CF & CFRP Market by End-Use Industry (A&D, Wind Energy, Automotive, Sports, Civil Engineering, Pipe & Tank, Marine, Medical, E&E), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process, Raw Material, and Region - Global Forecast to 2022

The Carbon Fiber (CF) and Carbon Fiber Reinforced Plastic (CFRP) are the key elements of advanced composites materials. The global CFRP market was valued at USD 20.44 Billion in 2016, and is projected to grow at a CAGR of 10.50% between 2017 and 2022.

Following are the years considered for the study:

• Base Year – 2016
• Estimated Year – 2017
• Projected Year – 2022
• Forecast Period – 2017-2022

The year 2016 has been considered as the base year for company profiles. Whenever information was unavailable for the base year, the years prior to it have been considered.

Objectives of the Study

• To define, describe, and forecast the Carbon Fiber Reinforced Plastic (CFRP) market on the basis of end-use industry, resin type, manufacturing process, and region, and the Carbon Fiber (CF) market on the basis of raw material
• To analyze the CF and CFRP market size, in terms of volume (kiloton) and value (USD million)
• To analyze market segmentation, and project the CF and CFRP market on the basis of end-use industry, raw material, resin type, and manufacturing process in different regions, namely, Asia-Pacific, Europe, North America, ME&A, and South America, and to analyze significant region-specific trends
• To provide detailed information regarding key factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the market
• To strategically analyze the market with respect to individual growth trends, prospects, and contribution of submarkets to the overall market
• To analyze market opportunities and competitive landscape for stakeholders and market leaders
• To analyze recent market developments and competitive strategies, such as agreements, collaborations, joint ventures, mergers & acquisitions, and new product developments to draw a competitive landscape

Secondary sources, such as company websites, encyclopedias, directories, and databases have been considered to identify and collect information that is useful for this extensive commercial study of the global CF and CFRP market. Primary sources, which include experts from related industries, have been interviewed to verify and collect critical information as well as to assess the future prospects of the market. The top-down approach has been implemented to validate the market size, in terms of value and volume. With the data triangulation procedure and validation of data through primaries, the exact values of the overall parent market size and individual market sizes have been determined and confirmed in this study.

To know about the assumptions considered for the study, download the pdf brochure

The market for CFRP has a diversified and established ecosystem of its upstream players, such as raw material suppliers, and downstream stakeholders, such as manufacturers, vendors, end-users, and government organizations. Major players in the CFRP market have carried out backward and forward integration to strengthen their position in the prevailing market. Some of the major raw material suppliers as well as manufacturers are Toray Industries Inc. (Japan), Teijin Limited (Japan), and Mitsubishi Rayon Co. Ltd. (Japan).

This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments. These stakeholders include carbon fiber manufacturers, such as the Toray Industries, Teijin Limited, Mitsubishi Rayon Co. Ltd., and SGL Group (Germany).

Scope of the Report:

This research report categorizes the CFRP market based on end-use industry, resin type, manufacturing process, region, and the CF market based on raw material.

CFRP Market, on the Basis of End-Use Industry

• Aerospace & Defense
• Wind Energy
• Automotive
• Sporting Goods
• Civil Engineering
• Pipe & Tank
• Electrical & Electronics
• Marine
• Medical
• Others (oil & gas, 3-D printing, and consumer goods)

CFRP Market, on the Basis of Resin Type

• Thermosetting
• Epoxy
• Polyester
• Vinyl Ester
• Thermoplastic
• Polypropylene
• Polyurethane
• PET

CFRP Market, on the Basis of Manufacturing Process

• Lay-up
• Filament Winding
• Injection Moulding
• Pultrusion
• Compression Moulding
• Resin Transfer
• Others (extrusion, centrifugal casting, and close molding)

CFRP Market, on the Basis of Region

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America

CF Market, on the Basis of Raw Material

• PAN-based CF
• Pitch-based CF

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Product Analysis

• Product matrix, which gives a detailed comparison of product portfolio of each company

Geographic Analysis

• Further breakdown of the North American CFRP market
• Further breakdown of the European CFRP market
• Further breakdown of the Asia-Pacific CFRP market
• Further breakdown of the ME&A CFRP market
• Further breakdown of the South American CFRP market

Company Information

• Detailed analysis and profiling of additional market players.

