The global CF & CFRP market size was USD 17.5 billion in 2020 and is expected to reach USD 31.5 billion by 2025, projecting a CAGR of 12.4% between 2020 and 2025. CF & CFRP have high demand from aerospace & defense, sporting goods, and automotive end-use industries. This is due to the superior performance properties of CF & CFRP, such as low weight, high strength, corrosion resistance, and FST properties. However, the outbreak of COVID-19 has created ripples in the application industries, leading to reduced demand for CF & CFRP. Due to the lockdown scenario globally, the need for CF & CFRP from composite component manufacturers has declined sharply in the first quarter of 2020.
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Thermoset resin dominated the CF & CFRP market industry in terms of value in 2019. Thermoset CFRP is extensively used in aerospace applications and wind energy, owing to their superior strength-to-weight ratio and anti-corrosive property. The aerospace industry and wind energy have widely adopted the epoxy resin-based CFRP materials in various components. It dominated the CF & CFRP market in 2019, in terms of value. However, the thermoplastic resin segment is expected to register faster growth due to its increasing applications in the automotive end-use industry.
The lay-up manufacturing process holds the largest share in the CFRP market in terms of value. This large share is attributed to the developed aerospace & defense industry and recovery of the marine industry at the global level. The lay-up process includes hand lay-up and spray-up, widely used for carbon fiber composite components manufacturing for aerospace & defense and marine industries for a wide range of products. Pultrusion is a major process due to the increasing use of pultruded CFRP profiles in wind energy and industrial applications.
The aerospace & defense end-use industry holds the largest share in terms of value in the CF & CFRP market. This is due to the high demand for carbon fiber composites in commercial passenger aircraft and fighter planes in tandem with increasing demand for A380 and Boeing 787 aircraft from Boeing and Airbus. The launch of new aircraft such as the Boeing 777x and China’s indigenously built Comac C919 is expected to boost the CFRP demand in the near future.
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Wind energy was the second-largest consumer of carbon fiber composites as these composites offer a higher strength-to-weight ratio over many structural materials, excellent corrosion resistance, and other desirable properties. The automotive industry is expected to be the fastest-growing carbon fiber market due to the increasing use of CFRP in a large number of vehicles.
The major manufacturers profiled in this report include Toray Industries, Inc. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), Teijin Limited (Japan), SGL Group (Germany), Solvay (Belgium) and others.
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