Carbon Fiber Reinforced Plastic (CFRP) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Carbon Fiber Reinforced Plastic (CFRP) Market is segmented by Resin (Thermosetting CFRPs and Thermoplastic CFRPs), End-user Industry (Aerospace, Automotive, Sports and Leisure, Building and Construction, Wind Power Industry, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Carbon Fiber Reinforced Plastic (CFRP) Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >8 %

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Market Overview

The carbon fiber reinforced plastic (CFRP) market is projected to register a CAGR of 8% during the forecast period (2021-2026).

The market is negatively impacted due to COVID-19. CFRP is used in the manufacturing of the aerospace industry, as they reduce the fuel economy and weight by 30%. The aerospace industry is also negatively impacted due to the disruption caused by the COVID-19 pandemic. The number of aircraft delivered in 2020 stood around 723 units, with a decline of 42% compared to 2019. According to the International Air Transport Association, the global revenue of air transport has fallen by more than 50% and stood with revenue of less than USD 450 billion. However, with the recovering of aerospace firms, the investments are expected to grow and drive the demand for CFRP in the coming years.

  • Over the long term, the growing demand from the aerospace industry and a rising preference for fuel-efficient and light-weight vehicles are expected to drive the market growth.
  • However, the high cost of the CFRP and inadequate production capacity are expected to hinder the market's growth.
  • Shifting focus on the development of low-cost products and technologies is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption from China and India.

Scope of the Report

Carbon fiber reinforced plastic is a polymer matrix composite material reinforced by carbon fibers. It is majorly used in the manufacturing of aircraft and rockets, as it increases fuel efficiency and reduces the weight of the aircraft body. The market is segmented by Resin, end-user industry, and geography. By resin type, the market is segmented into thermosetting CFRPs and thermoplastic CFRPs. By end-user industry, the market is segmented into aerospace, automotive, sports and leisure, building and construction, wind power industry, and other end-user industries. The report also covers the market size and forecasts for the carbon fiber reinforced plastic (CFRP) market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Resin Type
Thermosetting CFRP
Thermoplastic CFRP
End-user Industry
Sports and Leisure
Building and Construction
Wind Power Industry
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from the Aerospace Industry

  • CFRP is a composite material consisting of two parts, namely, matrix and reinforcement. The matrix is a polymer resin, and reinforcement is a carbon fiber, which provides high strength to the material.
  • With the focus on performance improvement in the aerospace industry, CFRP material is being used as a replacement for metals and alloys, as it possesses a high strength-to-weight ratio and rigidity.
  • Initially, CFRP was used in Boeing 787 and the Airbus A350, primarily driven by the weight savings of CFRP parts. The latest models in civil aviation, such as the Boeing Dreamliner and Airbus A350, are made of up to 52% CFRP.
  • The global aircraft fleet volume stands around 27,800 aircraft in 2020, compared to 25,900 in 2019, with an increase of 7% in the fleet volume. The global aircraft fleet is expected to reach 48,000 aircraft by 2039. The growing aircraft fleet will have a significant impact on the CFRP market during the forecast period.
  • According to Boeing forecasts, 32,270 units of single-aisle aircraft (narrow-body aircraft) will be delivered in the next 20 years globally.
  • With the increasing defense budgets around the world, there are technological changes, resulting in the increasing demand for CFRPs, thereby driving the market.
  • Owing to all the abovementioned factors, the market is expected to grow post-recovery during the forecast period.
Carbon Fiber Reinforced Plastic (CFRP) Market - Segmentation Trends

Asia-Pacific to Dominate the Market

  • Asia-Pacific accounted for the largest share in the global CFRP market, owing to widespread adoption in industrial, aviation, and automotive sectors in countries, like India, Japan, and China.
  • China has been a key contributor to global air traffic growth for the past few years. The average passenger growth rate has been over 10% per year. This growth is primarily driven by rising passenger traffic due to higher spending power and better air connectivity. Thus, increasing passenger traffic is expected to boost the demand for aircraft.
  • As of Boeing estimates 2019, the airplane market value will be USD 1,300 billion in the next 20 years. Thus this, in turn, is expected to drive the demand for CFRP in the coming years.
  • The Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a slowdown in 2018, wherein production and sales declined. A similar trend continued, with production witnessing a 7.5% decline in 2019. Additionally, the production volume reached 25.23 million vehicles in 2020, registering a decline rate of about 2% compared to 2019.
  • As the pandemic spread, many auto companies across the country shut down their manufacturing activities due to the nationwide shutdown. In addition to the auto companies based in Hubei, Tesla’s new factory in Shanghai was shut down and postponed the production date of its Model 3. Moreover, Volkswagen postponed production at all of the Chinese plants that it runs in partnership with SAIC.
  • All the abovementioned factors, in turn, are projected to show a significant impact on the market in the coming years.
Carbon Fiber Reinforced Plastic (CFRP) Market - Regional Trend

Competitive Landscape

The carbon fiber reinforced plastic (CFRP) market is partly fragmented and is highly competitive among the major players. Some of these major players include Solvay, Formosa M Co. Ltd, Nikkiso Co. Ltd, ALLRed & Associates Inc., and Röchling Group, among others.

Recent Developments

  • In December 2020, Mitsubishi Chemical Corporation announced plans to establish a new pilot facility for carbon fiber reinforced thermoplastic (thermoplastic CFRP) in Fukui Prefecture. The plant is expected to start operations by the end of 2021.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from the Aerospace Industry

      2. 4.1.2 Rising Demand for Fuel-efficient and Light-weight Vehicles

    2. 4.2 Restraints

      1. 4.2.1 High Cost of CRFP

      2. 4.2.2 Unfavorable Conditions Arising Due to the Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Resin Type

      1. 5.1.1 Thermosetting CFRP

      2. 5.1.2 Thermoplastic CFRP

    2. 5.2 End-user Industry

      1. 5.2.1 Aerospace

      2. 5.2.2 Automotive

      3. 5.2.3 Sports and Leisure

      4. 5.2.4 Building and Construction

      5. 5.2.5 Wind Power Industry

      6. 5.2.6 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Solvay

      2. 6.4.2 Hexcel Corporation

      3. 6.4.3 Formosa M Co. Ltd

      4. 6.4.4 Mitsubishi Chemical Corporation

      5. 6.4.5 Nippon Graphite Fiber Co. Ltd

      6. 6.4.6 SABIC

      7. 6.4.7 TEIJIN LIMITED

      8. 6.4.8 TORAY INDUSTRIES INC.

      9. 6.4.9 ALLRed & Associates Inc.

      10. 6.4.10 Röchling

      11. 6.4.11 Nikkiso Co. Ltd

    5. *List Not Exhaustive

    1. 7.1 Shifting Focus Toward the Development of Low Cost Products and Technologies

**Subject to Availability

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Frequently Asked Questions

The Carbon Fiber Reinforced Plastic (CFRP) Market market is studied from 2016 - 2026.

The Carbon Fiber Reinforced Plastic (CFRP) Market is growing at a CAGR of >8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Solvay, Röchling Group, Formosa M Co., Ltd, ALLRed & Associates Inc., Nikkiso Co., Ltd. are the major companies operating in Carbon Fiber Reinforced Plastic (CFRP) Market.

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