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Report
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Key Industry Insights
           2.1.2 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 24)

4 Premium Insights (Page No. - 28)
    4.1 Significant Opportunities in CFRP Market, 2017–2022
    4.2 CFRP Market, By Resin Type
    4.3 CFRP Market, By End-Use Industry, and Region
    4.4 CFRP Market, By Manufacturing Process
    4.5 CFRP Market Growth, By Country
    4.6 CFRP Market Size, By Country
    4.7 CFRP Market Size, By End-Use Industry

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increase in the Use of Carbon Fiber and Carbon Fiber Reinforced Plastics in Boeing and Airbus Aircraft
                    5.2.1.2 Increase in Demand for Fuel-Efficient Vehicles
                    5.2.1.3 Focus on Production of Electricity From Renewable Sources
           5.2.2 Restraints
                    5.2.2.1 High Cost of Carbon Fiber Composites
                    5.2.2.2 Insufficient Production Capacity
           5.2.3 Opportunities
                    5.2.3.1 Potential Opportunities in New Applications
                    5.2.3.2 Growing Demand From Emerging Markets
           5.2.4 Challenges
                    5.2.4.1 to Produce Low-Cost Carbon Fiber Composite for Its Mass Production in Low-Cost Commercial Applications
                    5.2.4.2 to Achieve Technical Advancements to Reduce the Cycle Time
    5.3 Porter’s Five Forces Analysis
           5.3.1 Threat of New Entrants
           5.3.2 Threat of Substitutes
           5.3.3 Bargaining Power of Suppliers
           5.3.4 Bargaining Power of Buyers
           5.3.5 Intensity of Competitive Rivalry

6 Macroeconomic Overview and Key Trends (Page No. - 41)
    6.1 Introduction
    6.2 Trends and Forecast of GDP
    6.3 Per Capita GDP vs Per Capita CFRP Demand
    6.4 Trends of Aerospace Industry
    6.5 Trends of Automotive Industry

7 CF Market, By Raw Material Type (Page No. - 46)
    7.1 Introduction
    7.2 Polyacrylonitrile (Pan-Based) Carbon Fibers
           7.2.1 Pan-Based Carbon Fiber, By Tow Size
                    7.2.1.1 Small-Tow (<24k)
                    7.2.1.2 Large-Tow (>24k)
    7.3 Pitch-Based Carbon Fiber
    7.4 Rayon-Based Carbon Fiber

8 CFRP Market, By Resin Type (Page No. - 50)
    8.1 Introduction
    8.2 Thermosetting CFRP
           8.2.1 Epoxy
           8.2.2 Polyester
           8.2.3 Vinyl Ester
           8.2.4 Others
    8.3 Thermoplastic CFRP
           8.3.1 Polypropylene
           8.3.2 Polyethylene
           8.3.3 Polyethylene Terephthalate
           8.3.4 Others

9 CFRP Market, By Manufacturing Process (Page No. - 58)
    9.1 Introduction
    9.2 Lay-Up Process
    9.3 Compression Molding Process
    9.4 Resin Transfer Molding Process
    9.5 Filament Winding Process
    9.6 Injection Molding Process
    9.7 Pultrusion Process
    9.8 Other Processes

10 CFRP Market, By End-Use Industry (Page No. - 70)
     10.1 Introduction
     10.2 Aerospace & Defense
             10.2.1 Interior Parts
             10.2.2 Exterior Parts
     10.3 Wind Energy
             10.3.1 Wind Blades
     10.4 Automotive
             10.4.1 Interior Parts
             10.4.2 Exterior Parts
     10.5 Sporting Goods
     10.6 Civil Engineering
     10.7 Pipe & Tank
     10.8 Marine
     10.9 Electrical & Electronics
     10.10 Medical
     10.11 Other Applications

