Global CF & CFRP Market Size, Share, and COVID-19 Impact Analysis, By Source (Virgin, Recycled), By Precursor Type (PAN, Pitch, Rayon), By Resin Type (Thermosetting CFRP, Thermoplastic CFRP), By End-Use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Sporting Goods, Civil Engineering, Pipes & Tanks, Marine, Medical, Electrical & Electronics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032

Industry: Chemicals & Materials


Global CF & CFRP Market Insights Forecasts to 2032

  • The Global CF & CFRP Market Size was valued at USD 28.92 Billion in 2022.
  • The Market is growing at a CAGR of 12.1% from 2022 to 2032
  • The Worldwide CF & CFRP Market Size is expected to reach USD 91.12 Billion by 2032
  • Asia Pacific is expected to grow the fastest during the forecast period

Global CF & CFRP Market

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The Global CF & CFRP Market size is anticipated to exceed USD 91.12 billion by 2032, growing at a CAGR of 12.1% from 2022 to 2032. Several factors have driven the demand for CF & CFRP, including the need to improve operational efficiency, lower maintenance costs, and improve safety. Automotive and transportation, wind energy, aerospace and defense, marine, electrical and electronics, and other industries make extensive use of CF and CFRP.     


Market Overview

Carbon fiber is referred to as a novel material that is many times stronger than steel, which is only one-fourth as strong. CFRP, a composite material made of carbon fiber and plastic, has the added benefit of being highly resistant to twisting as well as corrosive and acidic erosion. The high demand for CF & CFRP from the automotive industry and other sectors is expected to drive market growth. In the automotive industry, CF and CFRP are commonly used to reduce vehicle weight. Manufacturers can improve fuel efficiency, handling, and overall performance by replacing heavier materials like steel with lightweight CF & CFRP components.  The growing popularity of electric vehicles, as well as the need for lightweight materials to improve range and efficiency, has increased demand for CF & CFRP in the automotive industry. Furthermore, the growing trend of sustainability and eco-friendliness has resulted in an increase in the use of CF & CFRP in green energy applications such as wind turbines.


Report Coverage

This research report categorizes the market for the global CF & CFRP market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the CF & CFRP market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the CF & CFRP market.


Global CF & CFRP Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 28.92 Billion
Forecast Period:2022-2032
Forecast Period CAGR 2022-2032 :12.1%
2032 Value Projection:USD 91.12 Billion
Historical Data for:2018-2021
No. of Pages:200
Tables, Charts & Figures:130
Segments covered:By Source, By Precursor Type, By Resin Type, By End-Use Industry, By Region, and COVID-19 Impact Analysis
Companies covered:: Teijin Limited, Hexcel Corporation, Hyosung Advanced Materials, Toray Industries Inc., Mitsubishi Chemical Corporation, Solvay, SGL Carbon, Kureha Corporation, Zhongfu Shenying Carbon Co., Ltd., DowAksa, Jilin Chemical Fiber Group Co., Ltd., Jiangsu Hengshen Co., Ltd., and Others
Pitfalls & Challenges:COVID-19 has the potential to impact the global market

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Driving Factors

CFRP is widely used in aircraft components and structures because its superior strength-to-weight ratio surpasses that of any traditional metal. The CF and CFRP markets are benefiting from rising demand for composites in the manufacture of aircraft components such as ailerons, wings, engine nacelles, vertical stabilizers, floor beams, and elevators. During the forecast period, single-aisle planes are projected to account for the majority of new aircraft deliveries. These planes are expected to meet roughly 70% of long-term commercial aircraft demand. Carbon fiber demand is expected to increase due to the introduction of next-generation single-aisle aircraft. The technique of 3D printing is defined as the printing of 3D objects from a digital model by stacking thin materials. This is frequently a complicated technology that is used for multiple applications and does not necessitate a large equipment setup. This technology is frequently used to print multiple objects in a short period of time. Carbon fibers are used in 3D printing because they have a higher strength and rigidity than other metallic materials. Carbon fiber orientation and content can be controlled, which improves the optimization process. 3D printing with carbon fibers also enables high accuracy in the production of parts for various end-use industries such as aerospace, automotive, dental, and others.


Restraining Factors

In comparison to traditional materials such as aluminum and steel, CFRP materials are relatively expensive. The high cost of raw materials, manufacturing processes, and specialized equipment required for CFRP production may limit its widespread use, particularly in cost-sensitive industries.


Market Segmentation


The Global CF & CFRP Market share is classified into source, precursor type, and resin type.

  • The virgin segment is expected to grow at the fastest pace in the global CF & CFRP market during the forecast period.       

