DUBLIN--(BUSINESS WIRE)--The "Carbon Fiber Reinforced Plastic (CFRP) Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.
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.
Carbon fiber reinforced plastic (CFRP) market has been segmented by:
- Energy and Power
- North America
- South America
- Europe Middle East and Africa
- Middle East and Africa
- Asia Pacific
- Hexcel Corporation
- SGL Group, Inc.
- Toray Industries, Inc.
- Gurit Holdings
- Kringlan Composites
- Cytec Industries, Inc.
- Magna International, Inc.
- Mitsubishi Rayon Co. Ltd.
- Plasan Carbon Composites
- Teijin Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/jnp8pj/29_billion?w=4