11 CFRP Market, By Region (Page No. - 89)
     11.1 Introduction
     11.2 North America
             11.2.1 Canada
             11.2.2 U.S.
             11.2.3 Mexico
     11.3 Europe
             11.3.1 Germany
             11.3.2 France
             11.3.3 U.K.
             11.3.4 Italy
             11.3.5 Spain
     11.4 Asia-Pacific
             11.4.1 China
             11.4.2 Japan
             11.4.3 South Korea
             11.4.4 Taiwan
     11.5 South America
             11.5.1 Brazil
             11.5.2 Argentina
     11.6 Middle East & Africa (ME&A)
             11.6.1 UAE
             11.6.2 Israel
             11.6.3 South Africa

12 Competitive Landscape (Page No. - 105)
     12.1 Introduction
             12.1.1 Dynamic
             12.1.2 Innovators
             12.1.3 Vanguards
             12.1.4 Emerging
     12.2 Competitive Benchmarking
     12.3 Product Offerings
     12.4 Business Strategy

13 Company Profiles (Page No. - 109)
(Business Overview, Products Offered, Scorecard of Product Offering, Scorecard of Business Strategy, and New Product Launch)
     13.1 Toray Industries Inc.
     13.2 Teijin Limited
     13.3 Mitsubishi Chemical Holdings Corporation
     13.4 SGL Group
     13.5 Formosa Plastics Corporation
     13.6 Hexcel Corporation
     13.7 Hyosung
     13.8 Tencate
     13.9 Dowaksa
     13.10 Cytec Solvay Group
     13.11 Taekwang Industrial Co. Ltd.
     13.12 Gurit Holdings AG
     13.13 Plasan Carbon Composites
     13.14 SK Chemicals
     13.15 Nippon Graphite Fiber Corporation
     13.16 Kemrock Industries and Exports Ltd.
     13.17 Park Electrochemical Corporation
     13.18 BGF Industries
     13.19 Hindoostan Composite Solutions
     13.20 Crosby Composites
     13.21 Sigmatex Limited
     13.22 Royal DSM
     13.23 Zhongao Carbon
     13.24 HC Composite
     13.25 Aeron Composite Pvt. Ltd.

*Details Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 156)
     14.1 Insights From Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets Subscription Portal
     14.4 Introducing RT: Real Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details

List of Tables (75 Tables)

