The global carbon fiber reinforced plastic market was valued at US$ 32.21 billion in 2016. Carbon fiber reinforced plastic market is mainly driven by the increasing demand from developing economies coupled with environmental regulations towards energy efficient & environmentally friendly products. The carbon fiber reinforced plastic market has been segmented on the basis of manufacturing process, application, and region.

In terms of manufacturing process, prepreg layup process accounted for approximately 40% market share in year 2016 of the global market in terms of revenue and is projected to maintain its dominance throughout the forecast period 2017 to 2025. However, pultrusion and winding process is anticipated to be the fastest growing segment with CAGR of around 9.7% during the forecast period 2017 to 2025.

In terms of application, energy segment accounted for the largest share in terms of value. It is also projected to grow at the fastest CAGR of 10.7% during the forecast period of 2017 to 2025. Due to its high strength to weight ratio (much higher than most metals), CFRP is being preferred by the players present in the offshore drilling in the oil and gas industry. The light weight property of carbon fiber composites is also a big driving factor in energy sector, especially in fuel cells and high pressure vessels areas.

In 2016, the carbon fiber reinforced plastic market by region was dominated by North America accounting for approximately 35% of the market share. North America was followed by the Asia Pacific and Europe. The U.S. is the largest national market for carbon fiber reinforced plastic in North American region, due to huge demand of CFRP composite in U.S. from the aviation industry. Whereas, Asia Pacific is the fastest growing market during the forecasted period.

Major players operating in the market are Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL-Group (Germany), Formosa Plastics Corporation (Taiwan), and Hexcel Corporation (U.S.) among others.

The report titled “Carbon Fiber Reinforced Plastic Market - Growth, Future Prospects, and Competitive Analysis, 2017 – 2025” offers strategic insights into the global carbon fiber reinforced plastic market along with the market size and estimates for the duration 2017 to 2025. The said research study covers in-depth analysis of multiple market segments based on resin type, type, end-use industry and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2016 & 2025. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.

In order to help the strategic decision makers, the report also includes profiles of the leading carbon fiber reinforced plastic manufacturers, along with their, product portfolio and key developments. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the carbon fiber reinforced plastic industry
• Market drivers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2015 – 2016)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global carbon fiber reinforced plastic market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above mentioned factors.

In 2016, on the basis of manufacturing process, the CRPF market was dominated by the prepreg layup process with the share of approximately 40% and will maintain its leading position through out the forecasted period. The prepreg layup process is used for production of aerospace grade CFRP products. Growth in the market is attributed to increasing aerospace, wind energy, and marine applications. This segment will be followed by Pultrusion & winding. Pultrusion & winding will see increase in its market share in coming years as it is expected to grow at the fastest CAGR of 9.7% between 2017 and 2025, owing to increasing demand for light weight cars and aircrafts, fuel efficiency and government legislations. Other manufacturing process includes electron beam curing and UV curing.

The energy sector holds the largest market share in the carbon fiber reinforced plastics composites market, accounting for approximately 39% in 2017. Carbon fiber find its application in wind power, fuels cells, oil & gas and pressured vessels in energy industry. Aerospace sector is the second largest CFRP composites market. Aerospace sector is further segmented into submarkets such as commercial aircraft, military aircrafts, business jets and helicopters. The sporting equipment sector will account for 7% in 2017. Other major applications include Marine and other consumer applications.

North America was the largest market with a share of approximately 35%, in terms of value, of the global market in 2016; followed by Asia Pacific. North American composite market is mainly driven by the demand from the U.S. market which accounts for approximately 75% share of region’s market. Due to high demand for more fuel efficient and lightweight technologies, strict environmental regulations, growth in wind energy and resurgence of global automotive sector coupled with increasing demand from reviving economy of Western European countries, the demand for CFRP composites will grow, globally. Growth in emerging markets will also stimulate demand for CFRP composites as these economies are characterized by growing level of disposable income, rapid development of a middle class, rising level urbanization and changing life style.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Carbon Fiber Reinforced Plastic (CFRP) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Carbon Fiber Reinforced Plastic (CFRP) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Carbon Fiber Reinforced Plastic (CFRP) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Carbon Fiber Reinforced Plastic (CFRP) market?
• Which is the largest regional market for Carbon Fiber Reinforced Plastic (CFRP) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Carbon Fiber Reinforced Plastic (CFRP) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Carbon Fiber Reinforced Plastic (CFRP) market worldwide?