The latest market report published by Credence Research, Inc. “Carbon Fiber Reinforced Plastic Market , By Manufacturing Process (Prepreg Layup, Pultrusion & Winding, Wet Lamination & Infusion, Press & Injection, and Others), By Application (Aerospace, Automotive, Energy, Sports Equipment, Construction, and Others) and By Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global carbon fiber reinforced plastic market was valued at US$ 32.21 Bn in 2016, and is expected to each US$ 67.94 Bn by 2025, expanding at a CAGR of 9.3% from 2017 to 2025.
Browse the full Carbon Fiber Reinforced Plastic Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/carbon-fiber-reinforced-plastic-cfrp-market
The global market for carbon fiber reinforced plastic is gaining momentum with increasing consumption of these composites from various end use industries such as aerospace, automotive, and energy among others. Features such as high strength to weight ratio, superior performance than other materials and environment friendly nature of CFRP composite is expected to drive the market growth in near future.
Government regulations are imposed to increase fuel efficiency in Europe, and the U.S. has forced manufacturers to focus on automotive weight reduction which has fuelled the demand of CFRP composites in these region. However, its high cost has restrained its penetration across various application segments. North America is the largest market in terms of CFRP consumption and is expected to maintain its dominance between 2017 and 2025; however, this region will lose its share to Europe and Asia Pacific. Governmental regulations towards energy efficient & environmentally friendly products expected drive demand in North American region. Asia Pacific will be the fastest growing market during the forecasted period owing to increasing demand from growing economies such as China and India.
Carbon fiber reinforced plastic market is oligopolistic in nature, dominated by few major players such as Toray Industries, Inc., Teijin Limited, Mitsubishi Rayon Co., Ltd., SGL Group, Hexcel Corporation and Formosa Plastics. Involvement of key manufacturers in low-cost product development is expected to create new avenues for major participants over the next few years.
- Emerging economies with rising middle class population and rising disposable income offering huge growth potential
- Emerging applications of CFRP composite market