Table 1 CF Market Size (Volume & Value), 2015–2022
Table 2 CFRP Market Size (Volume & Value), 2015–2022
Table 3 Cost Structure With Current Technology, 2013
Table 4 Trends and Forecast of GDP, USD Billion (2016–2022)
Table 5 Per Capita GDP vs Per Capita CFRP Demand, 2016
Table 6 Number of New Airplane Deliveries, By Region (2016)
Table 7 Automotive Production, Million Units (2015–2016)
Table 8 CF Market Size, By Raw Material Type, 2015-2022 (USD Million)
Table 9 CF Market Size, By Raw Material Type, 2015-2022 (Kiloton)
Table 10 Pan-Based CF Market Size, By Tow Size, 2015-2022 (USD Million)
Table 11 Pan-Based CF Market Size, By Tow Size, 2015-2022 (Kiloton)
Table 12 Pitch-Based CF Market Size, By Tow Size, 2015-2022 (USD Million)
Table 13 Pitch-Based CF Market Size, By Tow Size, 2015-2022 (Kiloton)
Table 14 CFRP Market Size, By Resin Type, 2015–2022 (USD Million)
Table 15 CFRP Market Size, By Resin Type, 2015–2022 (Kiloton)
Table 16 Thermosetting CFRP Market Size, By Resin Type, 2015–2022 (USD Million)
Table 17 Thermosetting CFRP Market Size, By Resin Type, 2015–2022 (Kiloton)
Table 18 Thermosetting CFRP Market Size, By Region, 2015–2022 (USD Million)
Table 19 Thermosetting CFRP Market Size, By Region, 2015–2022 (Kiloton)
Table 20 Thermoplastic CFRP Market Size, By Resin Type, 2015–2022 (USD Million)
Table 21 Thermoplastic CFRP Market Size, By Resin Type, 2015–2022 (Kiloton)
Table 22 Thermoplastic CFRP Market Size, By Region, 2015–2022 (USD Million)
Table 23 Thermoplastic CFRP Market Size, By Region, 2015–2025 (Kiloton)
Table 24 CFRP Market Size, By Manufacturing Process, 2015–2022 (USD Million)
Table 25 CFRP Market Size, By Manufacturing Process, 2015–2022 (Kiloton)
Table 26 Lay-Up Process Market Size, By Region, 2015–2022 (USD Million)
Table 27 Lay-Up Process Market Size, By Region, 2015–2022 (Kiloton)
Table 28 Compression Molding Process Market Size, By Region, 2015–2022 (USD Million)
Table 29 Compression Molding Process Market Size, By Region, 2015–2022 (Kiloton)
Table 30 Rtm Process Market Size, By Region, 2015–2022 (USD Million)
Table 31 Rtm Process Market Size, By Region, 2015–2022 (Kiloton)
Table 32 Filament Winding Process Market Size, By Region, 2015–2022 (USD Million)
Table 33 Filament Winding Process Market Size, By Region, 2015–2022 (Kiloton)
Table 34 Injection Molding Process Market Size, By Region, 2015–2022 (USD Million)
Table 35 Injection Molding Process Market Size, By Region, 2015–2022 (Kiloton)
Table 36 Pultrusion Process Market Size, By Region, 2015–2022 (USD Million)
Table 37 Pultrusion Process Market Size, By Region, 2015–2022 (Kiloton)
Table 38 Other Processes Market Size, By Region, 2015–2022 (USD Million)
Table 39 Other Processes Market Size, By Region, 2015–2022 (Kiloton)
Table 40 CFRP Market Size, By End-Use Industry, 2015–2022 (USD Million)
Table 41 CFRP Market Size, By End-Use Industry, 2015–2022 (Kiloton)
Table 42 Demand for Airplanes, By Region, 2014–2033
Table 43 CFRP Market Size in Aerospace & Defense End-Use Industry, By Region, 2015–2022 (USD Million)
Table 44 CFRP Market Size in Aerospace & Defense End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 45 CF Used in Aircraft, By Volume, 1981–2014
Table 46 CFRP Market Size in Wind Energy End-Use Industry, By Region, 2015–2022 (USD Million)
Table 47 CFRP Market Size in Wind Energy End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 48 CFRP Market Size in Automotive End-Use Industry, By Region, 2015–2022 (USD Million)
Table 49 CFRP Market Size in Automotive End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 50 CFRP Market Size in Sporting Goods End-Use Industry, By Region, 2015–2022 (USD Million)
Table 51 CFRP Market Size in Sporting Goods End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 52 CFRP Market Size in Civil Engineering End-Use Industry, By Region, 2015–2022 (USD Million)
Table 53 CFRP Market Size in Civil Engineering End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 54 CFRP Market Size in Pipes & Tanks End-Use Industry, By Region, 2015–2022 (USD Million)
Table 55 CFRP Market Size in Pipes & Tanks End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 56 CFRP Market Size in Marine End-Use Industry, By Region, 2015–2022 (USD Million)
Table 57 CFRP Market Size in Marine End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 58 CFRP Market Size in Electrical & Electronics End-Use Industry, By Region, 2015–2022 (USD Million)
Table 59 CFRP Market Size in Electricals & Electronics End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 60 CFRP Market Size in Medical End-Use Industry, By Region, 2015–2022 (USD Million)
Table 61 CFRP Market Size in Medical End-Use Industry, By Region, 2015–2022 (Kiloton)
Table 62 CFRP Market Size in Other End-Use Industries, By Region, 2015–2022 (USD Million)
Table 63 CFRP Market Size in Other End-Use Industries, By Region, 2015–2022 (Kiloton)
Table 64 CFRP Market Size, By Region, 2015–2022 (USD Million)
Table 65 CFRP Market Size, By Region, 2015–2022 (Kiloton)
Table 66 North America: CFRP Market Size, By Country, 2015–2022 (USD Million)
Table 67 North America: CFRP Market Size, By Country, 2015–2022 (Kiloton)
Table 68 Europe: CFRP Market Size, By Country, 2015–2022 (USD Million)
Table 69 Europe: CFRP Market Size, By Country, 2015–2022 (Kiloton)
Table 70 Asia-Pacific: CFRP Market Size, By Country, 2015–2022 (USD Million)
Table 71 Asia-Pacific: CFRP Market Size, By Country, 2015–2022 (Kiloton)
Table 72 South America: CFRP Market Size, By Country, 2015–2022 (USD Million)
Table 73 South America: CFRP Market Size, By Country, 2015–2022 (Kiloton)
Table 74 ME&A: CFRP Market Size, By Country, 2015–2022 (USD Million)
Table 75 ME&A: CFRP Market Size, By Country, 2015–2022 (Kiloton)

