Carbon Fiber Reinforced Plastic Market Analysis

Application (Aerospace & Defense, Wind Turbine, Automotive, Sports Equipment, Building & Construction)

The global carbon fiber reinforced plastic market is segmented and analyzed for demand and supply by application into aerospace & defense, wind turbine, automotive, sports equipment, building & construction, and others. Out of these segments, the automotive segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing demand for and manufacturing of automobiles, whether they are electric or powered by combustion engines, across the globe. This factor is projected to hike the utilization of carbon fiber reinforced plastic, and it is predicted to drive the segment’s growth in the market. As per the Organization of Motor Vehicle Manufacturers, the sales of vehicles rose from 78, 774,320 units in 2020 to 82, 684, 788 in 2021 worldwide.

Type (Thermosetting, Thermoplastic)

The global carbon fiber reinforced plastic market is also segmented and analyzed for demand and supply by type into thermosetting, thermoplastic, and others. Amongst these segments, the thermosetting segment is expected to garner a significant share. The growth of the segment is ascribed to the escalated utilization of thermosetting resin such as, vinyl, epoxy, polyester, and others in the formation of carbon fiber reinforced plastics since it comprises of the significant properties that are high strength, adhesion, low shrinkage, adaptability, and others. It is observed that thermosetting resins shrinks only by 2 to 8 % during polymerization. Additionally, thermosetting resins are heavily used in multiple industries, such as, automotive, aerospace, marine, oil & gas, wind energy, electrical & electronics, and others.

Our in-depth analysis of the global carbon fiber reinforced plastic market includes the following segments: