Carbon Fibre Reinforced Plastic (CFRP) Composites market is projected to grow at a CAGR of 9.9% by 2034: Visiongain
Visiongain has published a new report entitled Carbon Fibre Reinforced Plastic (CFRP) Composites Market Report 2024-2034: Forecasts by Polymer Type (Thermosetting and Thermoplastic), by Thermoplastic Polymers (Acrylic, Polyether Ether Ketone (PEEK), Polyamide/Nylon, Polypropylene, Others), by Thermosetting Polymers (Epoxy, Polyester, Vinyl, Phenolic, Polyimide, Others), by Manufacturing Process (Prepreg Layup, Pultrusion, RTM, Filament Winding, Compression Moulding, Injection Moulding, Others), by End-use Industry (Sporting Goods, Automotive, Wind Energy, Aviation & Aerospace, Construction, Marine, Pressure Vessel, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The carbon fibre reinforced plastic (CFRP) composites market was valued at US$23.88 billion in 2024 and is projected to grow at a CAGR of 9.9% during the forecast period 2024-2034.
Rising Demand from the Automotive Sector Along with the Performance Recovery
Rising demand from the automotive sector is another major factor boosting the demand of CFRP composites. When it comes to components that must be both lightweight and stable, like those used in automotive engineering, carbon fibre is highly sought after. For this reason, carbon fibre is utilized in bicycle, boat, and aeronautical engineering construction. Like many other materials before it, carbon fibre has made the transition from racing to mass production in the auto industry. One of the fundamental tenets of designing a racing car is lightweight construction, as every ounce of weight saved counts in the motorsport’s world. For instance, the material is used by BMW in the visible carbon fibre structures of BMW M Performance Parts and the roofs of BMW M models. The material was previously used in the BMW i8, most notably in the BMW i3, and is now also utilized in body components for the BMW 7 Series. This electric vehicle’s passenger cell, or the entire car body, is composed of carbon fibre.
Further, the performance recovery in the automobile industry is a crucial factor in the growth of the carbon fibre reinforced plastic (CFRP) composites market. The market for these composites is significantly influenced by the automotive industry, which is recognized for its considerable usage of carbon fibre reinforced plastic (CFRP) composites. There is a comeback in car production and sales when the automotive industry undergoes a recovery from economic slowdowns or interruptions, which leads to an increased requirement for carbon fibre reinforced plastic (CFRP) composites.
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How has COVID-19 had a Significant Negative Impact on the Carbon Fibre Reinforced Plastic (CFRP) Composites Market?
The COVID-19 pandemic has left no corner of the global economy untouched, including the carbon fibre reinforced plastic (CFRP) composites market. CFRP composites are a vital material known for their strength-to-weight ratio, making them ideal for applications in industries such as aerospace, automotive, wind energy, and construction. However, the pandemic has presented both challenges and opportunities for this market, reshaping the landscape in several ways. In the early months of the pandemic, the CFRP composites market experienced a significant shock. Lockdowns, disrupted supply chains, and reduced production capacity caused delays and decreased demand in many industries. Aircraft production slowed, automotive manufacturers faced disruptions, and several construction projects were put on hold. As a result, the CFRP market initially suffered, with production and sales declining.
The CFRP composites market relies on a complex global supply chain for raw materials, including carbon fibres and resin. Travel restrictions, factory closures, and labour shortages disrupted this supply chain, leading to material shortages and increased production costs. As a consequence, some CFRP manufacturers faced difficulties in maintaining consistent production and meeting contractual obligations. The aerospace and automotive industries are two major consumers of CFRP composites. The pandemic hit these sectors particularly hard. With reduced air travel, airlines grounded fleets and postponed orders for new aircraft, affecting the demand for CFRP materials. Similarly, automakers faced a decrease in vehicle sales, leading to supply chain adjustments and reduced CFRP component production.
How will this Report Benefit you?
Visiongain’s 450-page report provides 159 tables and 261 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the carbon fibre reinforced plastic (CFRP) composites market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for carbon fibre reinforced plastic (CFRP) composites. Get financial analysis of the overall market and different segments including polymer type, thermosetting polymers, thermoplastic polymers, manufacturing process, and end use industry and capture higher market share. We believe that there are strong opportunities in this fast-growing carbon fibre reinforced plastic (CFRP) composites market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Aerospace Sector Coupled with New Commercial Aircraft Orders
The burgeoning aerospace sector, coupled with a surge in new orders for commercial aircraft, stands out as a pivotal force driving the demand for carbon fibre reinforced plastic (CFRP) composites. In recent years, the aerospace industry has experienced remarkable growth, fueled by escalating air travel demand and the continual evolution of cutting-edge aircraft models. CFRP composites play an indispensable role in this sector, serving to safeguard aircraft surfaces from harsh environmental conditions, enhance aerodynamic performance, and elevate the overall visual aesthetics of the aircraft. The aerospace industry’s escalating requirement for carbon fibre reinforced plastics (CFRP) is underscored by the concurrent achievement of weight reduction and peak mechanical values in component stiffness and strength when employed in primary and secondary structures. The influx of new orders for commercial aircraft models significantly contributes to the escalating demand for CFRP composites. Aircraft manufacturers, in their pursuit of technologically advanced and fuel-efficient aircraft, necessitate composites offering high durability, weight reduction, and resilience to extreme temperatures. These composites find applications in both the exterior and interior body of the aircraft.
