According to a recent market study published by Growth Market Reports titled, “Global Carbon Fiber & Carbon Fiber Reinforced Plastic Market by Raw Material Type, Resin Type, Application, Sales Channel, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 3,340.5 Million for CF and, 18,248.0 Million in 2019 for CFRP and is expected to grow at a healthy growth rate of 9.6% and 11.6% respectively by the end of year 2027.

The global Carbon Fiber & Carbon Fiber Reinforced Plastic market is fragmented based on raw material type, by resin type, application, sales channel, and region. Based on raw material type, the carbon fiber & carbon fiber reinforced plastic market has categorized as polyacrylonitrile carbon fibers (PAN-based CF), pitch-based carbon fiber, and rayon-based carbon fiber. In terms of resin type, the carbon fiber & carbon fiber reinforced plastic market has been bifurcated into thermosetting CFRP and thermoplastic CFRP. On the basis on application, the market is classified as aerospace & defense, sports & leisure, wind energy, automotive, pressure vessels, construction & infrastructure, chemical, oil & gas, and others. In terms of sales channel, the market is divided into manufacturer and distributor. Based on region, the global carbon fiber & carbon fiber reinforced plastic market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into GCC, South Africa, Rest of Middle East & Africa.

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COVID-19 has affected many manufacturing industries and supply chain of market, which is indirectly related to the CF & CFRP market. The demand and supply of the products is affected due to temporary lockdowns. A majority of the CF & CFRP is used by aerospace & defense and automotive industries that are affected due to the restricted transportation globally leading to the import and export of the goods. This, in turn, is projected to hamper the Y-o-Y growth of the market during the forecast period.

As per Growth Market Reports industry analyst Rajat Verma, “The Global Carbon Fiber & Carbon Fiber Reinforced Plastic Market is anticipated to witness significant growth during forecast period 2021-2027. Major trend in the development of carbon fibers is toward reducing processing costs, while maintaining their superior properties. Traditional metal structures are increasingly being substituted by CFRP products in aircraft owing to their light and strong design structure. Composite materials are becoming an essential part of the aerospace industry for the manufacturing products such as interior of airplane & jet and rotor blades of a helicopter.”

Key Takeaways from the Study:

  • Japan based TEIJIN LIMITED holds approximately one fourth of market share of global carbon fiber & carbon fiber reinforced plastic market in year 2019.
  • PAN-based carbon fibers dominate the overall market owing to their extensive use in aerospace & defense, sports & recreation, wind energy, and other industries. The current trend is thinning of the PAN precursor carbon fiber to get low diameter carbon fibers. Such carbon fibers comprise a lesser number of defects per unit volume and hence possess excellent mechanical properties.
  • Recent advances in polymers, plastics, and resins are anticipated to boost the demand for thermoplastic CFRP during the forecast period.
  • Recently, the aerospace & defense sector has increased remarkably and is the largest consumers of carbon fiber, followed by wind energy and sports & leisure segments. The automotive segment is expected to grow significantly during the forecast period.
  • North America is estimated to dominate the market during the forecast period owing to the rising demand for fuel-efficient and lightweight vehicles and increasing usage in renewable energy. The US is projected to account for a dominant share of the market in this region.


Report Scope:

Report Metric


Market Value in 2019

USD 3,340.5 Million and 18,248.0 Million

Market Growth Rate (from 2021 to 2027)

9.6% and 11.6%

Historical Data

2017 & 2018

Base Year


Forecast Period

2020 - 2027

Units Considered

Value (USD Million) and Volume (Tons)

Market Segments

By Raw Material Type, By Resin Type, By Application, By Sales Channel

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Brazil, Mexico, Rest of Latin America, India, China, Japan, Indonesia, Australia, Rest of Asia Pacific, U.K., France, Germany, Italy, Spain, Russia, Rest of Europe, Saudi Arabia, South Africa, UAE, and Rest of MEA.

Key Companies Profiled

Advanced Composites Inc., Crosby Composites, DowAksa, Formosa Plastics Corporation, Gurit, Hexcel Corporation, Hyosung Advanced Materials, Mitsubishi Chemical Corporation, NIPPON STEEL Chemical & Material Co., Ltd., Röchling and Others

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.


Target Audience:

  • Supply-side: Carbon Fiber & Carbon Fiber Reinforced Plastic manufacturers, raw material suppliers, primary respondents, and distributors.
  • Demand Side: Aerospace & defense, sports & leisure, wind energy, automotive, pressure vessels, construction & infrastructure, chemical, oil & gas, etc.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
  • Associations and Industry Bodies: Environmental Protection Agency (EPA), International Organization for Standardization (ISO), Organization of Plastics Processors of India (OPP) Ministry of Health, Labor and Welfare (MHLW), World Trade Organization (WTO), Occupational Safety and Health Administration (OSHA), American National Standards Institute(ANSI), Indian Centre for Plastics in the Environment (ICPE).