Top 50 Companies in the Carbon Fiber Reinforced Plastic Market: Expert View By Spherical Insights
RELEASE DATE: Aug 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Carbon Fiber Reinforced Plastic Market Size is projected to Grow from USD 18.42 Billion in 2024 to USD 58.34 Billion by 2035, at a CAGR of 11.05% during the forecast period 2025–2035. The market is expected to grow more quickly due to the expansion of SaaS-based big carbon fiber reinforced plastic, the growth of virtual offices that generate massive volumes of data, and rising cloud technology expenses.
Introduction
Carbon fibers and a polymer matrix, usually epoxy resin, are combined to create carbon fiber reinforced plastic (CFRP), a composite material that is lightweight and incredibly strong for high-performance applications. Its exceptional strength-to-weight ratio and wide range of uses in sectors like construction, wind energy, automotive, and aerospace are driving the market's expansion. The transition from luxury to mainstream automobiles is being accelerated by the automotive industry. This change is a result of the electric car boom, which necessitates high-performance structural components and strict emissions rules that demand aggressive light-weighting tactics. Rapid-cure resin and automated fiber placement manufacturing innovations have significantly shortened production cycle times, and rising production volumes are progressively lowering costs. With these developments, it is now positioned as a critical material solution that balances sustainability and performance needs for next-generation cars.
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Carbon Fiber Reinforced Plastic Market Size & Statistics
- The Market Size for Carbon Fiber Reinforced Plastic Was Estimated to be worth USD 18.42 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 11.05% between 2025 and 2035.
- The Global Carbon Fiber Reinforced Plastic Market Size is anticipated to reach USD 58.34 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the Carbon Fiber Reinforced Plastic Market
- Asia Pacific is expected to grow the fastest during the forecast period in the Carbon Fiber Reinforced Plastic Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the carbon fiber reinforced plastic market. The fastest-growing market in the region is being driven by China's government-sponsored increase in domestic carbon fiber production capacity and application development. Rapidly growing aerospace industries, such as China's COMAC program and Japan's well-established aerospace manufacturing, define the region. The area is at the forefront of cost-effective production strategies meant to increase CFRP accessibility outside of high-end applications. China is the world's largest market for wind turbines, and wind energy generates enormous demand volumes. The production of athletic products in the area sustains steady product demand for both export and domestic markets. Applications of industrial automation are growing quickly, especially in South Korea, Japan, and China.
North America is expected to generate the highest demand during the forecast period in the carbon fiber reinforced plastic market. The aerospace industry is the main driver of demand in North America, since Boeing's defense platforms and commercial aircraft programs necessitate large quantities of aerospace-grade carbon composites. In order to address end-of-life issues, the region is at the forefront of recycling technology development. New uses for civil engineering in bridges, buildings, and transportation infrastructure are being made possible by recent legislation about infrastructure investment. Product consumption in the United States is being driven by rising aerospace requirements for high-strength materials and expanding demand for lightweight cars. Adoption across sectors is further accelerated by carbon neutrality targets and sustainable technology developments.
Top 10 trends in the Carbon Fiber Reinforced Plastic Market
- Lightweighting in the automotive industry
- Aerospace sector adoption
- Renewable energy applications (wind turbines)
- Electrification and battery enclosures in vehicles
- Sustainability and recycling initiatives
- Advanced manufacturing technologies (automation, rapid-cure resins)
- Expansion into infrastructure and construction
- Growth in demand for hydrogen mobility and pressure vessels
- Increased use in eVTOL and urban air mobility platforms
- Digitalization and smart manufacturing for quality and cost control
1. Light weighting in the Automotive Industry:
CFRP is increasingly used in mainstream vehicle manufacturing to reduce weight, driven by stricter emission regulations and the rise of electric vehicles. Innovative production methods like rapid-cure resins and automated fiber placement have lowered cycle times and costs, encouraging broader adoption beyond high-end models.
2. Aerospace Sector Adoption:
CFRP's superior strength-to-weight ratio makes it a material of choice for commercial aircraft, contributing to fuel efficiency and emission reduction. The industry is also experiencing growth due to a surge in commercial aircraft backlogs, particularly in North America and Europe.
3. Renewable Energy Applications (Wind Turbines):
The wind energy sector, especially in Europe and Asia, increasingly relies on CFRP for manufacturing large turbine blades. The material’s high strength and low weight deliver efficiencies essential for mega-blade turbines, supporting the transition to renewable energy sources.
4. Electrification and Battery Enclosures in Vehicles:
The global shift toward vehicle electrification boosts demand for CFRP in battery enclosures, which require lightweight but structurally robust materials. This supports greater efficiency and extended range in electric vehicles, especially in China and North America.
5. Sustainability and Recycling Initiatives:
There is significant momentum for closed-loop recycling and the adoption of bio-based resins, driven by both regulatory and market pressures for sustainable manufacturing. These innovations help reduce costs and environmental impact, making CFRP more accessible for a wider range of applications.
