The global carbon fiber reinforced plastic (CFRP) market is expected to reach nearly $28 billion by 2024, according to a new report by U.S.-based Grand View Research, growing at an annual rate of 12.5 percent.
Increasing composites demand in the automotive industry is set to remain a key driving factor for the global CFRP market, according to the study by the San Francisco group.
The global CFRP market was valued at $11.6 billion in 2015, with 92.9 metric tons of the composite used during the year, researchers said. Regulations in Europe and the U.S. has forced automakers to focus on weight reduction, "which has led to a direct impact on its demand," an overview of the report noted. Auto industry use of carbon fiber represented 19.7 percent of the total volume in 2015.
Research and development in the aviation industry for manufacturing components capable of withstanding high environmental stresses was also tipped to fuel CFRP market growth.
By 2024, Grand View expects the global demand to reach 269.5 metric tons.
North America emerged as the most dominant regional market, accounting for 36.9 percent of the market in 2015.
Five material suppliers control the CFRP market, the report noted, with top players accounting for 80 percent of production.