Carbon Fiber Reinforced Plastic (CFRP) Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Resin (Thermosetting CFRPs and Thermoplastics CFRPs), by End-user Industry (Aerospace, Automotive, Sports and Leisure, Building and Construction, Wind Power Industry, and Other End-user Industries), and Geography

Market Snapshot

Chromatography Reagents Market - Market Summary
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The market for carbon fiber reinforced plastic (CFRP) is expected to witness a CAGR of more than 8% during the forecast period, 2019-2024. Growing demand from the aerospace industry and a rising preference for fuel efficient and light-weight vehicles are the major factors driving the market. However, the high cost of the CFRP and inadequate production capacity are expected to hinder the growth of the market studied.

  • Automotive industry dominated the market in 2018 and is expected to grow during the forecast period, owing to the increasing demand for light-weight vehicles.
  • 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

The carbon fiber reinforced plastic market report includes:

Resin Type
Thermosetting CFRP
Thermoplastics 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 & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Demand from Automotive Sector

  • Growing environmental concerns, due to the increasing amounts of exhaust emissions are consistently putting pressure on automobile manufacturers to manufacture vehicles that are fuel-efficient and, in turn, aid in minimizing emissions. Light-weight materials and designs have become an important aspect when designing and manufacturing automobiles.
  • In addition, driving dynamics are also a major point of interest. The shifting focus of the governments across the world toward minimizing carbon emissions and enhancing the fuel economy (as per Corporate Average Fuel Economy standards) of the vehicle has increased the importance of lightweight materials in the production of automobiles.
  • Carbon fiber reinforced plastics (CFRP) are considered to be a key ingredient in numerous areas of the automobile industry. They aid in reducing carbon emissions and ensure the creation of lightweight and environment-friendly vehicles. Automobile manufacturers have started replacing steel and aluminum components (used in manufacturing automotive components and parts and body) with CFRP.
  • With the growing demand from the automotive sector, the market for Carbon fiber reinforced plastics (CFRP) is projected to increase at a high rate, during the forecast period.
Chromatography Reagents Market - Segmentation

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Asia-Pacific Region to Dominate the Market

  • Asia-Pacific accounted for the largest share in the global CFRP market, owing to widespread adoption in industrial and automotive sectors in countries, like India and China.
  • The aviation industry in China was said to be adding around 6,000 new airplanes between 2016 and 2033. China’s domestic air passenger market experienced the biggest incremental rise, in terms of the number of journeys made by passengers in 2018, when compared to 2017. The increase in the number of passengers encourages the government to invest more in the production of more flights, which, in turn, increases the consumption of CFRP.
  • Japan has its own Japan Carbon Fiber Manufacturers Association, which merged with the Japan Chemical Fibers Association in July 2014. The major end-user industry which uses CFRP in Japan includes aircraft and aerospace, automobiles, sports and recreational, building and civil engineering, wind energy, electronics, and medical science.
  • Industries, like sports and leisure, building and construction, and wind power, are continuously finding newer applications for CFRPs, which are likely to further ignite the growth of CFRP market in Asia-Pacific, during the studied period.
Chromatography Reagents Market - Regional Trends

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Competitive Landscape

The Carbon Fiber Rienforced Plastic (CFRP) market is partly fragmented and is dominated by very few players. Some of these major players include Solvay, Formosa Plastics Corporation, Nikkiso Co. Ltd, Allred & Associates Inc., and Röchling Group.

Major Players

  1. Solvay
  2. Formosa Plastics Corporation
  3. Allred & Associates Inc.
  4. Nikkiso Co. Ltd
  5. Röchling Group

* Complete list of players covered available in the table of contents below

Chromatography Reagents Market - Market Concentration

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from 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 the CRFP

    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 Consumers

      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 Thermoplastics 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 & Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East & Africa


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

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Solvay

      2. 6.4.2 Hexcel Corp

      3. 6.4.3 Formosa Plastics Corporation

      4. 6.4.4 Mitsubishi Rayon Co. Ltd

      5. 6.4.5 Nippon Graphite Fiber Corp.

      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 Rochling Group

      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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