The Carbon Fiber Reinforced Plastic Market is to reach $30.5 Billion by 2030; Increasing adoption of carbon fiber reinforced plastics over conventional metallic alloys in various end-use industries such as automotive, aerospace, wind energy, and others propels the market growth.

The Carbon Fiber Reinforced Plastic Market size is estimated to reach $30.5 billion by 2030, growing at a CAGR of 9.41% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Carbon Fiber Reinforced Plastic Market – By Type (Thermoplastic (Polyether Ether Ketone (PEEK), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, PET, Polyphenylene Sulfide (PPS), Polyethylene, Polyurethane, Polyethersulfone, Polyetherimide (PEI), and Others), and Thermosetting (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Phenolic, Polyimide Resins, and Others), By Application (Automobiles, Industrial, Aviation & Aerospace, Marine, Defense, Electrical & Electronics, Medical, Sports Equipment, Wind Energy, Civil Engineering, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.

Europe held the largest share of about 34% in the Carbon Fiber Reinforced Plastic Market in 2023, driven by a strong presence of key aircraft and automotive manufacturers. The region's focus on innovation and advancements in CFRP technology, coupled with stringent government regulations regarding automotive pollution, has fueled the demand for this high-performance material. Key growth factors in the European CFRP market include the increasing adoption of electric vehicles, the growing demand for lightweight and durable materials in infrastructure projects, and the expansion of applications in consumer goods and electronics. Additionally, the development of sustainable production processes and recycling technologies for CFRP is expected to further drive market growth in Europe region.