CF And CFRP Market Size By Carbon Fiber (Polyacrylonitrile Carbon Fiber), By Resin Type (Thermoplastics CFRP and Thermosetting CFRP), By Geography Scope And Forecast
Report ID: 340967|No. of Pages: 202
CF And CFRP Market Size By Carbon Fiber (Polyacrylonitrile Carbon Fiber), By Resin Type (Thermoplastics CFRP and Thermosetting CFRP), By Geography Scope And Forecast
CF And CFRP Market Size And Forecast
CF And CFRP Market size had a valuation of USD 26.45 Billion in 2022. We expect that the market will reach a valuation of USD 69.78 Billion by 2030, with an exceptional CAGR of 13.13% during the forecast period of 2024-2030.
CF And CFRP Market is experiencing rapid growth due to increasing demand for carbon fiber in the automotive industry, aerospace industry, and defense sector. It is also being boosted by the growing use of carbon fiber in industrial manufacturing for various products. However, the high cost of carbon fiber is posing a significant challenge to the growth of the global CF And CFRP Market. The Global CF And CFRP Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global CF And CFRP Market Definition
Carbon fiber, commonly referred to as graphite fiber, is a carbon-based material with excellent structural strength while also being lightweight. The diameter of carbon fiber ranges between five to ten micrometers. While comparing based on the strength-to-weight ratio, carbon fiber is stronger than steel, which is the standard material used for industrial manufacturing. Thus, carbon fiber has garnered exponential demand from various end-user industries, especially the aerospace and automotive industries.
The aerospace industry extensively uses carbon fiber-reinforced composite materials to manufacture various components of aircraft and spacecraft. The benefits offered by carbon fiber and reinforced materials have also found significant demand in the automotive industry, especially bicycles and race cars which are meant to be lightweight to achieve maximum speeds. For such applications, carbon fiber is the perfect material.
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Global CF And CFRP Market Overview
The primary growth factors for the global CF And CFRP Market involve extensive demand for carbon fiber and carbon fiber-reinforced materials in the aerospace and defense sector and developing countries offering innovative opportunities to the key players in the carbon fiber industry. The aerospace sector is expanding at a staggering rate due to its applications in the defense sector. In the defense industry, aircraft are used for various applications such as cargo, surveillance, offense, etc. The US is the leading country in the defense sector because of its exponential investment in various research and development activities for innovative, cutting-edge defense technology.
Carbon fiber being lightweight and structurally sound material has become a primary choice for manufacturing aircraft and UAVs. The automotive industry is another primary end-user of the carbon fiber industry, where carbon fiber is being used to manufacture race cars. Race cars have the primary requirement of being lightweight as it helps them achieve greater speeds. Thus, carbon fiber is being used to manufacture fast race cars and supercars that are also structurally capable of protecting the driver in case of adventure.
Global CF And CFRP Market Segmentation Analysis
The Global CF And CFRP Market has distinct Segments Based on Carbon Fiber, Resin Type, and Geography.
CF And CFRP Market, By Carbon Fiber
- Polyacrylonitrile Carbon Fiber
- Pitch-Based Carbon Fiber
- Rayon-Based Carbon Fiber
- Others
Based on Carbon Fiber, the global market for CF and CFRP is segmented into Polyacrylonitrile Carbon Fiber, Pitch-Based Carbon Fiber, Rayon-Based Carbon Fiber, and Others. The polyacrylonitrile carbon fiber or the PAN carbon fiber segment controlled the greater share of the global CF And CFRP Market. It is because the PAN carbon fiber can withstand a greater mechanical force while being significantly lightweight. It is also resistant to chemical erosion, thus offering higher durability. Because of this, PAN carbon fiber has found applications in many end-user industries such as aerospace, automotive, sports, and leisure, building and construction, wind power industry, etc.
CF And CFRP Market, By Resin Type
- Thermoplastics CFRP
- Thermosetting CFRP
Based on Resin Type, the global market for CF and CFRP is segmented into Thermoplastics CFRP and Thermosetting CFRP. The thermoplastics CFRP segment exerted greater control over the global CF and CFRP market due to their structural integrity, resistance towards chemicals and mechanical pressure and impact, and tensile strength. Commonly used thermoplastics CFRP include polyetheretherketone (PEEK), polyamide (PA), and polypropylene (PP) which are showcasing a massive demand from end-user industries due to the benefits offered by them.
CF And CFRP Market, By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Based on Geography, the market for CF & CFRP is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The North American region controlled the largest market share of the global CF And CFRP Market because of its established aerospace and defense sector. The US has the largest defense budget compared to any other country across the globe. The US also has shown remarkable development in the aerospace sector, creating a massive demand for carbon fiber materials as it is structurally sound and lightweight.
Key Players
The “Global CF And CFRP Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Solvay, Hexcel Corporation, Gurit, SGL Group, Mitsubishi Chemical Holding Corporation, Formosa Plastics Corporation, Koninklijke Ten Cate BV, Aeron Composite Pvt Ltd, Sigmatex, and Nippon Graphite Fiber Corporation. This section offers in-depth analysis through a company overview, position analysis, the regional and industrial footprint of the company, and the ACE matrix for insightful competitive analysis. The section also provides an exhaustive analysis of the financial performances of mentioned players in the given market.
Key Developments
- In October 2022, Solvay launched LTM 350, a carbon fiber epoxy prepreg tooling material, with an objective to serve automotive and the aerospace industry.
- In May 2023, Hexcel Corporation inaugurated a new extension plan in Morocco. The plant is equipped with solar panels capable enough to suffice the 20% electricity needs of the plant.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global CF And CFRP Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global CF And CFRP Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2019-2030 |
| BASE YEAR | 2022 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2019-2021 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Solvay, Hexcel Corporation, Gurit, SGL Group, Mitsubishi Chemical Holding Corporation, Formosa Plastics Corporation, Koninklijke Ten Cate BV, Aeron Composite Pvt Ltd, Sigmatex, and Nippon Graphite Fiber Corporation. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Industry Analysis Matrix
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