Lightweight Strength: Exploring the Scope and Trends in the CF & CFRP Market Industry

The CF & CFRP market is projected to grow 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. During the forecast period, the global CF & CFRP market is expected to grow in the coming years, driven by increasing demand from various industries such as wind energy, automotive & transportation, and aerospace. The market is also expected to benefit from the increasing adoption of electric vehicles and the need for lightweight materials to improve their range and efficiency.

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Based on precursor type, the carbon fiber market is segmented on the basis of precursor type as polyacrylonitrile (PAN) based, petroleum pitch-based, and rayon-based carbon fibers. Carbon fibers are produced by these materials through either carbonization or graphitization processes at very high temperatures ranging from 2,000°C to 3,500°C. The demand for PAN-, pitch-, and rayon-based carbon fibers vary because of their different physical properties, use in different applications, and the different manufacturing processes used in their production.

Based on source, the carbon fiber market is segmented based on the source of raw materials as virgin carbon fiber and recycled carbon fiber. Virgin carbon fibers are produced from precursor materials such as PAN and pitch, whereas recycled carbon fibers are produced from CFRP scrap from various industries such as aerospace & defense, wind energy, and transportation. Recycled carbon fiber enables cost savings and energy savings as compared to virgin carbon fiber.

Based on resin type, the CFRP market is segmented on the basis of resin type as thermosetting CFRP and thermoplastic CFRP, depending on the type of resin used. Thermosetting and thermoplastic resins are used as a matrix to produce these carbon composites. Thermosetting resin has a larger market share than thermoplastic due to its excellent resistance to high temperature. Thus, it has larger applications in aerospace and defense industries, where high-temperature resistant materials are required.

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Based on manufacturing process, the market for CFRP is segmented based on manufacturing processes such as lay-up, filament winding, injection molding, pultrusion, compression molding, resin transfer molding (RTM), and other processes. CFRP products developed and manufactured through these manufacturing processes have different mechanical and physical properties. These manufacturing processes are used to manufacture carbon fiber composites for use in specific applications in the automotive, wind energy, marine, and aerospace & defense industries. CFRP manufactured through lay-up processes is applicable in aerospace & defense, wind, and marine applications. Carbon fiber composites manufactured through filament winding processes are specifically used in the pipes & tanks industry. The pultrusion process is designed for using CFRP in civil engineering applications, whereas the compression-molding process is used in automotive, aerospace & defense, and civil engineering.

Based on end-use industry, CFRP materials find applications in various end-use industries such as aerospace & defense, wind energy, sporting goods, and automotive. These industries have a large number of diverse and specialized requirements. For instance, the sports segment has CFRP requirements in golf shafts, fishing rods, tennis rackets, hockey sticks, and bicycle frames. Carbon fiber composites are traditionally used in the aerospace & defense industry for their excellent physical and mechanical properties such as light weight, high mechanical strength, thermal & chemical stability, recyclability, dimensional stability, and heat resistance. The application of carbon fiber and carbon fiber composites is now increasing. Carbon fiber composites are now being used in wind turbines, sporting goods, automotive, marine, construction, oil & gas, medical, and other industries. Lightweight, high strength, durability, and other performance properties are driving the demand for CFRP in the automotive, wind energy, aerospace, marine, and building & construction industries.

Based on Region, Europe accounted for the largest market share, in terms of value, in 2022, due to increased demand from the aerospace & defense and automotive industries. Apart from existing capacities, several carbon fiber composites manufacturers are further expanding their production capacities. Leading carbon fiber manufacturers such as Toray Industries Inc. (Japan) and Mitsubishi Rayon Co. Ltd. (Japan) are targeting markets in the US, Germany, and China for their expansion through the establishment of new plants or new production lines. Demand in aerospace & defense and automotive industries drives the market in North America and Europe.

Major players operating in the CF & CFRP market include Toray Industries Inc., (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), Hexcel Corporation (US), Solvay (Belgium), SGL Carbon (Germany), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Kureha Corporation (Japan), DowAksa (Turkey), Jilin Chemical Fiber Group Co., Ltd. (China) and Jiangsu Hengshen Co., Ltd. (China). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.