The global carbon fiber-reinforced plastics (CFRP) market is expected to grow at a annual rate of more than 12 percent through to 2020, according to a report published by London-based research group Technavio on Dec. 14.
In a research report titled "Global carbon fibre-reinforced plastics market 2016-2020," Technavio said the aerospace industry will be the main driver behind the growth as it undergoes a “tremendous transformation.”
Over the years, the industry has grown with almost 22,000 new air fleets, and the number is expected to double by 2025 to an in-service fleet of 44,000 airplanes, said the report.
In commercial air fleets, growth is primarily driven by the Asia Pacific and Middle East regions due to increase in the number of passengers.
Also, other contributing factors are the increased replacement of older aircraft with newer fuel efficient ones, mainly in North America and Europe.
Based on raw material, the report categorized the global carbon fiber-reinforced plastics market into three segments of PAN-based, pitch-based, and rayon-based.
While the report did not give projections for PAN- and pitch-based CFRP markets, it said that rayon-based CFRP is expected to grow at a CAGR of nearly 10 percent in during the forecast period to reach $2.13 billion in 2020 from $1.34 billion in 2015.