Kamui Kobayashi crashed at Turn 3 in the closing stages of running yesterday after losing the rear of the car in the high-speed right-hander and hitting the barrier.
The heavy impact with the wall caused damage that could not be repaired overnight, meaning the team is unable to run today.
"Having assessed the damage to chassis CT05-03 after Kamui's accident yesterday in the final half-hour of day one, we have decided not to run on day two," said a team statement.
"While obviously not ideal, this ensures the team can now focus on the next grand prix in Monaco, starting next week."
Kobayashi's crash happened on his 73rd lap after a productive day of running following a difficult Spanish GP weekend for the team.
Test driver Robin Frijns had been scheduled to take over the car today.
"Unfortunately in the last half-hour I went off in Turn 3 and hit the barriers pretty hard," said Kobayashi yesterday.
"There is quite a lot of damage to the car, so I'm sorry for the guys in the garage who now have a long night ahead to fix the car.
"But the only good thing is that it was at the end of the day after we'd got through most of the run plan."
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