Carbon Fiber Reinforced Plastic Market Size

Carbon Fiber Reinforced Plastic Market size was over USD 23.26 billion in 2024 and is set to reach USD 60.79 billion by the end of 2037, witnessing around 7.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of carbon fiber reinforced plastic is assessed at USD 24.69 billion.

The growth of the market can be attributed to the increasing expansion of the automotive industry in recent years. The high demand for vehicles from the population is expected to increase the utilization rate of carbon fiber reinforced plastic in  automobiles over the forecast period. According to recent statistics, the Indian automotive industry is projected to rise by up to USD 282 billion by 2026. Further, the global automotive industry is expected to reach approximately USD 9 trillion by 2030.

Carbon fiber reinforced plastic market trends, such as, the burgeoning population propelling the demand for lightweight vehicles with fuel-efficient properties backed by government regulations to curb vehicular pollution, are expected to increase the sales of carbon fiber reinforced plastic during the forecast period. Furthermore, the high number of vehicles on the road is expected to increase the use of carbon fiber reinforced plastic, propelling the market’s size during the forecast period. By the end of the first quarter of 2022, it was estimated that there were approximately 1.45 billion vehicles on the roads across the globe. Out of these, around 1 billion are estimated to be passenger cars.