The report on global carbon fiber reinforced plastic market provides qualitative and quantitative analysis for the period of 2015 to 2023. According to the report the global carbon fiber reinforced plastic market is projected to reach USD 25.7 billion by 2023, growing with a CAGR between 9.5% to 10.0% from 2017 to 2023.
Figure 1: Global Carbon Fiber Reinforced Plastic Market by Value 2015 - 2023
North America is the key consumer of carbon fiber reinforced plastic(CRFP) in the global market. As of 2015, this region accounted for about36 % share in the global market. Asia Pacific accounted for 28% of the global share followed by Europe at 21%. The low cost and high strength to weight ratio of PAN-based carbon composites are expected to drive Polyacrylonitrile demand for CFRP production over the forecast period in the APAC regions. Japan and China are emerging to be the economies across the APAC region, which are expected to grow with a rate of 9.8% during the forecast period.
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