Carbon Fiber Reinforced Plastic Market is expected to reach USD 23.55 billion by 2022

The global carbon fiber reinforced plastic market is expected to reach USD 23.55 billion by 2022, according to a new report by Grand View Research, Inc. Stringent regulations particularly in the U.S. and Europe to improve the fuel efficiency of automobiles has led manufacturers to reduce the overall weight of vehicles by using lightweight, high-performance materials. This trend is expected to drive the demand for carbon fiber reinforced plastic over the forecast period. 

Increasing penetration in the aerospace industry is also projected to have a positive influence on the market growth. Carbon fiber reinforced plastic has emerged as the best suitable option for reducing structural weight without compromising on strength. In spite of extraordinary benefits offered by carbon fiber reinforced plastic, the high price is expected to remain a major barrier to its penetration. 

Polyacrylonitrile (PAN) emerged as the leading raw material and accounted for over 95% of total market volume in 2014. The growth may be attributed to superior properties offered by PAN-based CFRP. The segment is also expected to witness the highest growth over the forecast period. 

Browse Full research report on Carbon Fiber Reinforced Plastic (CFRP) Market Analysis:http://www.grandviewresearch.com/industry-analysis/carbon-fiber-market

Further key findings from the study suggest:

• The global carbon fiber reinforced plastic market demand was 83.0 kilo tons in 2014 and is projected to reach 212.9 kilo tons by 2022, growing at a CAGR of 12.6% from 2015 to 2022
• Thermosetting CFRP emerged as the leading product segment with demand share exceeding 75% in 2014. However, thermoplastic CFRP is expected to witness the highest growth on account of its superior characteristics such as high viscosity, short process time and recyclability.
• Aerospace& defense was the leading application segment and accounted for 30% of total market volume in 2014. The increasing use of carbon fiber reinforced plastic for manufacturing lightweight aircraft especially in Europe is expected to drive this segment. Automotive is expected to witness the highest growth of 14.8% from 2015 to 2022.
• North America led the global market with demand share estimated at 36.8% in 2014. Established automotive manufacturers coupled with favorable regulations particularly in the U.S. have helped the product penetration.
• Europe is expected to witness the highest growth of 13.2% over the forecast period. Stringent environmental regulations and the need for fuel-efficient vehicles are projected to spur the regional market growth.
• CFRP is an oligopolistic market and top six players including Toray Industries, Zoltek Companies, Toho Tenax, Mitsubishi Rayon Co. Ltd. and SGL-Group accounted for over 70% of the total market share in 2014.

Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-carbon-fiber-reinforced-plastic-cfrp-market