The global CF & CFRP market is categorized by aircraft type into virgin and recycled. Among these, the virgin segment is expected to grow at the fastest pace in the global CF & CFRP market during the forecast period. Virgin carbon fiber has better mechanical and thermal characteristics than recycled carbon fiber. PAN and pitch are used as precursors in the production of virgin. These fibers are used in a variety of industries, including aerospace and defense, wind energy, sporting goods, and others.        


  • The PAN segment is expected to hold the largest share of the global CF & CFRP market during the forecast period.    

Based on the precursor type, the global CF & CFRP market is divided into PAN, pitch, and rayon. Among these, the PAN segment is expected to hold the largest share of the global CF & CFRP market during the forecast period. PAN-based carbon fiber is a type of fiber that is created by carbonizing PAN precursors. It is widely used for structural material composites in the aerospace and defense, automotive, and sporting goods industries due to its high tensile strength and elastic modulus. More than 90% of carbon fibers used these days are PAN-based, with the remainder being pitch-based.


  •      The thermoplastic CFRP segment is expected to hold the largest share of the global CF & CFRP market during the forecast period. 

Based on the resin type, the global CF & CFRP market is divided into thermosetting CFRP and thermoplastic CFRP. Among these, the thermoplastic CFRP segment is expected to hold the largest share of the global CF & CFRP market during the forecast period. The ability of thermoplastic resins to be melted and re-melted multiple times without significant degradation is one of their primary advantages. This property allows for the efficient use of processing techniques such as melt impregnation, thermoforming, and welding. Unlike thermosetting resins, which must be cured and cannot be reshaped after processing, thermoplastics are more versatile and easier to fabricate. As a result of these factors, the thermoplastic segment of the CFRP Industry is expected to have the highest share during the forecast period.  


Regional Segment Analysis of the Global CF & CFRP Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)


North America is anticipated to hold the largest share of the global CF & CFRP market over the predicted timeframe.

Global CF & CFRP Market

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North America is projected to hold the largest share of the global CF & CFRP market over the predicted years. The aerospace and defense industry in North America is a major consumer of CFRP materials. CFRP composites have a high strength-to-weight ratio, which is important for aerospace applications such as aircraft components and structures. The region is home to several major aircraft manufacturers, which fuels the demand for CFRP in this industry. The North American automotive industry is increasingly using CFRP materials for lightweight and performance enhancement.       


Asia Pacific is expected to grow at the fastest pace in the global CF & CFRP market during the forecast period. The region, which includes Japan, China, South Korea, and Taiwan, has a major upside due to the presence of established suppliers of raw materials, manufacturing companies, and increasing new aircraft deliveries and wind energy installations. The region's wind energy, sporting goods, and aerospace industries have a high demand for CF and CFRP. This factor will propel the CF and CFRP market during the forecast period. 


Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global CF & CFRP along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.


List of Key Companies

  • Teijin Limited  
  • Hexcel Corporation  
  • Hyosung Advanced Materials  
  • Toray Industries Inc.
  • Mitsubishi Chemical Corporation 
  • Solvay
  • SGL Carbon 
  • Kureha Corporation  
  • Zhongfu Shenying Carbon Co., Ltd.  
  • DowAksa 
  • Jilin Chemical Fiber Group Co., Ltd. 
  • Jiangsu Hengshen Co., Ltd.  
  • Others


Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)


Recent Developments

  • In April 2023, Solvay and GKN Aerospace extended their collaboration agreement signed in 2017. Both companies are developing a joint thermoplastic composites (TPC) roadmap to investigate new materials and manufacturing processes for aerospace structures while jointly targeting future strategic high-rate programs under the terms of the agreement. Solvay is projected to remain a preferred supplier of TPC materials to GKN Aerospace.


  • In November 2022, ISCC PLUS (International Sustainability & Carbon Certification) was acquired by Hyosung Advanced Materials. This acquisition is expected to strengthen Hyosung Advanced Materials' operational capabilities.


Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global CF & CFRP Market based on the below-mentioned segments:


Global CF & CFRP Market, By Source

  • Virgin
  • Recycled


Global CF & CFRP Market, By Precursor Type

  • PAN
  • Pitch
  • Rayon


Global CF & CFRP Market, By Resin Type

  • Thermosetting CFRP
  • Thermoplastic CFRP


Global CF & CFRP Market, By End-User

  • Aerospace & Defense
  • Wind Energy
  • Automotive & Transportation
  • Sporting Goods
  • Civil Engineering
  • Pipes & Tanks
  • Marine
  • Medical
  • Electrical & Electronics
  • Others


Global CF & CFRP Market, By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

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