Global Carbon Fibre Reinforced Plastic Composites Market Report 2024-2034, Featuring BASF, Formosa Plastics, Hexcel, Nippon Carbon, SGL Carbon, Teijin, Toray Industries & Voith

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Jan 22, 2024, 06:30 ET

DUBLIN, Jan. 22, 2024 /PRNewswire/ -- The "Carbon Fibre Reinforced Plastic (CFRP) Composites Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.

World revenue for the Carbon Fibre Reinforced Plastic (CFRP) Composites Market is forecast to surpass US$23.88 billion in 2024, with strong revenue growth forecast through to 2034.

The surge in demand for vehicles that are both fuel-efficient and lightweight has emerged as a central driver behind the burgeoning growth of the CFRP composites market. This demand is propelled by the automotive industry's persistent pursuit of solutions to enhance fuel efficiency, decrease emissions, and elevate overall vehicle performance. CFRP composites, renowned for their remarkable strength-to-weight ratio, have become pivotal in achieving these objectives. The imperative to reduce vehicle weight, given its direct impact on fuel consumption, makes CFRP composites an attractive choice for manufacturers seeking innovative materials to construct lighter vehicles.

Furthermore, the adoption of CFRP composites aligns with global concerns about environmental sustainability, positioning these materials as a crucial component in the ongoing effort to address climate change. The inherent lightweight nature of CFRP composites not only contributes to improved fuel efficiency but also enhances the overall performance of vehicles, including factors such as acceleration, handling, and braking. Stringent regulatory standards related to emissions and fuel efficiency further drive the automotive industry to explore and incorporate innovative materials like CFRP composites into vehicle design.

The evolution of electric and hybrid vehicles as viable alternatives in the automotive landscape has added another dimension to the demand for lightweight materials. CFRP composites, with their suitability for alternative propulsion systems, play a pivotal role in the development of energy-efficient and environmentally friendly vehicles. Innovations in manufacturing processes, such as automated fibre placement and resin transfer moulding, have streamlined the production of CFRP composites, making them more efficient and cost-effective for automotive applications. As consumer preferences increasingly gravitate towards sustainable and environmentally conscious choices, CFRP composites stand out as materials that align with these expectations, further fuelling their adoption in the automotive industry. In essence, the rise in demand for fuel-efficient and lightweight vehicles positions CFRP composites as a transformative force shaping the landscape of vehicle construction and design.

Increasing R&D Investments

Increasing investments in research and development (R&D) presents a promising opportunity for the CFRP composites market. R&D efforts have the potential to catalyse significant advancements in this industry in several key areas. R&D can drive the development of advanced carbon fibre materials with enhanced properties, including greater strength, stiffness, and durability. These improvements make CFRP composites suitable for an even broader spectrum of industries and applications, particularly those demanding high-performance materials.

Key Market Dynamics

Market Driving Factors

Rising Aerospace Sector Coupled with New Commercial Aircraft Orders
Rising Demand from the Automotive Sector Along with the Performance Recovery
Growing Wind Energy Sector Coupled with Energy Efficiency Requirements
Double Digit Growth in Electric Vehicle Sales

Market Restraining Factors

High Production Cost of CFRP Composites
Challenging CFRP Composites Recycling
Limited Understanding of CFRP Composites

Market Opportunities

Rising Demand for Fuel-Efficient and Light-Weight Vehicles
Advancements in Recycling Technologies
Innovations in Manufacturing Processes
Increasing R&D Investments

Forecasts to 2034 and other analyses reveal commercial prospects

In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
You will find original analyses, with business outlooks and developments.
Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising carbon fibre reinforced plastic (CFRP) composite prices and recent developments.

Segments Covered in the Report

Polymer Type

Thermosetting
Thermoplastic

Thermosetting Polymers

Epoxy
Polyester
Vinyl
Phenolic
Polyimide
Others

Thermoplastic Polymers

Acrylic
Polyether ether ketone (PEEK)
Polyamide / Nylon
Polypropylene
Others

Manufacturing Process

Prepreg Layup
Pultrusion
RTM
Filament Winding
Compression Moulding
Injection Moulding
Others

End-use Industry

Sporting Goods
Automotive
Wind Energy
Aviation & Aerospace
Construction
Marine
Pressure Vessel
Others

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 17 leading national markets.

Leading companies profiled in the report

BASF
DowAksa Advanced Composite Material Industries
Formosa Plastics
Formosa Taffeta
Hexcel
Hyosung Advanced Materials
Mitsubishi Chemical Group
Nippon Carbon
SGL Carbon
Solvay
Teijin
Toray Industries
Voith
ZOLTEK

In summary, the report provides you with the following knowledge:

Revenue forecasts to 2034 for Carbon Fibre Reinforced Plastic (CFRP) Composites Market, 2024 to 2034 Market, with forecasts for polymer type, thermosetting polymer, thermoplastic polymer, manufacturing process, and end use industry, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
Revenue forecasts to 2034 for five regional and 17 key national markets - See forecasts for the Carbon Fibre Reinforced Plastic (CFRP) Composites Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
Prospects for established firms and those seeking to enter the market - including company profiles for 14 of the major companies involved in the Carbon Fibre Reinforced Plastic (CFRP) Composites Market, 2024 to 2034.

For more information about this report visit https://www.researchandmarkets.com/r/3mmu5g

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