Empower your strategic planning:
Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the carbon fiber reinforced plastic market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Carbon Fiber Reinforced Plastic Market
- Toray Industries
- SGL Carbon
- Hexcel Corporation
- Mitsubishi Chemical Group
- Teijin Limited
- Zoltek
- Solvay
- DowAksa
- Formosa Plastics Corporation
- Hyosung Advanced Materials
- Cytec Industries (Solvay)
- Gurit
- Plasan Carbon Composites
- A&P Technology
- Global Graphene Group
- Jiangsu Hengshen Co., Ltd.
- Weihai Guangwei Composites
- Taekwang Industrial
- Nippon Graphite Fiber Corporation
- BASF
- TenCate Advanced Composites
- Fiberline Composites
- Toray Advanced Composites
- Rock West Composites
- IDI Composites International
1. Toray Industries – Tokyo, Japan
Toray Industries stands out in the Carbon Fiber Reinforced Plastic (CFRP) market, excelling in advanced carbon fiber composite materials. Headquartered in Tokyo, Toray integrates nanotechnology with organic chemistry to create innovative polymers and resins for light weighting solutions. The company’s CFRP is notable for its use in aerospace, automotive, sports, renewable energy, and industrial engineering sectors. Toray’s strategy emphasizes the sustainable growth of the CFRP market, pushing for eco-friendly production and recycling initiatives. Backed by global subsidiaries and nearly 48,000 employees, Toray secures annual revenues of over 2 trillion yen. Their focus on rapid-cure resin innovation and high-strength fiber composites continues to set industry standards for performance and sustainability, reinforcing their leadership in the evolving carbon fiber market.
2. SGL Carbon – Wiesbaden, Germany
SGL Carbon, headquartered in Wiesbaden, Germany, is a global leader specializing in carbon-based solutions, including Carbon Fiber Reinforced Plastics (CFRP). The company operates 29 production sites worldwide, driven by innovation for light weighting and sustainability in mobility, energy, and industrial markets. SGL’s carbon fibers and CFRPs are integral to automotive electrification, wind power, and advanced construction. With a workforce near 4,700, SGL emphasizes tailored composite solutions and sustainable development, supporting major shifts towards hydrogen mobility, e-mobility, and carbon-neutral manufacturing. Their business model leverages collaboration across Europe, the U.S., and Asia, reinforcing their role as a pioneer in specialty carbon composites that propel the CFRP market forward.
3. Hexcel Corporation – Stamford, Connecticut, USA
Hexcel Corporation, based in Stamford, Connecticut, is a premier manufacturer of advanced composites and a leading provider of CFRP to the aerospace, defense, and industrial sectors. Renowned for high-strength carbon fiber reinforcements and resin systems, Hexcel’s materials enable major advances in lightweighting, crucial for fuel efficiency and sustainability in the aviation and automotive industries. The company boasts Centers of Excellence focused on technical innovation, making it a trusted partner for Airbus, Boeing, and premier automakers. Hexcel’s steadfast focus on R&D and intellectual property protection fuels its position as a driving force in next-generation CFRP market applications, adapting continuously to market and supply chain fluctuations while supporting global sustainability goals.
4. Mitsubishi Chemical Group – Tokyo, Japan
Mitsubishi Chemical Group is a cornerstone in the CFRP industry, with headquarters in Tokyo and robust R&D dedicated to high-performance carbon fibers. Their comprehensive carbon fiber business combines PAN and pitch-based technologies, allowing tailored material solutions for aerospace, automotive, and industrial applications. Mitsubishi Chemical’s innovative CFRP products are integral in both mobility and renewable energy sectors, contributing to light-weighting and energy efficiency. Investments in recycling, sustainable composites, and global partnerships, most notably in e-mobility and carbon-neutral projects, underscore their commitment to steering market growth while prioritizing environmental responsibility in carbon fiber-reinforced plastics.
5. Teijin Limited – Tokyo, Japan
Teijin Limited, headquartered in Tokyo, is a flagship player in the development and commercialization of Carbon Fiber Reinforced Plastics (CFRP). Known for its Advanced Fibers & Composites business, Teijin delivers solutions that drive light weighting trends in automotive, aerospace, and civil engineering. Teijin’s CFRP operations are grounded in closed-loop recycling, sustainability, and multi-sector innovation, including flame-resistant fibers and high-performance polyester. The group’s global reach and proven expertise in next-generation composite materials help accelerate the adoption of CFRP across diversified industries, positioning Teijin as a leader in advancing green technologies and reducing the carbon footprint of structural materials.
Are you ready to discover more about the carbon fiber reinforced plastic market?
The report provides an in-depth analysis of the leading companies operating in the global carbon fiber reinforced plastic market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Toray Industries
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- SGL Carbon
- Hexcel Corporation
- Mitsubishi Chemical Group
- Teijin Limited
- Zoltek
- Solvay
- DowAksa
- Formosa Plastics Corporation
- Others.
Conclusion
The carbon fiber reinforced plastic (CFRP) market is set for strong global growth, driven by rising demand across automotive, aerospace, and renewable energy sectors, where lightweighting is essential for efficiency. Advances in manufacturing and material technology, along with the adoption of sustainable and recyclable composites, are enhancing market penetration and broadening application scope. Key players, especially those with a global footprint and strong R&D, are shaping industry direction through innovation, collaboration, and sustainability initiatives. Asia-Pacific remains a critical growth region, supported by heavy investments and expanding industrial capability.
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