Global carbon fiber reinforced plastic (CFRP) market is expected to grow at a compound annual growth rate of 9.84% over the period 2018 to 2023 to reach a market size of US$29.043 billion by 2023 from US$16.865 billion in 2017. Booming automotive industry is the fastest growing segment of CFRP market. Increasing demand for lightweight vehicles for better fuel efficiency and cost effectiveness is one of the key drivers of global CFRP market. High investment in the research and development in the aviation industry is further fuelling the demand for CFRP during the forecast period. Growing commercial aviation industry owing to increasing international tourism is anticipated to bolster the growth of CFRP market in the forthcoming years. Other factors include stringent government regulations regarding vehicle emissions and superior properties of thermoplastic Carbon Fiber Reinforced Plastic will also lead to higher market penetration worldwide.
North America is projected to become the fastest-growing regional market for CFRP due to growing manufacturing industries, establishments of new plants, increasing carbon fiber composites patents, and stringent environmental regulations in the region. Asia Pacific region will also witness the exponential growth of CFRP market, especially in emerging economies such as Taiwan, South Korea, and India, owing to growing aerospace and defense and automotive industry.
The first section of the report deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segments which have been covered as part of the report.
Next section provides comprehensive market dynamics through an overview section along with growth drivers, challenges and opportunities which exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the market growth and a brief technological aspect of carbon fiber reinforced plastic. Complete industry analysis has also been covered through Porter’s five forces model as a part of this report section.
Carbon fiber reinforced plastic (CFRP) market has been segmented by
Energy and Power
Europe Middle East and Africa
Middle East and Africa
Finally, competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this report are Hexcel Corporation, SGL Group, Inc., Toray Industries, Inc., Gurit Holdings among others.