Carbon Fiber Reinforced Plastic (CFRP) Market Is Expected To Grow Rapidly Owing To Enhanced Demand In Aerospace, Automotive And Wind Power Industries Till 2020: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting
New Market Research Reports Title Global Carbon Fiber Reinforced Plastic (CFRP) Market Analysis Size And Segment Forecasts To 2020 Has Been Added to Report Database

The carbon fiber reinforced plastic (CFRP) market had a demand of 66 kilotons (KT) in 2012. It experienced the same on account of CFRP usage in aerospace, automotives, and wind power industries. The market will reach about USD 20.9 billion by 2020.

Demand from the aerospace and automotives industries in Europe and North America is the key market driver. But rising fuel prices coupled with restrictions regarding vehicular emissions seem to hinder CFRP adoption. High costs associated with this product are also a challenge for its growth. But market players’ initiatives like R&D investments to reduce product costs will favor the carbon fiber reinforced plastic (CFRP) market.

Full research report on carbon fiber reinforced plastic (CFRP) market analysis:

Raw materials for manufacturing CFRP comprise petroleum pitch and polyacrylonitrile (PAN). PAN led the market in 2013, with about 96% volumes. It should witness a rapid growth rate over 14% from 2014 to 2020 (forecast period).

Market products can be split into thermoplastic and thermosetting. Thermosetting CFRP accounted for more than 77% volumes in 2013. Thermoplastic is estimated to gain an upper hand (at around 15.4% CAGR) in the coming six years.

Applications of the carbon fiber reinforced plastic (CFRP) market include aerospace, automotives, wind turbines, construction, pressure vessels, sports/leisure, and compound & molding. Aerospace was the leading application in 2013, having more than 20% volumes. Automotives would experience about 19.5% CAGR in the future.

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Light-weight high performance materials for improving fuel efficiency in North America and Europe are the primary driver of this segment. Expansion in commercial aviation should influence CFRP demand from aerospace.

North America dominated the carbon fiber reinforced plastic (CFRP) market in 2013, capturing over 35% volumes. Strict regulations to enhance the efficiency of fuels are predicted to drive regional demand. Europe should register around 16.4% CAGR in the forecast period. Japan, Taiwan, and China are the major Asian Pacific consumers. They together hold more than 90% of the regional shares.

The worldwide market is consolidated by top four players. These players jointly held 60% shares in 2014. Big companies acquire smaller ones to reduce competition and gain significant shares. Noteworthy among the former are Toray Industries, Cytec Industries, Teijin Limited, Formosa Plastics Corporation, and Mitsubishi Rayon Co. Ltd.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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