List of Figures (52 Figures)

Figure 1 CF and CFRP: Market Segmentation
Figure 2 CF and CFRP Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Market Breakdown and Data Triangulation
Figure 6 Thermosetting Resin Segment to Witness Higher Growth in CFRP Market, Between 2017 and 2022
Figure 7 Lay-Up is Expected to Be Fastest-Growing Manufacturing Process in CFRP Market in the Forecast Period.
Figure 8 Aerospace & Defense to Dominate CFRP Market During the Forecast Period
Figure 9 U.S. to Dominate CFRP Market During Forecast Period
Figure 10 Growing Use of CFRP in Automotive and Aerospace & Defense Industry are Expected to Drive the CFRP Market in the Forcasted Period
Figure 11 Thermoplastic is the Be Fastest-Growing Resin Type in Overall CFRP Market During Forecast Period
Figure 12 Aerospace & Defense Industry is Expected to Drive CFRP Market Between 2017-2022
Figure 13 Lay-Up Manufacturing Process to Dominate CFRP Market During Forecast Period
Figure 14 Germany Accounted for Fastest Growth in Global CFRP Market
Figure 15 U.S. to Dominate the CFRP Market, 2017-2022
Figure 16 Aerospace & Defense to Account for Largest Market Share, 2017-2022
Figure 17 Factors Governing CF & CFRP Market
Figure 18 Porter’s Five Forces: Intensity of Rivalry is High Due to Presence of Few Players
Figure 19 Trends and Forecast of GDP, USD Billion (2016–2022)
Figure 20 Per Capita GDP vs Per Capita Metal Matrix Composite Demand
Figure 21 New Airplane Deliveries, By Region, 2016–2035
Figure 22 Automotive Production in Key Countries, Million Units (2015 vs 2016)
Figure 23 Pan-Based CF Market to Dominate CF Market, 2017 vs 2022
Figure 24 Thermosetting CFRP to Dominate CFRP Market, 2017- 2022
Figure 25 North America to Dominate Thermosetting CFRP Market, 2017–2022
Figure 26 North America Expected to Be Fastest-Growing Market of Thermoplastic CFRP, 2017-2022
Figure 27 Lay-Up Manufacturing Process to Dominate CFRP Composites Market, 2017–2022
Figure 28 North America to Dominate CFRP Market for Lay-Up Process Segment, 2017-2022
Figure 29 North America to Dominate CFRP Market of Compression Molding Process Segment, 2017-2022
Figure 30 North America to Dominate CFRP Market for Resin Transfer Molding Process Segment, 2017-2022
Figure 31 Automotive Industry to Outpace Other Markets in Growth, 2017- 2022
Figure 32 North America Expected to Dominate CFRP Market in Aerospace & Defense End-Use Industry, 2017 vs 2022
Figure 33 Europe to Dominate CFRP Market in Wind Energy End-Use Industry, Forecast Period
Figure 34 Europe Projected to Register Highest Growth Rate in CFRP Market in Automotive End-Use Industry, 2017 vs 2022
Figure 35 Asia-Pacific to Dominate CFRP Market in Sporting Goods End-Use Industry, 2017-2022
Figure 36 Germany is Projected to Register Highest Growth Rate in CFRP Market, 2017–2022, in Terms of Value
Figure 37 North America CFRP Market Snapshot—U.S. is Most Lucrative Market
Figure 38 Europe CFRP Market Snapshot: Germany is Fastest-Growing Market
Figure 39 Japan is the Largest Market of CFRP in Asia-Pacific, 2017–2022
Figure 40 Automotive is Projected to Be Fastest-Growing Application of CFRP in South America, 2017–2022
Figure 41 Aerospace & Defence is the Largest End-Use Industry in ME&A CFRP Market
Figure 42 Competitive Leadership Mapping, 2016
Figure 43 Toray Industries Inc.: Company Snapshot
Figure 44 Teijin Limited: Company Snapshot
Figure 45 Mitsubishi Chemicals Holdings Corporation: Company Snapshot
Figure 46 SGL Group: Company Snapshot
Figure 47 Hexcel Corporation: Company Snapshot
Figure 48 Hyosung: Company Snapshot
Figure 49 Tencate: Company Snapshot
Figure 50 Cytec Solvay Group: Company Snapshot
Figure 51 Gurit Holdings AG: Company Snapshot
Figure 52 Nippon Graphite Fiber Corporation: Company Snapshot

