The global carbon-fiber reinforced plastic (CFRP) market is expected to reach $23.55 billion within the next six years, according to a new report by U.S.-based business consulting firm Grand View Research.
The study noted that new regulations in the U.S. and Europe to improve the fuel efficiency of vehicles had led manufacturers to reduce the overall weight of vehicles by using lightweight, high-performance materials, which in turn had seen an increased use of carbon fiber reinforced plastic.
The aerospace and defense industry were the leading segment of the market, accounting for 30 percent of total volume in 2014.
The automotive sector is expected to witness the highest growth rate at 14.8 percent from 2015 to 2022.
Thermosetting CFRP emerged as the leading product segment, with demand share exceeding 7 percent in 2014. However, thermoplastic CFRP was expected to witness the highest growth due to its high viscosity, short process time and recyclability, the research team suggested.
Europe was expected to see the highest market growth of 13.2 percent during the forecast period.