Moreover, the pivotal role of CFRP composites in ensuring the safety and reliability of aircraft cannot be overstated. CFRP composites, endowed with fire-resistant properties, find strategic applications in critical areas such as engine nacelles and interior cabin components, effectively minimizing the risk of fire and augmenting passenger safety. The expanding aerospace sector, particularly in emerging economies, continues to propel the demand for carbon fibre reinforced plastic (CFRP) composites. The growing accessibility and affordability of air travel have resulted in an upswing in demand for new aircraft to accommodate the burgeoning passenger traffic. This surge translates into heightened production rates and an increased reliance on CFRP composites during the manufacturing and assembly processes. Additionally, the maintenance, repair, and overhaul (MRO) activities within the aerospace industry further contribute to the demand for CFRP composites, especially as older aircraft undergo comprehensive refurbishment.
Growing Wind Energy Sector Coupled with Energy Efficiency Requirements
The expanding wind energy sector has played a pivotal role in propelling the CFRP composites industry forward. The escalating demand for CFRP composites is driven by their crucial contribution to the manufacturing of wind turbines designed to generate electricity with greater efficiency and cost-effectiveness compared to traditional energy sources like coal, natural gas, and hydropower.
As the wind energy sector undergoes continued expansion and maturation, the imperative for more efficient and powerful wind turbines has become paramount. To meet this demand, wind turbine blades have been lengthening to tap into greater wind energy potential. However, this trend poses a unique challenge: the longer the blades, the more essential it becomes to reduce their weight without compromising strength and stiffness. The key to optimizing energy production efficiency lies in striking the perfect balance between these factors.
Carbon fibre composites emerge as an ideal solution to this challenge, amalgamating superior stiffness, reduced weight, and optimized cost-effectiveness. These attributes are crucial for achieving the desired equilibrium in longer wind turbine blades. CFRP composites have proven transformative in the wind energy sector by providing the necessary structural integrity while keeping the weight at a minimum. This results in turbines that can harness more wind energy and generate electricity with increased efficiency. Efficiency and cost-effectiveness serve as driving forces in the wind energy industry’s pursuit of turbines that produce electricity at the lowest cost per unit of energy. Carbon fibre composites, acknowledged for their exceptional mechanical properties, are now recognized as a key enabler in achieving this objective. Through the utilization of CFRP composites in the construction of wind turbine blades, manufacturers can reduce material costs, extend the lifespan of the blades, and enhance overall energy production.
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Where are the Market Opportunities?
Innovations in Manufacturing Processes
Leading the charge in overcoming a significant hurdle in the CFRP composites industry is the forefront of innovations in manufacturing processes, primarily aimed at enhancing cost-effectiveness. Conventional approaches like autoclave curing and manual lay-up are both labour-intensive and costly. Advanced manufacturing techniques, including automated fibre placement, resin transfer moulding, and out-of-autoclave curing, streamline the production process, resulting in reduced labour and energy costs. This not only benefits manufacturers but also positions CFRP composites as more competitive alternatives to conventional materials, creating new prospects across a broader spectrum of applications.
In industries such as automotive, where CFRP composites hold the potential to enhance fuel efficiency and decrease emissions, mass production capabilities are paramount. Innovations such as compression moulding, pultrusion, and continuous fibre-reinforced thermoplastic composites facilitate efficient large-scale production. This becomes particularly crucial as automakers actively seek lightweight materials that can fulfil stringent regulatory requirements while upholding safety and performance standards.
The major players operating in the carbon fibre reinforced plastic (CFRP) composites market are Teijin Limited, Toray Industries, Inc., Hexcel Corporation, SGL Carbon SE, Mitsubishi Chemical Group Corporation, Solvay, Formosa Plastics Corporation, Voith GmbH & Co. KGaA, Nippon Carbon Co Ltd., and DowAksa Advanced Composite Material Industries Limited Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On 18th October 2023, The Mitsubishi Chemical Group (MCG Group) has attained full ownership of CPC SRL (CPC), a renowned Italian company specializing in the manufacturing and distribution of automobile components crafted from carbon fibre reinforced plastic (CFRP).
- On 04th October 2023, Toray Industries, Inc., has decided to expand French subsidiary Toray Carbon Fibres Europe S.A.’s production facilities for regular tow medium- and high-modulus carbon fibres. This move will increase annual capacity at the Abidos plant (South-West France) from 5,000 metric tons annually, to 6,000 metric tons. Production is expected to start in 2025.
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To find more Visiongain research reports on the materials sector, click on the following links:
- Aerospace Composites Market Report 2024-2034
- Magnesium Alloys Market Report 2023-2033
- Advanced Materials in Aerospace and Defence Market Report 2023-2033
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