CF & CFRP Market worth $60.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

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May 31, 2023, 04:00 ET

CHICAGO , May 31, 2023 /PRNewswire/ -- The report "CF & CFRP Market by Source (Virgin, Recycled), Precursor, Resin Type, Manufacturing Process (Lay-up, Compression Molding, Resin Transfer Molding, Filament Winding, Pultrusion, Injection Molding), End-Use Industry, and Region - Global Forecasts to 2028", is estimated at USD 29.7 billion in 2022 and is projected to reach USD 60.3 billion by 2028, at a CAGR of 12.7% from 2023 to 2028. The increasing adoption of electric vehicles and the need for lightweight materials to improve their range and efficiency has further boosted the demand for CF & CFRP in the automotive industry. Additionally, the growing trend of sustainability and eco-friendliness has led to the increasing use of CF & CFRP in green energy applications such as wind turbines.

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PAN precursor type segment is expected to account for the largest market share in 2022, in terms of both value and volume.

PAN-based carbon fiber is a type of fiber produced by the carbonization of PAN precursor. Having high tensile strength and high elastic modulus, it is extensively used for structural material composites in aerospace & defense, automotive, and sporting goods industries. Currently, more than 90% of carbon fibers used are PAN-based, and the remaining are pitch-based. Rayon is normally not used because of the low yield and processing difficulties associated with it.

Filament winding segment is expected to grow with the highest CAGR in the CF & CFRP market during the forecast period

In the filament winding process, a rotating mandrel is used as a mold to produce an inner surface and a laminate surface outside the product. This process results in a high degree of fiber loading to produce high strength-to-weight ratio laminates. It produces hollow or circular components such as compressed air tanks, high-pressure CO2 tanks & bottles, water softener systems, rescue air tanks, sailboat masts, CNG tanks, light poles, and other construction materials. This automated process is used to make highly engineered structures.

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Aerospace & defense industry holds the largest share in the CF & CFRP market in 2022, in terms of value

CFRP is used on a large scale in the aerospace industry with 50% of aircraft materials being composites. Carbon fiber has higher strength-to-weight capabilities compared to other traditional aerospace materials. Hence, it facilitates more efficient designs, structurally and aerodynamically. It is normally used in secondary structures such as fairings, seat structures, luggage racks, and galley equipment. High fatigue capability is achieved with carbon fiber composite design, enabling larger passenger windows and lower cabin altitude in cruise than traditional jetliners. The defense industry continues to use CFRP in rockets and tanks. Airbus superjumbo commercial aircraft A380 and A350 and Boeing's B-787 are built with the use of carbon fiber and carbon fiber composites.

Europe is expected to account for the largest share in 2022

The CF & CFRP market has been studied in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The market for CFRP composites in Europe is characterized by capacity expansions, joint ventures, and agreements between various leading market players. Airbus is generating high demand for carbon fiber composites. The company's Superjumbo A380 and A350 are built with large quantities of carbon fiber and carbon fiber composites. The recently released A380 is a large plane made of approximately 30 tons/unit of carbon fiber. Many regional car companies such as BMW (Germany) and Audi (Germany) now use carbon fiber composites on a significant scale. The carbon fiber reinforced plastic (CFRP) market in Europe has been experiencing growth and significant demand from various industries. Europe is home to several prominent automotive manufacturers, aerospace companies, and renewable energy projects, all of which contribute to the increasing adoption of CFRP.

Major manufacturers in this market are based in Asia Pacific and Europe. Toray Industries Inc., (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), Hexcel Corporation (US), Solvay (Belgium), SGL Carbon (Germany), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Kureha Corporation (Japan), DowAksa (Turkey), Jilin Chemical Fiber Group Co., Ltd. (China) and Jiangsu Hengshen Co., Ltd. (China) are among a few leading players operating in the CF & CFRP market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the CF & CFRP market further.

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