DUBLIN–(BUSINESS WIRE)–The "Carbon
Fiber Reinforced Plastic (CFRP) Market – Forecasts from 2018 to 2023"
report has been added to ResearchAndMarkets.com's
offering.

Global carbon fiber reinforced plastic (CFRP) market is expected to grow
at a compound annual growth rate of 9.84% over the period 2018 to 2023
to reach a market size of US$29.043 billion by 2023 from US$16.865
billion in 2017.

Booming automotive industry is the fastest growing segment of CFRP
market. Increasing demand for lightweight vehicles for better fuel
efficiency and cost effectiveness is one of the key drivers of global
CFRP market.

High investment in the research and development in the aviation industry
is further fuelling the demand for CFRP during the forecast period.
Growing commercial aviation industry owing to increasing international
tourism is anticipated to bolster the growth of CFRP market in the
forthcoming years. Other factors include stringent government
regulations regarding vehicle emissions and superior properties of
thermoplastic Carbon Fiber Reinforced Plastic will also lead to higher
market penetration worldwide.

North America is projected to become the fastest-growing regional market
for CFRP due to growing manufacturing industries, establishments of new
plants, increasing carbon fiber composites patents, and stringent
environmental regulations in the region. Asia Pacific region will also
witness the exponential growth of CFRP market, especially in emerging
economies such as Taiwan, South Korea, and India, owing to growing
aerospace and defense and automotive industry.

Segmentation

Carbon fiber reinforced plastic (CFRP) market has been segmented
by:

By Product

• Thermoplastic
• Thermosetting

By Industry

• Construction
• Automotive
• Aerospace
• Energy and Power
• Others

By Geography

• Americas
• North America
• South America
• Europe Middle East and Africa
• Europe
• Middle East and Africa
• Asia Pacific

Companies Mentioned

• Hexcel Corporation
• SGL Group, Inc.
• Toray Industries, Inc.
• Gurit Holdings
• Kringlan Composites
• Cytec Industries, Inc.
• Magna International, Inc.
• Mitsubishi Rayon Co. Ltd.
• Plasan Carbon Composites
• Teijin Ltd.

For more information about this report visit https://www.researchandmarkets.com/research/jnp8pj/29_billion?w=4

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Related
Topics: Plastics,
Composites