Fibres and Yarns | News & Insights

CF & CFRP Market worth $60.3 billion by 2028, at a CAGR of 12.7%

Published: August 12, 2023
Author: TEXTILE VALUE CHAIN

The  report CF & CFRP Market by Source (Virgin, Recycled), Precursor, Resin Type, Manufacturing Process (Lay-up, Compression Molding, Resin Transfer Molding, Filament Winding, Pultrusion, Injection Molding), End-Use Industry, and Region – Global Forecasts to 2028″, is estimated at USD 29.7 billion in 2022 and is projected to reach USD 60.3 billion by 2028, at a CAGR of 12.7% from 2023 to 2028. The increasing adoption of electric vehicles and the need for lightweight materials to improve their range and efficiency has further boosted the demand for CF & CFRP in the automotive industry. Additionally, the growing trend of sustainability and eco-friendliness has led to the increasing use of CF & CFRP in green energy applications such as wind turbines.

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•  343 Market data Tables
•  76 Figures
•  365 Pages and in-depth TOC on  CF & CFRP Market – Global Forecast to 2028″

 Some of the prominent key players are:

 Toray Industries Inc., (Japan)

  • Teijin Limited (Japan)
  • Mitsubishi Chemical Corporation (Japan)
  • Hexcel Corporation (US)
  • Solvay (Belgium)
  • SGL Carbon (Germany)

PAN precursor type segment is expected to account for the largest market share in 2022, in terms of both value and volume.

PAN-based carbon fiber is a type of fiber produced by the carbonization of PAN precursor. Having high tensile strength and high elastic modulus, it is extensively used for structural material composites in aerospace & defense, automotive, and sporting goods industries. Currently, more than 90% of carbon fibers used are PAN-based, and the remaining are pitch-based. Rayon is normally not used because of the low yield and processing difficulties associated with it.

Filament winding segment is expected to grow with the highest CAGR in the CF & CFRP market during the forecast period

In the filament winding process, a rotating mandrel is used as a mold to produce an inner surface and a laminate surface outside the product. This process results in a high degree of fiber loading to produce high strength-to-weight ratio laminates. It produces hollow or circular components such as compressed air tanks, high-pressure CO2 tanks & bottles, water softener systems, rescue air tanks, sailboat masts, CNG tanks, light poles, and other construction materials. This automated process is used to make highly engineered structures.

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Europe is expected to account for the largest share in 2022

The CF & CFRP market has been studied in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The market for CFRP composites in Europe is characterized by capacity expansions, joint ventures, and agreements between various leading market players. Airbus is generating high demand for carbon fiber composites. The company’s Superjumbo A380 and A350 are built with large quantities of carbon fiber and carbon fiber composites. The recently released A380 is a large plane made of approximately 30 tons/unit of carbon fiber. Many regional car companies such as BMW (Germany) and Audi (Germany) now use carbon fiber composites on a significant scale. The carbon fiber reinforced plastic (CFRP) market in Europe has been experiencing growth and significant demand from various industries. Europe is home to several prominent automotive manufacturers, aerospace companies, and renewable energy projects, all of which contribute to the increasing adoption of CFRP.

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