Reliable Data You Can Trust
Reliable Data You Can Trust
By Infinium Global Research Aug, 2020
The Global
Carbon Fiber Reinforced Plastic Market is expected to grow at a CAGR of
10.55% & 9.63% between 2019 and 2025 in terms of value and volume.
Increasing demand for CFRP in the automotive industry and growth in the defense
sector are driving the growth of the carbon fiber reinforced plastic (CRFP)
market. As per the International Organization of Motor Vehicle Manufacturers in
2017, the total number of vehicles produced in Canada was 2199789. Rising
demand for CRFP in sports applications, especially in the Research and
development activities in the aviation industry for manufacturing components is
also boosting the growth of the market. Further, growth in oil prices results
in the growing demand for fuel-efficient vehicles and aircrafts this factor is
anticipated to drive the growth of the CRFP market. Besides, increasing demand
for hybrid and electric vehicles is generating the growth opportunity for the
carbon fiber reinforced plastic market during the forecast period. On the other
side, the high cost connected with the production of defense-grade CFRP is
likely to restrain the growth of the carbon fiber reinforced plastic (CRFP)
market.
In terms of geographies, North America dominated the growth
of the carbon fiber reinforced plastic market followed by the Asia Pacific
region. In North America region factors such as shifting of automotive
industries towards the use of modern & lightweight materials and the presence
of large aircraft and defense manufacturing companies drive the growth of the
market in this region. Further, in the Asia Pacific region owing to development
in infrastructure, growth in urbanization & industrialization, and
expansion of the wind power market is positively supporting the growth of
carbon fiber a reinforced plastic market in the Asia Pacific region.