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.