The CF & CFRP market is projected to grow from USD 29.7 billion in 2022 to USD 60.3 billion by 2028, at a CAGR of 12.7% during the forecast period. CFRP materials are made from two or more different materials (such as carbon fibers and matrix materials). In CFRP, carbon fibers are used as reinforcement materials and resins such as thermoset and thermoplastic are used as matrix materials. These materials offer excellent strength, stiffness-to-density ratio, and have other physical properties. These materials are used in various end-use industries such as aerospace & defense, wind energy, sporting goods, and pipe & tanks.
Major manufacturers in this market are based in Asia Pacific and Europe. Toray Industries Inc., (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), Hexcel Corporation (US), Solvay (Belgium), SGL Carbon (Germany), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Kureha Corporation (Japan), DowAksa (Turkey), Jilin Chemical Fiber Group Co., Ltd. (China) and Jiangsu Hengshen Co., Ltd. (China) are among a few leading players operating in the CF & CFRP market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the CF & CFRP market further.
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Toray Industries, Inc. (Japan)
Toray Industries, Inc. is a multinational corporation that specializes in industrial products involving technologies in organic chemistry, polymer chemistry, and biochemistry. The company operates through six main segments, namely, Fibers & Textiles, Carbon Fiber Composite Materials, Environment & Engineering, Life Sciences, and Others. The company, through its Carbon Fiber Composite Materials business segment, offers carbon fiber and carbon fiber products. It acquired Zoltek (US), which is a prominent carbon fiber manufacturer in North America. Toray Industries Inc. operations are spread across 29 countries, mainly in the Asia Pacific, Europe, and North America. Toray operates through 317 affiliated companies.
Teijin Limited (Japan)
Teijin Limited is engaged in the production and sale of goods and services in the field of information & electronics, transportation, environment & energy, safety & protection, and healthcare. The company operates through five business segments, namely, Materials, Healthcare, Fibers & Products Converting, Information Technology and others. The company, through its MaterialAdvanced Fibers and & Composites and fiber & products Converting segments, offers high-performance carbon fiber and intermediate carbon fiber products. It manages its carbon fiber business through its subsidiary, Toho Tenax Co., Ltd.
The company is the second-largest manufacturer of carbon fiber, has a global presence with manufacturing facilities in 82 countries and possesses a network of more than 169 group companies globally.
Hexcel Corporation (US)
Hexcel Corporation is a leading manufacturer of carbon fiber and carbon fiber composites materials. The company develops, manufactures, and markets lightweight, high-performance materials & and structures, including carbon fibers, composites, prepregs, honeycombs, matrix systems, adhesives, and composite structures. These products have applications in the aerospace, defense, automotive, and industrial sectors. The company manages its business through two business segments, Composite Materials and Engineered Products. It manages its carbon fiber business through its Composite Materials business segment. The company has a wide geographical presence with manufacturing facilities located in North America, Europe, and Asia Pacific. The company sells its products in the commercial, military, and recreational markets for use in commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, sports equipment, and automotive products. Hexcel collaborated with Airbus Group, the Boeing Company, and others.
CF & CFRP Market by Source (Virgin, Recycled), Precursor, Resin Type, Manufacturing Process (Lay-up,Compression Molding, Resin Transfer Molding, Filament Winding, Pultrusion, Injection Molding), End-Use Industry, and Region - Global Forecasts to 2028
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