The global market for Carbon Fiber Reinforced Plastic (CFRP), in terms of value, is projected to reach USD 37.19 Billion by 2022, at a CAGR of 10.50% between 2017 and 2022. In terms of volume, the global market for CFRP is projected to reach 210.19 kilotons by 2022, at a CAGR of 12.50% during the same period. Increasing number of patents filed for CFRP products and applications by global players, growing manufacturing industries, and continuous agreements, joint ventures & collaborations, and expansion activities undertaken by companies are the key factors driving the global market for CF & CFRP.

Pitch-based carbon fiber is expected to be the fastest-growing raw material type segment in the CF market, as these fibers have ultra-high elastic modulus, which are extensively used in high stiffness components, and have various advantages, such as high thermal and electric conductivity. Additionally, the thermoplastic composite is expected to be the fastest-growing resin type segment in the CFRP market. Thermoplastic resin, as a matrix material, can be reshaped and reformed unlike thermoset resin. The composite formed is also easily recyclable.

The automotive application segment of the global CFRP market is projected to grow at the highest CAGR between 2017 and 2022. This can be attributed to the growing needs of lighter, safer, cleaner, and more cost-effective vehicles. Several car companies, such as BMW (Germany), Audi (Germany), and GM (U.S.) have signed high-level agreements with carbon fiber composite material producers. High-end vehicles are incorporating carbon to make one-piece car frames that will drive the CF and CFRP market in the automotive industry.

The North America region is expected to lead the CFRP market, in terms of value, between 2017 and 2022. This growth can be attributed to the rising demand for superior performance products in the aerospace & defense industry, demand from Medium-Duty Vehicle (MDV) and Heavy-Duty Vehicle (HDV) for type-II and type-III CNG cylinders, ease of availability of raw materials for CFRP, and increasing adoption of expansions and other developmental strategies in the region.

The market for CF and CFRP is rapidly growing. However, few factors act as restraints for the growth of the global CFRP market. These factors are limited production capacity, high cost of carbon fiber, and no major breakthrough in research and technology of CFRP.

Companies, such as Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL-Group (Germany), Formosa Plastics Corporation (Taiwan), and Hexcel Corporation (U.S.) are the dominant players in the global carbon fiber and CFRP market. They have been adopting various organic and inorganic growth strategies, such as agreements, joint ventures & collaborations, expansions, mergers & acquisitions, and new product launches, and technology developments to enhance their position in of the CF and CFRP market.

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