Market Size of Carbon Fiber Reinforced Plastic (CFRP) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players_Market_-_Keyplayers.webp)
*Disclaimer: Major Players sorted in no particular order |
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Carbon Fiber Reinforced Plastics (CFRP) Market Analysis
The carbon fiber reinforced plastic (CFRP) market is projected to register a CAGR of 8% during the forecast period.
The market was negatively impacted due to COVID-19, as all the major industries that consume CFRP were put on a halt. All the industries, such as construction, automotive, aerospace, and others, shut their production plant due to the disruption caused by the COVID-19 pandemic, which reduced the demand for CFRP. However, with firms recovering, 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 lightweight vehicles are expected to drive market growth.
- However, the high cost of the CFRP and inadequate production capacity are expected to hinder the market's growth.
- Shifting focus on developing low-cost products and technologies will likely act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from China and India.
