without the need for extensive equipment setup. Carbon fibers have found their application in 3D printing due to their superior strength and rigidity compared to traditional metallic materials. The content and orientation of carbon fiber can be precisely controlled, facilitating optimization processes. 3D printing allows high-precision manufacturing of parts for industries like aerospace, automotive, and dental, by the adoption of carbon fibers. Thus, this technology is expected to present significant opportunities for market players and is expected to drive the growth of the CF & CFRP market during the forecast period.

High cost of CF & CFRP

The high cost of CF & CFRRP is expected to be the key factor restraining the CF & CFRP market growth during the forecast period. These composites still have minimal adoption across multiple end-use industries due to their expensive nature. In the automotive industry, CF & CFRP are expected to be only introduced in high-end and luxury automobiles due to the high cost. The production of CF & CFRPs requires precursor materials like PAN (polyacrylonitrile), pitch, etc. which are relatively expensive. Further, the processing of these precursor materials involves multiple steps, making them further expensive and increasing the overall cost of the CF & CFRP materials.
CF & CFRP Market Segment Analysis:
Based on End-Use Industry, the aerospace and defense segment held the largest market share in terms of revenue share in 2022 and is expected to grow at a CAGR of 12.8% during the forecast period. CF & CFRP composites widely found their usage in secondary aircraft components like ailerons, trim tabs, and rudders. CFRPs provide unique mechanical properties, including a high strength-to-weight ratio and a high stiffness-to-weight ratio.

The recent advancements in technology have led the enhancements in the properties of fibers and matrices, thereby improving the overall laminate properties. This progress has facilitated the application of CF & CFRPs in primary aircraft structures such as the fuselage and vertical tail. As a result, the aerospace and defense industry has witnessed an increasing adoption of CF & CFRPs, which has stimulated the growth of the segment.

The wind energy segment is estimated to account for the second-largest market share by 2029. CF & CFRP materials are widely utilized in the production/ manufacturing of wind turbine wings, which is expected to contribute to the production of clean energy from renewable sources. The materials offer resistance to fatigue and corrosion, increasing the lifespan of wind turbine blades, thus widely adopted in the turbines.



Wind energy has become increasingly popular as a cost-effective and efficient renewable energy source. The use of wind turbines to convert kinetic energy into electricity provides clean power and contributes to the growth of the CF and CFRP market. Governments and consumers are embracing renewable energy to address environmental concerns, and with the declining costs of renewable energy production and government support, the market is experiencing significant growth. These factors are expected to drive the growth of the CF & CFRP market in the forecast period.
Regional Insights:
North America led the global CF & CFRP market with the highest market share of over 40% in 2022. The region is further expected to grow at a CAGR of 11.7% and maintain its growth trend during the forecast period. The strong infrastructures for various end-user industries including aerospace and defense, which are the major consumers of CF & CFRP materials in the region. The aerospace and defense sector is experiencing rapid growth owing to increased defense expenditures.

Besides that, rapid technological advancements including drones and cybersecurity, huge demand for commercial aviation, and the renewed focus on space exploration and defense technologies to combat cyber threats are the further factors supporting the sector. The strong economic dynamics of North America, particularly the USA, and Canada played a significant role in shaping the market growth. The United States, in particular, boasts one of the largest aerospace industries in terms of infrastructure and manufacturing capabilities. The increase in demand for both commercial and military aircraft, coupled with substantial increases in defense spending, drive the CF & CFRP market in the forecast period.

Asia Pacific region is expected to grow at the highest CAGR of 13.8% and offer lucrative growth opportunities for CF & CFRP manufacturers and market players during the forecast period. The increasing urbanization and higher government expenditure on infrastructure projects are expected to drive the demand for CF and CFRPs across various industries.

In particular, the use of construction composites in the construction of tunnels, bridges, and residential buildings in countries like India and China is expected to contribute to market growth. The presence of prominent construction companies in the Asia Pacific region presents significant opportunities for product adoption in the construction sector. Additionally, the growing investments in aviation, aerospace, defense, and renewable energy sectors are boosting the demand for CF and CFRPs in the region. Japan, in particular, is expected to be a significant country for the CF & CFRP market during the forecast period. Japanese companies hold a considerable share in the CF and CFRP markets, and Japan is recognized for its advanced technologies in this field. Moreover, Japan is regarded as a leader in CFRP recycling technologies at present.
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CF & CFRP Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 32.8 Billion


Forecast Period 2023 to 2029 CAGR:
12.5 %
Market Size in 2029:
USD 74.81 Billion


 Segments Covered:
by Precursor Type
PAN
Pitch
Rayon


by Source
Virgin CF
Recycled CF


by Resin Type
Thermosetting CFRP
Thermoplastic CFRP


by Manufacturing Process
Lay-up
Compression Molding
Resin Transfer Molding
Filament Winding
Pultrusion
Injection Molding
Others


by End-Use Industry
Aerospace & Defense
Wind Energy
Automotive & Transportation
Sporting Goods
Civil engineering
Pipes & Tanks
Marine
Medical
Electrical & Electronics
Others



CF & CFRP Market by Region:
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. Toray Industries Inc., (Japan)
2. Teijin Limited (Japan)
3. Mitsubishi Chemical Corporation (Japan)
4. Hexcel Corporation (US)
5. Solvay (Belgium)
6. SGL Carbon (Germany)
7. Hyosung Advanced Materials (South Korea)
8. Zhongfu Shenying Carbon Co., Ltd. (China)
9. Kureha Corporation (Japan)
10. DowAksa (Turkey)
11. Jilin Chemical Fiber Group Co., Ltd. (China)
12. Jiangsu Hengshen Co., Ltd. (China)
13. Aeron Composite Pvt. Ltd. (India)
14. BGF Industries (United States)
15. Crosby Composite (United States)
16. Cytec Solvay Group (Belgium)
17. Formosa Plastics Corporation (Taiwan)
18. Gurit Holdings (Switzerland)
19. AG, HC Composite (China)
20. Hindustan Composite (India)
21. Kemrock Industries and Exports Ltd. (India)
22. Nippon Graphite Fiber Corporation (Japan)
23. Park Electrochemical Corporation (United States)
24. Plasan Carbon Composites (United States)
25. Royal DSM (Netherlands)
26. SK Chemicals (South Korea)

FAQs:

1. What are the growth drivers for the CF & CFRP market?
Ans. The increasing adoption across multiple end-use industries is expected to be the major driver for the CF & CFRP market.

2. What is the major restraint for the CF & CFRP market growth?
Ans. The high cost of CF & CFRPs is expected to be the major restraining factor for the CF & CFRP market growth.

3. Which region is expected to lead the Global CF & CFRP market during the forecast period?
Ans. North America is expected to lead the global CF & CFRP market during the forecast period.

4. What is the projected market size & growth rate of the CF & CFRP Market?
Ans. The Global CF & CFRP Market size was valued at USD 32.8 Billion in 2022 and the total CF & CFRP revenue is expected to grow at a CAGR of 12.5% from 2023 to 2029, reaching nearly USD 74.81 Billion.

5. What segments are covered in the CF & CFRP Market report?
Ans. The segments covered in the CF & CFRP market report are Precursor Type, Source, Resin Type, Manufacturing Process, End-Use Industry, and Region.