How big is the Carbon Fiber Reinforced Plastic Market | Trends & Forecast

Q: How big is the Carbon Fiber Reinforced Plastic market?

The CFRP Market was estimated at USD 11 billion in 2024 and is projected to reach USD 19 billion by 2031.

Q: What is driving the growth of this market?

The market is driven by rising demand for strong, lightweight, and durable materials in aerospace, automotive, and industrial applications.

Q: What are the key trends in the CFRP industry?

Thermoplastic CFRPs, bio-based resins, EV applications, and sensor-embedded composites.

Q: Who are the leading players in the carbon fiber reinforced plastic market?

Major players include Toray, Hexcel, Teijin, Mitsubishi Chemical, and Solvay.

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Code: MTA5634

Publication Date: Jul 2025

What is the size of the Carbon Fiber Reinforced Plastic Market?

According to 6Wresearch internal database and industry insights, Global Carbon Fiber Reinforced Plastic (CFRP) Market was estimated atUSD 11 billion in 2024 and is projected to reachUSD 19 billion by 2031, growing at aCAGR of 9.2% during the forecast period 2025â€“2031.

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Due to increasing demand for lightweight, high-strength materials across aerospace, automotive, construction, and sporting goods industries, the market is anticipated to grow in the coming years.

Key Growth Drivers of the Carbon Fiber Reinforced Plastic Market

Surging demand for lightweight components to improve fuel efficiency and reduce emissions
Growing application in aircraft structures, automotive parts, and industrial equipment
Expansion of renewable energy sector, especially wind turbine blades and structural components
Advancements in CFRP manufacturing technologies enabling faster, cost-effective production
Increased usage in sports equipment, consumer electronics, and civil infrastructure

Carbon Fiber Reinforced Plastic Market Trends

The carbon fiber reinforced plastic market is expanding over the years a rise in thermoplastic CFRPs due to recyclability and shorter processing time. Another trend is moving towards the miniaturization in electronics which is driving the use of CFRP for lightweight, durable casings. In automotive, EV manufacturers are incorporating CFRP to extend range and reduce weight. This market is also a growing shift to bio-based resins and recycled carbon fiber materials.

Emerging Developments in the Carbon Fiber Reinforced Plastic Market

Carbon fiber reinforced plastic market is seeing new developments such as companies are innovating with 3D printing and hybrid composites for performance optimization. Further, the smart CFRPs with embedded sensors for structural health monitoring are gaining momentum. Aside from these, cross-sector collaborations are improving integration into mainstream manufacturing. In terms of region, Asia-Pacific region, particularly China and India, is witnessing rapid industrial and infrastructure growth driving CFRP demand.