Global CF & CFRP Market to register 10.4% CAGR through 2026

May 11, 2020

As per the report titled ‘Global CF & CFRP Market Size study, by Raw Material Type (Polyacrylonitrile (Pan-Based) Carbon Fibres, Pitch-Based Carbon Fibre, Rayon-Based Carbon Fibre), by Resin Type (Thermosetting CFRP, Thermoplastic CFRP), by Manufacturing Process (Lay-Up Process, Compression Molding Process, Resin Transfer Molding Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Other Processes), by End-Use Industry (Aerospace & Defense, Wind Energy, Automotive, Sporting Goods, Civil Engineering, Pipe & Tank, Marine, Electrical & Electronics, Medical, Other Applications) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global CF & CFRP market share was worth USD 25.04 billion in 2018 and is projected to record a y-o-y growth rate of 10.4% during 2019-2026.

Carbon fibre (CF) and carbon fibre reinforced polymer (CFRP) have low weight and high strength, making them preferable for manufacturing various components across several industries. Escalating demand for CF & CFRP from aircraft manufacturers including Airbus and Boeing to reduce weight and increase fuel efficiency of the aircrafts is a major growth driver of global CF & CFRP market. Likewise, increasing deployment of components made of carbon fibre material in automotive industry for achieving higher fuel efficiency is enhancing the market growth.

Moreover, rising focus towards electricity generation from renewable sources is positively impacting the industry outlook. Growing popularity of these materials in emerging nations and broadening applications will stimulate the business landscape in the coming years. However, high production cost and long cycle time are likely to hinder the market growth during the forecast period.

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Considering the geographical landscape, North America is reckoned to account for a considerable market share by the year 2026. Surging demand for superior performance products in the aerospace & defense industry, rising product adoption in heavy duty and medium-duty vehicles for type-II and type-III CNG cylinders, and easy availability of raw materials are supporting the regional market expansion.  

CF & CFRP market in Asia Pacific is anticipated to grow rapidly over the forecast timeline, on account of factors such as increasing investments in renewable energy and rapid growth of aviation industry.

Major players operating in global CF & CFRP market are Cytec Solvay Group, DowAksa, TenCate Corp., Hyosung, Hexcel Corporation, Formosa Plastics Corporation, SGL Group, Mitsubishi Chemical Holdings Corporation, Teijin Limited, and Toray Industries Inc.

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